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India sees 55% surge in ransomware attacks, reveals CyberPeace report

The latest CyberPeace report revealed that India’s critical sectors witnessed a rise in ransomware attacks in 2024.

To combat the escalating ransomware threat, CyberPeace emphasises the importance of proactive measures. (Image: FreePik)

India has witnessed a sharp 55 per cent hike in ransomware incidents, with 98 recorded attacks in 2024. The highest number of such activities was reported in May and October. The latest figures were revealed by the ‘Ransomware Trends 2024: Insights for Global Cybersecurity Readiness’ report released by CyberPeace, a non-profit organisation for cybersecurity. The report highlights alarming trends and emphasises the urgent need to strengthen cybersecurity measures to counteract the growing threat.

The research CyberPeace used advanced OSINT (Open Source Intelligence) techniques, continuous monitoring activities of 166 threat actor groups, and data collection from 658 servers/underground resources and mirrors globally. The findings reveal that ransomware groups orchestrated 5,233 claims across 153 countries using these underground resources. The United States emerged as the most targeted nation, followed by Canada, the UK, Germany, and others.

The report revealed that killsec was the most frequent threat, followed by lockbit3 as the second most prominent threat. Other groups, such as ransomhub, darkvault, and clop showed moderate activity levels.

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“Ransomware continues to evolve, posing significant risks to industries, governments, and individuals alike. Governments, organisations, and cybersecurity experts must come together to share intelligence, strengthen cross-border defences, and develop strategies that proactively address emerging threats. Collaboration is key to dismantling threat actor networks, mitigating risks, and fostering a secure digital ecosystem worldwide,” said Major Vineet Kumar, global president and founder of CyberPeace.

Top impacted sectors in India

In India, the industrial sector was frequently targeted, accounting for 75 per cent of the total incidents. This was followed by the healthcare sector, which represented 12 per cent of the incidents, making it the second most affected. The finance sector accounted for 10 per cent of the incidents, reflecting a moderate level of targeting. In contrast, the government sector experienced the least impact, with only three per cent of the incidents, indicating minimal targeting compared to the other sectors. This distribution underscores the critical need for enhanced cybersecurity measures, particularly in the industrial sector, while also addressing vulnerabilities in healthcare, finance, and government domains.

According to the report, the data reveals fluctuating incident trends in India, with notable peaks in May (14 incidents) and October (24 incidents), indicating potential periods of heightened activity. After reaching these highs, the numbers show significant declines, reflecting seasonal variability in incident occurrences.

To address the escalating ransomware threat, CyberPeace emphasises the importance of adopting proactive measures. These include implementing robust data backup and recovery plans to ensure business continuity, conducting regular employee awareness programs to reduce human error, and employing multi-factor authentication (MFA) to enhance access security. Advanced threat detection tools and regular vulnerability assessments are also essential to identify and mitigate weaknesses early.

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The report underscores that the global ransomware crisis demands continuous innovation in cybersecurity technologies, adaptive defence strategies, and informed policymaking.

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ransomware