Two-Thirds of Indian Businesses Have been Beleaguered with Ransomware

Sophos has announced the latest State of Enterprise Safety Report that offers insight into the key dangers confronted by companies all over the world.

The statement was based on a survey carried out on 2,700 IT administrators located in 10 countries (USA, Mexico, Japan, South Africa, India, Germany, France, Canada, Australia, and the UK).

Among the main points from the statement is the level to which Indian companies are being affected and just how susceptible Indian businesses are to ransomware and malware attacks. The statement discloses over two-thirds of Indian businesses have suffered a ransomware attack – considerably more than companies based in other countries. Additionally, instead of shoring up fortifications to safeguard against future attacks, several Indian companies have remained susceptible. One-third of companies in India have suffered two or more ransomware attacks in the previous year.

The cost of alleviating ransomware attacks is substantial. The Sophos statement shows three percent of businesses have spent over $13.74 million alleviating ransomware attacks, with Indian businesses having paid the most – $1.17 million.

Sophos notices that the international average for infected appliances is 46.09%, even though in India it is 54%. Attacks are also being aimed at particular industry sectors, with healthcare the most beleaguered and most weak sector. 76% of attacks were carried out on healthcare companies.

So why India is so susceptible to ransomware attacks? As per the survey, it’s not because of operating the outdated software. Most Indian companies declared they keep their software as well as operating systems completely patched and up to date. Sophos proposes that the high occurrence of ransomware attacks is because of 70% of Indian companies failing to utilize anti-exploit expertise.

Ransomware attacks have become a lot more stylish over the previous year with danger actors now utilizing many ransomware variations and attack methods at the same time to maximize the possibility of success. Sophos informs that promotions have been known that contain four dissimilar ransomware families. Cybersecurity solutions must find all four variations, even though in several cases, one sneaks past safety fortifications.

Danger actors are also not depending on spam electronic mail alone to install malevolent software. Besides utilizing many malware variations, multiple attack ways are used like abusing RDP, using spam electronic mail, and carrying out web-based attacks. The use of several malware variations and attack procedures maximizes the possibility of danger actors finding at least one gap in safety fortifications.

Sophos also notices that the surge in BYOD adoption, usage of the cloud, and spread of IoT devices has increased the attack surface substantially which makes it simpler for cybercriminals and tougher for businesses to protect against attacks.