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A 13% Increase In Ransomware Attacks Puts India Inc. At High Risk

The number of ransomware breaches in India has increased by 13% in the past year, marking an enormous jump from the jump over the previous five years combined.

A 13% Increase In Ransomware Attacks Puts India Inc. At High Risk

According to the “Verizon Business 2022 Data Breach Investigations Report (2022 DBIR),” growing geopolitical tensions are causing an increase in the sophistication, visibility, and knowledge around ransomware attacks tied to nation-states.

According to a recent study published on Tuesday, there has been a worrying increase in the number of ransomware breaches around the world, including in India. The number of ransomware breaches in India has increased by 13% in the past year, marking an enormous jump from the jump over the previous five years combined. According to the “Verizon Business 2022 Data Breach Investigations Report (2022 DBIR),” growing geopolitical tensions are causing a rise in the sophistication, visibility, and knowledge around cyberattacks tied to nation-states.

According to Anshuman Sharma, Head of Investigative Response, APJ for Verizon, the ever-increasing number of connected devices and widespread adoption of digitalisation across a wide range of industries has led to an increase in the frequency of cyberattacks, notably ransomware.

Although the number of ransomware assaults has increased due to the epidemic, companies have become more vulnerable as a result of their inaction or delays in adopting improvements to their technical and infrastructure defences in light of the new normal.

Sharma suggested that other causes, such as the proliferation of ransomware as a service (RaaS) and the use of bitcoin, could also be to blame.

The study analysed a total of 23,896 security occurrences, of which 5,212 were confirmed to be security breaches.

According to the investigation findings, organised crime is to blame for around four out of every five data breaches. The research also showed that external actors are nearly four times more likely to cause data breaches in a business than internal actors.

82% of the security breaches investigated the previous year contained a human component. Attacks using social engineering accounted for almost one-quarter of the breaches detailed in the report.

New safety concerns and logistical challenges are being raised due to India Inc.’s widespread adoption of hybrid work styles across industries.

Sharma went on to say that India has the potential to become a digitally empowered society and address emerging problems in the technology sector if private companies make more significant investments in cybersecurity and the government implements a comprehensive cybersecurity policy and strategy.

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