Ransomware attacks surge into Two-folds in India in 2023

India saw a huge surge in ransomware and IoT cyber attacks in the first half of 2023, as criminals shifted to stealthier means of malicious activities. The recent Clop ransomware gang has once again altered extortion tactics and is now using torrents to leak data stolen in MOVEit attacks.

The ransomware attacks in India doubled in the first half of 2023, compared to the same period in 2022. The report found that there were over 100,000 ransomware attacks in India in the first six months of 2023, up from just over 50,000 attacks in the same period in 2022.

Ransomware is a malware that encrypts the victim’s data and demands a ransom for its decryption. Ransomware attacks can cause system downtime, data loss, financial loss, and reputational damage. IoT (Internet of Things) cyberattacks target connected devices, such as smart appliances, cameras, sensors, or wearables. IoT cyberattacks can compromise the security, privacy, and functionality of the devices and the networks they are connected to.

The report also found that the average ransom demand in India increased by 50% in the first half of 2023, from $100,000 to $150,000. This is likely due to the fact that ransomware attackers are increasingly targeting organizations in India that are seen as having deep pockets.

The report attributed to the surge in ransomware attacks in India to a number of factors, including the increasing use of cloud computing, the growing popularity of cryptocurrencies, and the lack of awareness of cybersecurity risks among businesses in India.

Cybercriminals are diversifying and expanding their skill sets to attack critical infrastructure, making the threat landscape even more complex and forcing organizations to reconsider their security needs, the report mentioned.

The surge in ransomware attacks in India is a serious threat to businesses and individuals alike. It is important to take steps to protect yourself from ransomware attacks, and to report any suspicious activity to the authorities. This continued digital assault on enterprises, governments and global citizens is intensifying, and the threat landscape continues to expand.