"As the pandemic continues to affect both our business and personal lives, expectations of a 'return' to pre-pandemic conditions are limited. Whilst organisations in India and around the world have continued to face challenges in securing their data, our findings indicate that urgent action is needed by businesses to develop more robust cybersecurity strategies," Ashish Saraf, VP and Country Director - India, Thales, said in a statement.

"With 26 per cent of the organisations surveyed from India having experienced ransomware attacks, it is vital that businesses deploy a robust security strategy based on discovery, protection and control," Saraf added.

Poll

Who will win the Punjab Elections?

BJP 32.86%

AAP 41.43%

INC 25.71%

Submit

View All In Poll

First seen in the late 1980's, with the PC Cyborg Virus, the frequency and impact of ransomware attacks has now accelerated due to the rise of cryptocurrency as the preferred ransomware payment method.

In fact, the 2022 Thales Data Threat Report, conducted by 451 Research, part of S&P Global Market Intelligence, including more than 2,700 IT decision-makers worldwide, found a fifth (22 per cent) of organisations have admitted that they have paid or would pay a ransom for their data.

Despite this, 41 per cent of respondents globally and 55 per cent in India said they had no plans to change security spending, even with greater ransomware impacts.

Additionally, less than half of respondents (47 per cent) in India have implemented a formal ransomware plan, which is close to the global figure of 48 per cent.

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.