Rubrik introduces $10mn ransomware recovery warranty

US-based cloud data management and data security company Rubrik has introduced a $10 million ransomware recovery warranty in India. The warranty benefits consumer organisations following a ransomware attack and covers expenses pertaining to the recovery and restoration of data protected by Rubrik if in case it fails to recover the lost data.

As per the company, this warranty is designed to strengthen businesses against ransomware attacks by facilitating quick recovery and restoration of critical operations after an attack.  

Bipul Sinha, Co-Founder & CEO of Rubrik, acknowledged the growing sophistication of cybercrime, making it challenging to eliminate the risk of a ransomware attack entirely. He emphasised the importance for organisations to remain vigilant and prepared for potential cyber-attacks.  

He said that “Bringing our Ransomware Recovery Warranty to India is an imperative step towards reinforcing trust and demonstrating unwavering global support to our customers in the battle against cyber threats.”

Ransomware attacks have become a massive $8.4 trillion industry globally as per a World Economic Forum February report, posing a major threat to our economy. The Rubrik Zero Labs State of Data Security report, which surveyed over 1,600 IT and security leaders, over half of the respondents’ organisations experienced a ransomware attack in the past year. In India, 26% of respondents reported over 100 attempted cyber attacks on their organisations within the same period, and 51% of companies lost customers due to cyber attacks.  

In line with this, cybersecurity firm Sophos’ annual “State of Ransomware” report, released on May 10, revealed that 73% of Indian organisations were hit by ransomware last year, up from 57% in 2021.  

As cyber-attacks continue to rise, Indian businesses are increasingly seeking protection through cyber insurance to mitigate the financial impact of such threats. Cyber insurance has become an essential tool in safeguarding businesses against cyber attacks and other digital risks.  

Another report from Sophos in May revealed that India is emerging as a key buyer of cyber insurance, ranking sixth among the top ten countries taking adequate cover for cyber breaches.