India, with rapid digital growth and reliance on technology, is in the hit list of cybercriminals. As one of the world's biggest economies, the country poses a distinct digital threat that cyber-crooks might exploit due to security holes in businesses, institutions, and personal users.
India recently saw a 51 percent surge in ransomware attacks in 2023 according to the Indian Computer Emergency Response Team, or CERT-In. Small and medium-sized businesses have been an especially vulnerable target, with more than 300 small banks being forced to close briefly in July after falling prey to a ransomware attack. For millions of Indians using digital banking for daily purchases and payments, such glitches underscore the need for further improvement in cybersecurity measures. A report from Kaspersky shows that 53% of SMBs operating in India have experienced the incidents of ransomware up till now this year, with more than 559 million cases being reported over just two months, starting from April and May this year.
Cyber Thugs are not only locking computers in businesses but extending attacks to individuals, even if it is personal electronic gadgets, stealing sensitive and highly confidential information. A well-organised group of attacks in the wave includes Mallox, RansomHub, LockBit, Kill Security, and ARCrypter. Such entities take advantage of Indian infrastructure weaknesses and focus on ransomware-as-a-service platforms that support Microsoft SQL databases. Recovery costs for affected organisations usually exceeded ₹11 crore and averaged ₹40 crore per incident in India, according to estimates for 2023. The financial sector, in particular the National Payment Corporation of India (NPCI), has been attacked very dearly, and it is crystal clear that there is an imperative need to strengthen the digital financial framework of India.
Cyber Defence Through AI
Indian organisations are now employing AI to fortify their digital defence. AI-based tools process enormous data in real time and report anomalies much more speedily than any manual system. From financial to healthcare sectors, high-security risks make AI become more integral in cybersecurity strategies in the sector. Lenovo's recent AI-enabled security initiatives exemplify how the technology has become mainstream with 71% of retailers in India adopting or planning to adopt AI-powered security.
As India pushes forward on its digital agenda, the threat of ransomware cannot be taken lightly. It will require intimate collaboration between government and private entities, investment in education in AI and cybersecurity, as well as creating safer environments for digital existence. For this, the government Cyber Commando initiative promises forward movement, but collective endeavours will be crucial to safeguarding India's burgeoning digital economy.
