Ransomware Attacks Hit 90% of Indian Businesses

Ransomware attacks have become a significant threat to Indian businesses, with reports suggesting that 90% of companies in India have been impacted. These attacks involve malicious actors encrypting critical business data and demanding ransom payments for its release, leading to operational disruptions and substantial financial losses. The surge in ransomware cases can be attributed to the growing digitalization, inadequate cybersecurity infrastructure, and the increasing sophistication of ransomware tactics.

 
Organizations across industries, particularly in sectors like logistics, healthcare, and finance, are especially vulnerable, making it critical for them to adopt robust cybersecurity measures, including data backups, employee awareness programs, and the implementation of Zero Trust architectures. The rise of ransomware-as-a-service and AI-powered attacks has further complicated the threat landscape.

To mitigate this risk, Indian enterprises must strengthen their defense strategies, focusing on proactive measures such as threat detection, incident response, and leveraging cutting-edge security technologies to protect against future ransomware attacks.

As per OPENTEXT, supply chain attacks are widespread with 90% of Indian respondents having been impacted by a ransomware attack originating from a software supply chain partner in the past year.

With well-funded cybercriminals increasingly targeting software supply chains and harnessing generative AI to increase phishing attempts, businesses face a persistent struggle to stay ahead of evolving ransomware threats and the rising cost of attacks.

"Small and medium businesses (SMBs) and enterprises are stepping up their efforts against ransomware, from assessing software suppliers to implementing cloud solutions and boosting employee education. However, the increase in organizations paying the ransom only emboldens cybercriminals, fuelling more relentless attacks.

Moving forward, businesses must proactively defend against sophisticated threats like supply chain vulnerabilities and AI-driven attacks, while ensuring resilience through data backups and response plans, to avoid empowering the very criminals seeking to exploit them.