Ransomeware Attacks On Rise, Companies Invest In Strengthening Security: Survey

On average, companies reportedly paid $1.1 million as a ransom to protect their data.

India   |   21 Nov 2020 8:45 AM GMT
Writer : Palak Agrawal | Editor : Prateek Gautam | Creatives : Rajath
Ransomeware Attacks On Rise, Companies Invest In Strengthening Security: Survey

Image Credits: Pixabay

The COVID-19 pandemic has accelerated the process of digitisation with companies introducing rigorous reforms in the workplace to ensure the health and safety of their employees.

While this move has transitioned the mechanism, it has also led to an increased ransomware attack, cyberattacks on organisations.

Cybersecurity firm CrowdStrike released its Global Security Attitude Survey produced by independent research firm Vanson Bourne which has stated that there has been a considerable surge in these intruding activities.

Over 2,200 respondents from a number of countries like India, US, France, Germany and Australia participated in the survey, reported The New Indian Express.

The survey revealed that at least 56 per cent of these participants were victims of ransomware attacks last year and over 27 per cent of these organisations ended up paying to such digital threats in an attempt to save their data.

On average, companies reportedly paid $1.1 million as ransom. Nearly 71 per cent of respondents feared another round of ransomware attacks. In India, 83 per cent of the 300 respondents feared the same.

The survey also pointed out that the companies believed they were more prone to a state-sponsored attack amid the mounting tensions between countries. A massive 58 per cent of respondents have stated that China could turn out to be a bigger threat than Russia.

For India, 79 per cent of the respondents expressed the same concern from the Chinese administration.

"This year has been especially challenging for organisations of all sizes around the world, with both the proliferation of ransomware and growing tensions from nation-state actors posing a massive threat to regions worldwide," said Michael Sentonas, chief technology officer, CrowdStrike.

With the increase in these attacks, organisations have also increased their investment in strengthening their security. Over the past three years, 61 per cent of them have already invested over one million dollars to accelerate the digital transformation.

Also Read: Amazon India Launches Made In India Toy Store To Support Local Talent

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Palak Agrawal

Palak Agrawal

Digital Journalist

Palak a journalism graduate believes in simplifying the complicated and writing about the extraordinary lives of ordinary people. She calls herself a " hodophile" or in layman words- a person who loves to travel.

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Prateek Gautam

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A free soul who believes that it is journalism apart from politics which should stand for the social cause and environment

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