India Faces Soaring Ransomware and Malware Threats

India’s cybersecurity landscape is undergoing a profound transformation, marked by a significant uptick in ransomware and malware threats. In the first half of 2023, sectors vital to the nation’s economy, including Banking, Manufacturing, and Government, found themselves on high alert as they grapple with a growing wave of cyber challenges. The report highlights these pressing concerns, urging organizations to fortify their defenses and adopt proactive cybersecurity measures to safeguard against evolving cyber threats.

India’s cybersecurity landscape is under siege as ransomware and malware threats reach alarming heights, prompting an urgent call for robust defense strategies. Ransomware attacks surged, with a staggering 1,24,209 threats detected. These attacks targeted various sectors, with Banking, Manufacturing, and Retail industries reporting the highest number of incidents. Notable ransomware families such as StopCrypt, LOCKBIT, and BLACKCAT wreaked havoc in the Indian cybersecurity landscape. In January this year Mimic, a new ransomware group, was also discovered that abuses legitimate search tools. Mimic’s code is very similar to the 2022 Conti ransomware code and it mainly targets Russian and English-speaking users.

Simultaneously, malware incidents were on the rise. India ranked among the top five countries globally for malware detections, accounting for 5.5% of all threats. Online banking malware detection in India ranked 4th globally at 8.2% of all global threats in the first half of 2023. Manufacturing, Government, and Banking industries in India were the hardest hit, with malware families like COIMINER, MIMIKATZ, and POWLOAD posing significant risks.

Vijendra Katiyar, Country Manager for India & SAARC at Trend Micro said, “India is at a crossroads in cybersecurity. As cybercriminals become more sophisticated, our digital defenses are constantly being challenged. The rise of ransomware and malware attacks has had a significant impact on key sectors of our economy. To stay ahead of the curve, organizations need to be proactive in anticipating threats and bolstering their defenses with a unified cybersecurity platform.”