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1 Indian firm paying an average of Rs 55 lakh after ransom attack

1 Indian firm paying. The cost of recovering from the impact of a ransomware attack in India more than tripled in the last year. Rising from $1.1 million (over Rs 8 crore) in 2020 to $3.38 million (more than Rs 24.5 crore) in 2021. As the country topped the list of 30 countries worldwide for ransomware attacks. According to a new report released on Tuesday.

In India, the average ransom payment was $76,619 (over Rs 55 lakh). However, paying the ransom often does not pay off. Indian firms who paid the ransom received an average of 75% of their data returned and just 4% received all of their data back. So according to global cybersecurity company Sophos’ ‘The State of Ransomware 2021’ study.

The statistics indicated that 67% of Indian firms whose data was encrypted paid a ransom to get access to it. A little rise from the previous year’s figure of 66%.

“While the percentage of organizations targeted by ransomware has decreased from the previous year. Indian organizations are still considerably more likely to be targeted than organizations in any other nation studied,”. Sunil Sharma, managing director-sales, Sophos India and SAARC, stated.

“Recovering from these complex attacks is more difficult and expensive for businesses, which may have a significant effect on their operating budgets,” he added.

The study surveyed 5,400 IT decision-makers in mid-sized businesses in 30 countries. Throughout Europe, the Americas, Asia-Pacific, and Central Asia, the Middle East, and Africa, including 300 respondents from India.

1 Indian firm paying an average of Rs 55 lakh

Additionally, the poll found that 86% of Indian organizations say cyberattacks have become too sophisticated for their IT personnel to manage alone, compared to a worldwide average of 54%.

Additionally, the data found that the vast majority (86%) of organizations in India that have not been struck by ransomware in the previous 12 months anticipate being a victim.

The most often cited reason (57%) is that ransomware attacks are becoming more difficult to halt owing to their complexity.

“The results underscore the heinous truth that paying a ransom. So to restore data may be a complete waste of money,” Sharma concluded.

Nearly three-quarters (72%) of Indian organizations reported that their data had been encrypted in the most severe ransomware assault. Down from 91% the previous year.

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Written by Ankur J Kakoti

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