• UGI USER
  • Dec 25, 2023
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RANSOMWARE CONCERNS IN INDIAN IT FIRMS

Why in the News?

  • Recent ransomware attack at HCL Technologies occurred within a confined cloud environment, minimizing widespread impact.
  • Despite containment, the incident negatively influenced the stock market perception, causing a decline in share prices.
Source: Medium

Growing Threat Landscape in India:

  • Indian organizations face an increasing threat of ransomware attacks, with a Sophos study reporting a rise from 57% to 73% victimized organizations.
  • 77% of attacked organizations experienced successful data encryption, and 44% opted to pay ransoms, doubling their recovery costs compared to those relying on backups.
  • CERT-In’s H1 2022 ransomware report highlighted a 51% increase in incidents, primarily targeting data centers, IT, and TeS sectors in India.

Targeting IT Organizations:

  • Reason : Threat actors focus on IT organizations due to their valuable data, including intellectual property, client information, and financial data.
  • Effect : Successful attacks on IT firms may lead to a drop in company value, replication of software, and compromise of client data, making them lucrative targets.
What is Ransomware?

Ransomware is a malicious software that allows a hacker to restrict access to an individual’s or company’s vital information and then demands some form of payment (usually Bitcoins) to lift the restriction.