Ransomware attacks increase by 62 per cent in finserve sector

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Ransomware attacks increase by 62 per cent in finserve sector
Ransomware attacks increase by 62 per cent in finserve sector

Representing a jump greater than the past five years combined, ransomware breaches in India, increased by 13 per cent in the past one year

According to Sophos Group plc, in the global financial services sector, there was an increase of 62 per cent in ransomware attacks on the organisations surveyed, with 64 per cent reporting an increase in attack complexity and 55 per cent reporting an increase in the impact of attacks.

Sophos said, including 444 respondents from the financial services sector, the survey polled 5,600 IT professionals in mid-sized organizations across 31 countries.

The firm said, financial services organizations showed some of the highest resilience despite the rise in ransomware attacks when compared to other sectors, with only 54 per cent reporting that attackers successfully encrypted their data, compared to the global average of 65 per cent across all sectors, 10 per cent being able to get the entirety of their data back after encryption, compared with four per cent across all sectors and 62 per cent being able to recover from an attack in just a week, compared with the global average of 53 per cent across all sectors.

Representing a jump greater than the past five years combined, ransomware breaches in India, increased by 13 per cent in the past one year.

A ransomware is a specific strain of malware, or code written to breach a computer that’s connected to the internet. Hacking groups, using ransomware, can block a user’s access to a single computer, or an organisation’s access to their entire information technology (IT) infrastructure.

According to the Verizon Business 2022 Data Breach Investigations Report, heightened geopolitical tensions are driving increased sophistication, visibility, and awareness around nation-state affiliated cyber-attacks.

With 83 per cent of the organizations in the financial services sector stating they had secured cyber insurance coverage, financial services sector has developed strong layered defences against ransomware attacks.

Ransomware group Stormous targeted and stole sensitive data of several Indian companies as per a new report by CloudSek.

Indian private airline, SpiceJet, on 25 May, acknowledged that it faced ransomware attacks that led to numerous flight delays and cancellations through the following day.

Analysed over the past year, human element was involved in 82 per cent of all breaches.

About 25 per cent of total breaches in the report were the result of social engineering attacks.

New security challenges and complexities continue to emerge as India Inc across industries adopt a hybrid work model.

Also readChange is inevitable in the world of technology

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