An information security company, CyberArka reported that more than 91 per cent of organizations in India fell victim to ransomware attacks in 2022. Even more concerning is that 55 per cent of these affected organizations admitted to paying the ransom more than once, indicating they were likely targeted by double extortion campaigns. The report also highlighted the growing cyber debt faced by Indian organizations in 2022. While investments in digital business initiatives surged during the pandemic, security spending failed to keep up, creating a vulnerability that cybercriminals exploited.
Unfortunately, the situation is predicted to worsen in 2023. The report suggests that cyber debt levels will rise due to factors such as an economic downturn, increased staff turnover, reduced consumer spending, and a globally uncertain environment. According to Rohan Vaidya, the regional director for India and SAARC at CyberArk, attackers are expected to continue compromising identities as it remains the preferred method to bypass cyber defences and gain access to critical data and assets in new digital environments.
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The report revealed that all organizations in India, a staggering 100 per cent, anticipate identity-related compromises this year. These compromises are expected to stem from economic-driven cutbacks, geopolitical factors, cloud adoption, and the rise of hybrid working models. Furthermore, approximately 84 per cent of organizations believe that these compromises will occur as part of digital transformation initiatives like cloud adoption or legacy app migration.
The survey conducted by CyberArk also uncovered concerns about AI-enabled threats. About 61 per cent of security professionals anticipate that their organizations will be affected by AI-powered malware in 2023. In addition, 92 per cent of the surveyed organizations identified code/malware injection into their software supply chain as one of the most significant security threats they face.
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Credential access ranked as the top risk, as cited by 45 per cent of respondents, followed by defense evasion, execution, initial access, and privilege escalation. Matt Cohen, the CEO of CyberArk, emphasized that compromising identities remains the most effective tactic for attackers, especially as businesses undergo digital and cloud-driven transformations that result in a surge of new enterprise identities.
In summary, the report by CyberArk highlights the alarming prevalence of ransomware attacks and the increasing cyber debt faced by organizations in India. It underscores the importance of prioritizing security investments alongside digital initiatives. The anticipated rise in cyber debt in 2023, coupled with identity-related compromises and AI-enabled threats, calls for heightened vigilance and robust cybersecurity measures to safeguard critical data and assets.
Inputs from IANS
