Excerpt from Business-Standards Article, Published on Apr 20, 2024
In a stark revelation, Indian businesses grappled with a staggering 235,472 ransomware incidents throughout the entirety of 2023, as outlined in the latest report from Kaspersky cybersecurity solutions. Among the distressing targets were a major healthcare institution, governmental bodies, an Indian telecom giant, and a pivotal power and utility corporation, with servers falling prey to the nefarious grip of malicious software.
Fedor Sinitsyn, Lead Malware Analyst at Kaspersky, shed light on the evolving landscape of cyber threats, emphasizing a transition from mass encryptor assaults towards orchestrated attacks encompassing data theft and encryption, dubbed double extortion. Sinitsyn noted a surge in efficiency among perpetrators, enabling them to demand exorbitant ransom sums.
One alarming case cited in the Kaspersky report involved cybercriminals demanding a ransom nearing $10 million for the restitution of stolen data, underscoring the audacious nature of contemporary cyber warfare. Noteworthy among the onslaught of ransomware variants targeting Indian sectors is Fonix Ransomware, which unleashed havoc on manufacturing, retail, agriculture, media, and healthcare realms, operating under the ominous banner of ransomware-as-a-service. Another ominous player, LockBit, left a trail of disruption by infiltrating major organizations in India, crossing the threshold by infecting both Windows and, unprecedentedly, Apple systems. Jaydeep Singh, General Manager for South Asia at Kaspersky, issued a somber forecast for 2024, foreseeing an uptick in ransomware assaults on large-scale enterprises, accompanied by threats of extortion, operational paralysis, and data breaches.
In response to the escalating cyber menace, cybersecurity experts stress the imperative for organizations, irrespective of their magnitude, to fortify their IT security frameworks. The necessity for technologies offering unequivocal anti-ransomware efficacy, validated through rigorous third-party examinations, is underscored as paramount. With the specter of ransomware looming large, the clarion call for heightened vigilance and proactive measures resonates across India’s corporate landscape.
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