Business News: India is currently 10th in the world on ransomware attacks and small businesses with up to 500 employees, are at the highest risk of accounting for more than half of all attacks (54.7%). In India, tech/IT is the top industry hit by ransomware, 24.40% of all attacks, which is followed by the manufacturing Industry 10.90%, according to cyber security firm NordLocker.

Small businesses in India at highest ransomware risk
Small businesses in India at highest ransomware risk

LockBit and Ragnar Locker were the most active ransomware gangs in India and were responsible for 13% and 7.80% of attacks in the January 2020 July to 2022 period of time. About 17% of ransomware attacks in India attack businesses that have over Rs 80 billion in annual revenue. However, most often, ransomware in India targets companies with annual revenue between Rs 8-40 billion meanwhile, 41.5 %.

Companies with an employee count of between 201-500 are the victims of 22.60% of attacks, and the company with 1001-5000 employees is the victim of 17% of ransomware hacks in the country. About 11.3% of ransomware attacks in India target companies that employee more than 10,000 employees, and analyzed the numerous databases of ransomware incidents that affected over 5,000 companies globally. And Approximately 21% of attacks in India target companies that are publicly traded.

Furthermore, Tomas Smalakys NordLocker CTO said, that this type of attack is extremely effective, and in the past few years, the cases have grown rapidly, while cyber security awareness has failed to catch up. Consumer services, finance, and energy industries are the types of other most affected companies by ransomware in India.

 Tomas Smalakys further said that the first small businesses are the top targets for them because cyber security is often, smaller companies prioritize growing their operation and leaving cyber security on the sidelines.

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