67 percent of Indian organizations paid a ransom to get their data back after the cyber attack, up from 66 percent last year.
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The cost of recovery from the effects of ransomware attack has tripled in India last year. According to the data, it has increased from $ 1.1 million (more than Rs 8 crore) in 2020 to $ 3.38 million (more than Rs 24.5 crore) in 2021. The country tops the list of 30 countries worldwide for ransomware attacks. Its information came out in a new report on Tuesday.
The average ransom payment in India by global cyber security leader Sophos was $76,619 (over Rs 55 lakh). However, payments often do not result in payments because according to ‘The State of Ransomware 2021’ report, Indian organizations paying ransom received 75 percent of their data back on average and only 4 percent got all their data back.
67% of companies paid ransom
The findings showed that 67 per cent of Indian organizations paid ransom to get their data back after the cyber attack, up from 66 per cent last year. It increased slightly compared to the previous year.
Sunil Sharma, managing director-sales, Sophos India and SAARC, said, “The proportion of organizations vulnerable to ransomware has declined over the past year, but compared to organizations surveyed in any other country, the proportion of Indian organizations has declined. are more likely to be affected.
“It is harder and more expensive for businesses to recover from these complex attacks, which can significantly affect their operating budgets,” he said. The survey covered 5,400 IT decision makers in medium-sized organizations in 30 countries across Europe, the Americas, the Asia-Pacific and Central Asia, the Middle East and Africa, with 300 respondents in India.
Increasing risk of cyber attack
The survey also found that 86 percent of Indian organizations believe that cyber attacks are now too complex for their IT team to handle themselves, compared to the global average of 54 percent.
Additionally, the findings showed that organizations in India that have not been hit by ransomware in the past 12 months, expect an overwhelming majority (86 percent) to become a target. The biggest reason (57 percent) has been given that ransomware attacks are becoming harder to stop due to their refinement.
“The findings further highlight the brutal fact that paying a ransom to restore data can be misleading,” Sharma said. Nearly three-quarters (72 percent) of Indian organizations admitted that data was encrypted in the most significant ransomware attack, down from 91 percent last year.
(IANS)
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