45% of Indian organizations were hit twice by ransomware in 2022: Report

73% of Indian organizations report being hit by at least one successful ransomware attack in 2022, and 45% report being hit twice or more, according to the report 2023 Ransomware Insights published by cloud-first security solutions provider Barracuda Networks.  

As per the report, the organizations in India that were hit multiple times said they’d paid the ransom, 56% of those hit twice or more paid the ransom to restore encrypted data, compared to 39% of victims of a single attack. The report found that these organizations also relied less on data backup systems during times of crisis.  

Independent research firm Vanson Bourne, commissioned by Barracuda, surveyed IT professionals from entry-level to executive positions at 150 responding companies with 100 to 2,500 employees across a variety of industries in the US and EMEA and APAC countries, including India.  

Ransomware attacks against different economic sectors around the world vary widely the report found. For instance, 98% of consumer services and 85% of energy, oil/gas, and utility companies have suffered at least one ransomware attack. The Energy, Oil/Gas, and Utilities industries were also most likely to report two or more successful ransomware incidents, at 53%.   

The results show that 69% of organizations started their ransomware attacks with malicious emails, such as phishing emails designed to steal credentials that allow attackers to gain entry into your network. Web applications and traffic come in second, representing an area of increasing risk as part of an ever-expanding threat surface.   

Globally, 77% of organizations with cyber insurance have experienced at least one successful ransomware attack, compared to 65% of those without cyber insurance. Additionally, 21% of Indian businesses participating in the survey said they do not feel prepared for ransomware attacks.   

Parag Khurana, Country Manager, Barracuda Networks said, “The number of organizations affected by ransomware in 2022 likely reflects the widespread availability of low-cost, accessible attack tools through ransomware-as-a-service offerings.”    

Khurana further said that the majority of victims were attacked again because of security flaws that were not properly repaired following the initial event. The security industry is helping organizations defend against ransomware through advanced multi-layered security technologies, including advanced email protection and backup, threat hunting, and advanced detection and response (XDR) capabilities to stop malicious activity, which play an important role in supporting