Nearly a year after the first major ransomware attack crippled systems across the globe, problems due to malicious software affecting networks continued to be a major issue worldwide with 54 per cent of the organisations, which participated in a survey by cyber-security firm Sophos, hit in the past year and 31 per cent expecting to be victims of an attack in the future. In India, around 67 per cent of the surveyed entities were hit by ransomware last year.
“The survey polled more than 2,700 IT decision makers across mid-sized businesses in 10 countries worldwide, including the US, Canada, Mexico, France, Germany, UK, Australia, Japan, South Africa and India. The survey concludes that despite the intensity and magnitude of attacks, Indian businesses are still not prepared to defend itself against determined attackers,” Sophos said in a statement.
As per the survey, despite the intensity and magnitude of attacks, Indian businesses are still not prepared to defend itself against determined attackers. “According to those impacted by ransomware last year, the median total cost of a ransomware attack was $133,000. Indian organisations median total cost stood at $1.17 million, the highest, in rectifying the impacts of ransomware. This extends beyond any ransom demanded and includes downtime, manpower, device cost, network cost, and lost opportunities,” the survey report said.
Ransomware is a malicious software that locks system of a user and demands ransom for unlocking it. According to security experts, ransomware has particularly been on the rise with the growing use of cryptocurrencies such as bitcoin. Globally, more than 70 per cent of IT professionals surveyed were unable to identify the correct definition of anti-exploit technology, despite how critical it is for modern attack prevention, the report said.
“91 per cent Indian organisations claimed to running up-to-date endpoint protection when impacted by ransomware and 89 per cent India respondents stated that malware threats have got more complex over the last year,” as per the report. Globally, as per the survey, healthcare sector was most impacted by ransomware with 76 per cent of entities in the segment admitted to have been hit by the malicious software.