Ransomware Attacks Surge, Highlighting Need for Enhanced Cyber Security Measures

Alarming statistics from the International Data Corporation’s (IDC) Future Enterprise Resiliency & Spending Survey reveal that in 2022, a staggering 74 percent of Indian enterprises and 59 percent in the broader Asia/Pacific region (including Japan) fell victim to ransomware attacks.
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Of these Indian enterprises, 53 percent made ransom payments ranging up to US$500,000, with disruptions lasting from a day to several weeks. This concerning trend is further substantiated by data from the Computer Emergency Response Team of India (CERT-In), which recorded 1.4 million cyber incidents in 2021 and 1.39 million in 2022.

The evolving cyber threat landscape in India is characterized by its complexity, driven by factors including geopolitical tensions, accelerated digitalization, and the increasing sophistication of cybercriminals and state-sponsored hackers.

IDC’s Future of Trust India Survey conducted in January 2023 sheds light on the pressing need for improved cybersecurity practices in the country. Key findings from the survey include:

Security Education and Awareness: Over 85 percent of Indian enterprises recognize the importance of security education and awareness in reducing the risk profile of their organizations.

AI and Analytics in Cybersecurity: 62 percent of Indian enterprises express a preference for leveraging artificial intelligence (AI) and analytics in cybersecurity processes, such as threat detection, risk assessments, and deriving insights from unstructured data.

Key Performance Indicators (KPIs): More than 45 percent of Indian enterprises are exploring the implementation of Key Performance Indicators (KPIs) to measure progress toward compliance-focused goals and investments.

Cloud-Based Threat Intelligence: Approximately 36 percent of Indian enterprises favor the adoption of cloud-based threat intelligence solutions, while nearly 58 percent cite cost-related challenges with their current threat detection and response solutions.

Zero-Trust Network Solutions: About 61 percent of enterprises are considering the adoption of zero-trust network solutions to enhance identity and access management, particularly in response to the heightened risks posed by AI bots.

Sakshi Grover, Research Manager, Asia/Pacific Security and Services at IDC India, emphasizes the need for strategic partnerships and continuous innovation in the cybersecurity landscape.

“Industry is experiencing a pivotal transition towards vendor consolidation, addressing the challenges posed by multi-vendor complexities. Indian enterprises are actively pursuing streamlined management and integration to elevate their security infrastructure’s efficiency and effectiveness. This journey, guided by the fusion of global data and localized insights, strengthens the very fabric of our collective security,” Grover states.

The survey results underscore the critical importance of proactive measures to enhance cybersecurity resilience in India, as enterprises grapple with the evolving threat landscape and the need to protect sensitive data and digital assets.

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