A report by cybersecurity solutions vendor Sophos revealed that ransomware attacks against Indian organisations decreased to 64% this year from 73% recorded last year.
As per the company’s yearly ‘State of Ransomware in India 2024′ report, victims are facing more severe consequences, including higher ransom demands and recovery expenses in comparison to the previous year, despite a decrease in the number of impacted organisations.
An independent study of 5,000 IT decision-makers in 14 countries, 500 of whom were in India, provided the basis for Sophos’ survey. Responses based on the previous 12 months were requested from respondents, and experiences gathered between January and February of 2024 are reflected in the findings.
Indian firms paying ransom
For the first time, Indian organisations were found to be more likely to restore data by paying the ransom (65%) than by using backups (52%). The average ransom demand was $4.8 million, with 62% above $1 million, while the median ransom payment was $2 million.
In attacks against Indian victims, around 44% of impacted devices were encrypted, with 34% of attacks also involving data theft. E
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