73 per cent of Indian firms report being ransomware victim in 2023: Report

The rate of ransomware attacks in India has increased significantly in recent years. According to a recent report by cybersecurity company Sophos, 73 per cent of Indian firms have been victims of ransomware attacks, up from 57 per cent the previous year.

Ransomware is a type of malware that encrypts a victim’s files and demands a ransom payment in order to decrypt them. Ransomware attacks can have a devastating impact on businesses, as they can lead to data loss, productivity losses, and reputational damage

About 77 per cent of ransomware attacks against surveyed organisations succeeded in encrypting data, but only 44 per cent paid the ransom to recover their data —