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64% of Indian Firms Hit by Ransomware in the Last Year: Sophos

 

A report by cybersecurity solutions vendor Sophos revealed that ransomware attacks against Indian organisations decreased to 64% this year from 73% recorded last year. As per the company's yearly 'State of Ransomware in India 2024' report, victims are facing more severe consequences, including higher ransom demands and recovery expenses in comparison to the previous year, despite a decrease in the number of impacted organisations. An independent study of 5,000 IT decision-makers in 14 countries, 500 of whom were in India, provided the basis for Sophos' survey. Responses based on the previous 12 months were requested from respondents, and experiences gathered between January and February of 2024 are reflected in the findings.

Indian firms paying ransom

For the first time, Indian organisations were found to be more likely to restore data by paying the ransom (65%) than by using backups (52%). The average ransom demand was $4.8 million, with 62% above $1 million, while the median ransom payment was $2 million. 

In attacks against Indian victims, around 44% of impacted devices were encrypted, with 34% of attacks also involving data theft. Excluding ransom payments, the average recovery cost was $1.35 million, and 61% of victims recovered data within a week, up from 59% in 2022. Furthermore, 96% reported the attack to authorities, and 70% received investigation support. 

Global trends 

According to the report's global statistics, just 24% of ransom payers pay the original required sum, with 44% paying less. The average ransom payment equaled 94 percent of the first demand. Ransom financing came from a variety of sources in more than 80% of cases, with groups contributing 40% and insurance carriers covering the remaining 23%. 

Precaution tips 

The report emphasises the critical necessity for robust safety precautions and proactive defence plans to combat increasing ransomware threats. Sophos recommends the following strategies to improve cybersecurity: 

Understand the risk profile: Employ tools to evaluate an organisation's external attack surface. 

Implement endpoint protection: Use endpoint protection technologies to combat various ransomware strategies. 

Enhance defences with threat detection: Continually monitor, investigate, and respond to threats to strengthen security posture. 

Create an incident response strategy: Identify the actions to be performed in the case of a security breach and create and maintain an incident response strategy. Make sure you are ready for any eventuality by regularly backing up important data and practicing data recovery from backups through exercises.

Granules India in Huge Loss After Cyber Attack Erodes Top Line

 

Granules India (GRAN.NS) issued a warning on Thursday regarding a huge loss in revenue and profitability as a result of a cyber security incident the pharmaceutical firm experienced in the latter part of May. 

The IT security breach caused a considerable disruption in its business operations because of extensive adjustments to its IT infrastructure, the manufacturer of paracetamol claimed in an exchange filing. Granules India disclosed the information security incident on May 25 and added that the affected IT assets have been contained. 

The company reported that it has now been able to get production up to levels that were close to normal, but it also noted backlogs and delays in getting materials cleared for quality system approvals before shipping the goods. 

LockBit, a ransomware gang linked to Russia, has claimed responsibility for a hack on Indian pharmaceutical giant Granules India and uploaded some of the data it allegedly stole. 

A leading maker of pharmaceuticals in India since its founding in 1984 is Granules India. Many generic medications, including paracetamol, ibuprofen, and metformin, are produced by the Hyderabad-based firm. Moreover, according to information on the company's website, it has more than 300 clients in more than 80 different nations.

The quarterly earnings for the quarter ended March 31 increased 7.8% to $14.6 million, according to a report released by Granules India in May. Shares of the business finished Thursday at $3.50, down marginally from the previous trading day's closing price of $3.48. 

Lockbit spreading wings

According to a recently published joint advisory from the U.S. federal cybersecurity organisation CISA and its international counterparts in Australia, Canada, France, Germany, New Zealand, and the United Kingdom, LockBit emerged as the most frequently utilised ransomware version worldwide in 2022 and 2023. In January 2020, Russian-language cybercrime forums were the first place where the ransomware gang was identified.

The ransomware group has recently made attacks on a number of well-known tech firms, including IT services provider Accenture, electronics producer Foxconn, U.K. health service provider Advanced, and British postal agency Royal Mail. Other victims of the ransomware group include the financial software company Ion Group, the Los Angeles Housing Authority, and the state of California's finance department. 

LockBit threat actors have extorted about $91 million in ransoms through nearly 1,700 attacks targeting U.S. victims since 2020, according to a recent U.S. and foreign joint advisory.