Menace Of Ransomware Attacks: Impact On Indian Businesses & Strategies For Defence

Cyberattacks such as ransomware have spiked in the past few years, significantly impacting the revenues of organisations.

Indian businesses have proactively embraced digitalisation, which in turn has helped them streamline operations, increase productivity, and enhance ROI. According to a recent report by the International Data Corporation (IDC), 69 per cent of all organisations describe themselves as "digital businesses". However, amidst this digital transformation drive, the risks of cyberattacks loom over these organisations.

Cyberattacks such as ransomware have spiked in the past few years, significantly impacting the revenues of organisations. According to the "India Ransomware Report" by CERT-In, there has been a 53 per cent increase in ransomware attacks in 2022. By exploiting the vulnerabilities of these organisations security measures, attackers syphon money from firms, and as a result, it has a detrimental impact on the company’s overall performance, reputation, and finances.

Ransomware’s Devastating Blow

Ransomware gangs are evolving and growing more sophisticated in their methods of attack. Cyber pirates and privateers collaborate via the dark web to operate ransomware as a service model. Regardless of the size of the companies, ransomware attacks have been causing havoc in the Indian business setting. However, an evident target is an enterprise with deep pockets that is affiliated with a well-resourced entity. The sector with the greatest influence was IT and ITeS, followed by finance and manufacturing.

In order to put pressure on victims and demand ransom payments, ransomware actors targeted vital infrastructure organisations and disrupted critical services. Businesses are besieged by ransomware attacks through a number of channels, including phishing emails, malicious software, and even remote access to vulnerable networks.

Attacks using ransomware not only have a financial impact but also seriously harm a company's reputation. Customers and business partners can stop trusting that the company can protect their data, which would harm the organisation's reputation and brand over the long term. These attacks keep on happening as several businesses have not been so proactive in adapting cybersecurity solutions as they have built out their digital infrastructure.

From Vulnerability To victory: Empowering Businesses With Cybersecurity Solutions

In a bid to avoid any ransomware attacks, Indian organisations are advised to implement comprehensive cybersecurity measures, which include robust endpoint protection, vulnerability assessment, penetration testing, and training on ransomware trends and cybersecurity.

Enterprise defence strategy: A successful defence is rooted in robust security practises that keep ransomware attackers out of the enterprise system while limiting their ability to move in case the network is breached. The system can be prepared in advance with regular, offline, and immutable data and configuration backups. Another method is regularly testing for vulnerabilities and penetration so that operations can be restored quickly if an attack occurs. Furthermore, developing a comprehensive map of enterprise data is another method to curate a detailed incident response plan.

Ecosystem defence strategy: An organisation's defence against cyberattackers is strengthened by the combination of knowledge, resources, experience, and information. This cooperative and ecological effort should be used at all levels, from the tactical to the strategic. For instance, one of the top recommendations is to provide personnel with the most recent cybersecurity and ransomware trends. Employee security awareness training is an essential component of any cybersecurity training course since it keeps staff members on guard. As the threat landscape changes, it is crucial to keep a steady pace and routinely train employees.

However, these security principles are most effective when put into practice with the assistance of impartial cyber security partners who can assist in identifying threats and security control gaps at the ecosystem and enterprise levels, review outcomes, and consult on how to improve your cyber defence.

Securing The Future

According to a joint report by Palo Alto Networks and Unit 42, India is the second-most targeted country in terms of ransomware attacks in the APAC region. This is a strong indicator that it is high time for Indian businesses to comprehend the threat ransomware poses and adapt robust cybersecurity measures in a bid to save themselves from adverse impacts.

In this context, it is necessary to employ practised security technology solutions for ransomware protection with the help of third-party cybersecurity solution providers. The solutions can identify the vulnerabilities and provide detailed recommendations to remediate them. As a result, organisations can prepare themselves beforehand for any potential ransomware attack.

For a business to stay competitive in the market, digitalisation has become the need of the hour. However, in conjunction with that, robust cybersecurity measures are also necessary for firms to stay vigilant and safeguard themselves from detrimental ransomware attacks. With growing awareness and sophistication of cyberattacks, it is anticipated that several organisations will implement these measures, which will further fuel the cybersecurity market. According to research by Mordor Intelligence, the Indian cybersecurity market stands at $3.97 billion in 2023, which is anticipated to reach 9.21 billion by 2028, growing at a CAGR of 18.33 per cent.

(The author is the Managing Director at Netrika Consulting)

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