Over 74% of Indian businesses hit by ransomware in 2022

September 18, 2023

Almost 60% of enterprises in the Asia/Pacific (including Japan) region experienced ransomware attacks in 2022, according to IDC research.

According to International Data Corporation’s (IDC) Future Enterprise Resiliency & Spending Survey, Wave 2 (April 2023), a staggering 74% of Indian enterprises and 59% in Asia/Pacific (including Japan) experienced ransomware attacks in 2022. Meanwhile, 53% of these enterprises in India made ransom payments up to $500,000 (€468,584), with disruptions ranging from a day to weeks. Computer Emergency Response Team of India (CERT-In) data further underscores this, showing 14.02 lakh (1,402,000) cyber incidents in 2021 and 13.9 lakh (1,390,000) in 2022.

The dynamic and intricate cyber threat landscape in India is perpetually evolving due to a myriad of factors including geopolitical tensions, accelerated digitalization, and the ever-increasing sophistication of cyber criminals and external state-sponsored hackers.

According to IDC’s Future of Trust India Survey, January 2023, improving financial management and transparency, privacy measures, and integrated risk management process came out to be the top drivers amongst IT decision makers to improve the practice of trust in their organizations.

Here are some highlights from IDC’s Future of Trust India Survey:

1. More than 85% of the Indian enterprises stated that security education and awareness is important to reduce the risk profile of an organisation.
2. 62% of the Indian enterprises stated that they would prefer to leverage AI and analytics in cybersecurity processes such as threat detection, risk assessments, insights extraction from unstructured data and so on.
3. More than 45% of the Indian enterprises mentioned that they are looking at implementing KPI’s to measure progress against compliance focused goals and investments.
4. Almost 36% of the Indian enterprises mentioned that they prefer to use cloud-based threat intelligence solutions and almost 58% mentioned that the greatest challenge they face with their current threat detection and response solutions are with respect to cost for tools, maintenance, and personnel.
5. Approximately 61% of enterprises are considering the adoption of zero-trust network solutions to enhance identity and access management, particularly in response to heightened risks posed by AI bots.

“Staying competitive demands strategic partnerships and continuous innovation. Our 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,“ said Sakshi Grover, Research Manager, Asia/Pacific Security and Services IDC India.

Categories : World Focus

Tags : Business Cybersecurity IDC India Ransomware