Over 90% of Indian organisations faced ransomware attacks in 2022: Report | #ransomware | #cybercrime

Over 90% of Indian organisations faced ransomware attacks in 2022: Report

Several high-profile ransomware attacks were reported in 2021 (Representational image: AFP file)

Indian organisations face rising cyber debt & rampant ransomware attacks. 91% fell victim in 2022, 55% paid multiple times for recovery. CyberArk report highlights the urgent need for robust security measures

A recent report by CyberArk, an information security company, has shed light on the rising cyber debt and increasing incidents of ransomware attacks faced by Indian organisations. The report, which examines the cybersecurity landscape in 2022 and provides insights for the year ahead, also highlights the urgent need for organisations to bolster their security measures.

Ransomware Attacks on the Rise

According to the report, a staggering 91 per cent of Indian organisations experienced ransomware attacks in 2022. What’s even more concerning is that 55 per cent of these organisations reported paying the attackers twice or more to facilitate the recovery process. This pattern strongly suggests that these organizations were targeted in double extortion campaigns, wherein cybercriminals not only encrypt data but also threaten to leak it if the ransom is not paid.

The Growing Cyber Debt

CyberArk’s report reveals that Indian organisations faced a significant increase in cyber debt in 2022. This debt arises when security spending falls behind investment in broader digital business initiatives, leaving vulnerabilities in the cybersecurity posture. Unfortunately, this trend is expected to continue in 2023 due to various factors, including an economic downturn, increased staff turnover, reduced consumer spending, and an uncertain global environment. It is crucial for organisations to address this cyber debt promptly to avoid further vulnerabilities and potential breaches.

Identity-Related Compromise on the Horizon

One striking finding of the report is that all organisations in India (100 per cent) anticipate identity-related compromises in the coming year. These compromises are expected to stem from economic-driven cutbacks, geopolitical factors, cloud adoption, and the rise of hybrid working environments. A significant proportion, approximately 84 per cent, believe that such compromises will occur as part of digital transformation initiatives, such as cloud adoption or migrating legacy applications.

AI-Enabled Threats and Security Concerns

The report highlights the concerns of security professionals regarding AI-enabled threats. Nearly 61 per cent of respondents anticipate AI-powered threats affecting their organisations in 2023, with AI-powered malware emerging as the top concern. Additionally, 92 per cent of organisations expressed apprehension about code/malware injection into their software supply chain, considering it one of the most significant security threats they face. The top risks identified by the respondents include credential access (45 per cent), defence evasion (34 per cent), execution (34 per cent), initial access (31 per cent), and privilege escalation (26 per cent).

Safeguarding the Future

In light of the report’s findings, it is crucial for organisations to prioritise cybersecurity and allocate sufficient resources to mitigate risks. Strengthening identity and access management, ensuring secure software development practices, and staying vigilant against AI-powered threats are essential steps to safeguarding sensitive data and critical systems. Furthermore, fostering a cybersecurity culture within the organisation, including regular training and awareness programs, can enhance the overall resilience against evolving cyber threats.

As the threat landscape continues to evolve, organisations must adapt and proactively implement robust security measures to stay ahead of cybercriminals and protect themselves from devastating cyberattacks.

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