Ransomware attacks strike 64% of Indian organisations last year: Report

Ransomware attacks targeting Indian organisations have decreased to 64% this year, down from 73% reported last year, according to a recent study by cybersecurity solutions provider Sophos. However, the impact on victims has worsened, with higher ransom demands and recovery costs compared to previous years. 

The annual 'State of Ransomware in India 2024' report from Sophos, compiled from a survey of 5,000 IT decision-makers across 14 countries, including 500 respondents in India, reveals that while the number of attacks has decreased, their severity has increased. The findings, collected between January and February 2024, indicate a trend of heightened ransom demands and recovery expenses. 

For the first time, Indian organisations are more inclined to pay the ransom to recover their data, with 65% opting for this approach compared to 52% utilising backups. The average ransom demand stands at $4.8 million, with 62% exceeding $1 million and a median payment of $2 million. 

The report highlights that 44% of impacted computers were encrypted in attacks against Indian victims, with 34% involving data theft alongside encryption. The average recovery cost, excluding ransom payments, amounts to $1.35 million, with 61% of victims managing to restore data within a week, up from 59% in 2022. 

Furthermore, 96% of victims reported the attacks to authorities, with 70% receiving investigation assistance. 

"Prevention remains the most cost-effective ransomware strategy. Having solid defense-in-depth cybersecurity with anti-ransomware capabilities, ensuring in-depth defense protection with 24/7 monitoring is critical. At the same time, it is equally important to develop response capabilities, and comprehensive backup and recovery measures," said Sunil Sharma, Vice President, Sales, India and SAARC, Sophos.  

Globally, the report found that only 24% of ransom payers remit the originally requested amount, with 44% paying less than the initial demand. On average, ransom payments amounted to 94% of the initial demand. 

In over 80% of cases, ransom funding came from various sources, with organisations covering 40% and insurance providers 23%.