Indian SMEs Are Most Likely to Fall Into the Trap of Ransomware: Study

Must Read

Freshers Rejoice As Cognizant To Hire 20,000 Digitally Skilled Graduates With Eye-Popping Salary Packages

American multi-national Cognizant is gearing up to be on a hiring spree as they plan to hire...

Freshers’ Salary On The Rise In IT Companies Amid Mid-Level Layoffs

The Information Technology industry in India is recently going through some turmoil with massive mid-level layoffs taking...

Microsoft Warns Millions of Windows 10 Users, And It’s Scary!

Microsoft’s Windows 10 update worries seem to haven’t stopped even after they started to secretly offer Windows...
Prakhar Tripathihttp://dazeinfo.com
Mechanically Engineer. All for tech, tech for all. Professional moment ruiner.

It has been quite a while since cyber-attacks have been duping businesses and organizations. And often, companies are dubious about their response and how to take them down. A new entrant, known as Ransomware, has to be watched out for. A US-based network and cybersecurity leader Sophos has released a report titled “The State Of endpoint Security Today” which deduced that Indian SMEs were the most targeted by Ransomware attacks.

Ransomware is a type of Malware from Cryptovirology that is designed to lock user’s data and restricts access to the computer system unless a ransom is paid to unlock it. The ransom is demanded via bitcoin. A company’s data happens to be one of its most important assets, this breach makes it highly dangerous for them and surely profitable for hackers.

The extensive research from Sophos involved an independent study of 2,700 mid-sized organizations across 5 continents. The key areas of concern were – security breaches, technology usage, attitude to threats and future investment plans. The survey covered 300 businesses in India across Delhi, Bangalore, Kolkata, Hyderabad, Mumbai and Chennai.

Advertisements

As per the report, a full two-thirds (67%) of mid-sized Indian organizations were victims of Ransomware in the last 12 months. The median cost for Indian SMEs stood highest at $1.17 million to rectify the damages. While $13.74 was spent by merely 3% of all the organizations worldwide to bounce back from the ransomware attacks. Interestingly, 91% Indian SMEs claimed to use the latest updated version of endpoint protection when they were hit by this malicious software.

Some other interesting findings of the report include –

  • Of all the sectors, Healthcare sector was worst hit by the ransomware attacks at 76%. On the other hand, Financial services were least hit at 45%.
  • 98% of respondents, from all geographies surveyed, agreed that having an anti-exploit technology on the endpoint is very important, but over 50% of organizations don’t have the anti-exploit technology, making them vulnerable to attacks.
  • However, small organizations have the better level of understanding of anti-exploit technology than the larger ones. 28% of respondents from India had correctly identified the definition of anti-exploit software.
  • With the advent of Machine and Deep Learning and AI, companies are actively employing predictive threat prevention technologies that allow them to stay ahead of these malware threats.
  • India is also found to be the most optimistic country about the potential of machine learning technology. Over one-third (34%) of respondents from India are already using the predictive threat technologies such as deep and machine learning. While 63% are planning to implement it within next 12 months.
  • A majority of Indians (89%) stated that stopping malware threats has become harder over the last year, but 99% of businesses believe that machine and deep learning will live up to the hype in detection and prevention of such cyber attacks.

( Anti-exploit software is the kind that prevents exploits that target applications and browser.)

“Since traditional endpoint technologies are often unable to keep up with advanced exploit attacks used to compromise a system, Sophos has added predictive, deep learning capabilities to the newest version of its next-generation endpoint protection product, Sophos Intercept X”. The Managing Director Sales at Sophos India and SAARC, Sunil Sharma, said.

Sophos Intercept X is the worlds most advanced next-gen endpoint protection. It uses deep learning and machine learning among other technologies for ransomware prevention and has anti-exploit capabilities to counter almost any complex malware.

Advertisements

In future, machine learning and deep learning should be deployed for endpoint security in India too. It is mainly because a lot of people are unaware of the incoming threats and then become docile by its impacts. We surely wouldn’t want to re-witness complex threats like WannaCry which infected more than 300,000 computers, worldwide. Machine Learning and Deep Learning can help businesses foresee both known and unseen threats.

The findings also showed that despite the growing intensity and magnitude of these attacks, Indian SMEs are still not prepared to counter and defend themselves. The major reason behind this being ignorance and negligence of Indian professionals. It would be interesting to see what steps would be taken by organisations after this alarming revelation.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Paytm And PhonePe Will Spend Jaw-Dropping Amount On Marketing Efforts In 2020

It has recently been reported that Paytm and PhonePe which are leading digital payment companies of India...

SEO Secret: Meta Description Drives More Clicks Than Title, Reveals Study!

If you are a digital marketer in 2020 or someone who takes a keen interest in consumer behaviour, you’d be shocked with...

Chrome Had More Than 500 Harmful Extensions: Users Beware!

Google is committed to providing a clean, safe and enhanced internet experience through its Chrome browser. In a bid to do so,...

Why Zuckerberg Endorsing A Move That Could Be Bad For Facebook!

Facebook Inc. (NASDAQ:FB) has been under the radar of several governmental institutions and privacy regulators for their overly alarming activities related to...

Microsoft Warns Millions of Windows 10 Users, And It’s Scary!

Microsoft’s Windows 10 update worries seem to haven’t stopped even after they started to secretly offer Windows 10 for free. Despite Microsoft’s...

Microsoft Study Reveals Indians Have Become Less Digitally Civilised Than The Previous Years!

With the coming age of digital boom in India, more and more people have been gaining access to the internet and have...

In-Depth: Dprime

YouTube Should Have Bid Adieu To Dislike Button Much Earlier?

Online video sharing platform YouTube can be a ruthless place for content creators targeted by 'dislike mobs'. And the site owners totally understand that...

Facebook Has Pulled Off A Masterstroke By Integrating Its ‘Family Of Apps’?

It’s indeed hard to believe that ONE man sitting at Menlo Park, oversees how nearly a third of the world’s population interacts with each...

Facebook’s Crunch Conquest: By Relying Largely On The US Market, Is Facebook Running a Risk?

Two billion! That's Facebook, Inc. (NASDAQ: FB) for you - Right when you thought that this social-media giant has already connected the entire world, it's...

More Articles Like This