Ransomware Attacks Decline In India, But Ransom Demands Grow To $4.8 Mn

Recent findings from a report reveal a noteworthy decline in ransomware attacks against Indian organisations, dropping from 73 per cent reported in the previous year’s study to 64 per cent in the current year. However, the impact on victims has intensified significantly, with ransom demands soaring to an average of USD 4.8 million.

The Spohos report revealed a shift in data recovery methods among Indian organisations, with a notable preference for paying the ransom (65 per cent) over relying solely on backups (52 per cent). This change indicates the growing challenges organisations face in mitigating the impact of ransomware attacks and underscores the urgency of robust cybersecurity strategies.

The report found the staggering ransom demands faced by Indian organisations, with the average ransom demand reaching USD 4.8 million, with 62 per cent of demands exceeding USD 1 million. The median ransom paid stands at USD 2 million, indicating the substantial financial burden imposed on victims by cybercriminals.

Despite the decrease in attack frequency, the report paints a grim picture of the consequences of ransomware attacks. On average, 44 per cent of impacted computers were encrypted in attacks against Indian victims, with 34 per cent of attacks involving data theft alongside encryption, albeit slightly down from the previous year.

Further, it was revealed that the cost to recover from an attack, excluding ransom payments, averages USD 1.35 million.

While there is some improvement in recovery times, with 61 per cent of victims able to recover data within a week, up from 59 per cent in 2022, the severity of the impact underscores the urgent need for enhanced cybersecurity measures and incident response strategies among Indian organisations.

The report also stressed the importance of collaboration with authorities, with 96 per cent of victims reporting the attack and 70 per cent receiving investigation assistance.