May 27, 2024

Ransomware hit more than 78 percent of Indian companies last year, up from 68 percent in 2020, shows a survey by research firm Sophos. The findings say that about 78 percent of Indian firms whose data had been encrypted, paid a ransom to get it back, compared to a global average of 46 percent. The average ransom paid by Indian companies stood at $1,198,475 (roughly Rs. 9,155 crore), notes the report. Sophos has surveyed 5,600 organisations to get insights from 31 countries. These include 300 companies from India.

An annual report titled State of Ransomware 2022 by Sophos suggests a spike in ransomware attacks and payments by companies to get their data back. As per the report, 78 percent of Indian organisations surveyed experienced ransomware attacks last year.

The average ransom payment in India was $1,198,475 and it is the highest rate of ransom payment reported across all countries. As per the survey, 10 percent of companies that suffered attacks paid ransoms of $1 million (roughly Rs. 7,637 crore) or more to get their data back, even if they had data backups.

An average of one month time is required for businesses to recover from the attacks and they are affecting the operations and revenue of entities, suggests the report.

Companies are increasingly depending on cyber insurance to resist ransomware attacks. As per the report, around 89 percent of mid-sized organisations had cyber insurance that covers them in the event of a ransomware attack. In most cases, the insurer paid some or all the costs incurred.

In the survey, 94 percent of firms with cyber insurance said that their experience of getting it has changed over the last 12 months, with higher demands for cybersecurity measures, more complex or expensive policies and fewer organisations offering insurance protection.