Significant percentage of Indian firms hit by ransomware attacks in 2023: Sophos

Nearly 64 per cent of Indian organisations surveyed were hit by ransomware attacks in 2023, a latest report by Sophos said on Tuesday, noting that while the attack rates fell year-on-year, the impact on victims actually intensified.

The average ransom demand was USD 4.8 million, with 62 per cent of demands exceeding USD 1 million.

The median ransom paid was USD 2 million, the report by the global cybersecurity solutions provider said.

Put simply, ransomware refers to malicious software or malware that seizes files on a computer, network share, backups, and server, and encrypts them, following which the attacker exhorts the user to cough up money to unlock the files.