India among top 3 countries affected by ransomware attacks
Bombay, Maharashtra, India:
Industry-leading organization PCI Security Standards Council (PCI SSC) highlights the danger of ransomware threats and best practices for mitigating them in a recently released bulletin, which may be seen here.
Ransomware attacks have been in the news over the past year due to various high-profile breaches that have impacted businesses around the world. These attacks are part of a larger global increase in ransomware-related crime over the past year. In fact, ransomware attacks are estimated to cost the world $20 billion and affect 37% of all businesses and organizations in 2021 alone.
The impact of this is clearly visible in the Asia-Pacific region where India has been one of the countries most affected by ransomware-related crime. Last year, 49% of companies in India suffered several ransomware attacks, while 76% have lived at least oneaccording to a recent report by the American security company Crowdstrike. This puts India among the top 3 ransomware-affected countries and demonstrates that it is essential for Indian businesses to protect themselves against cybercrime.
Mr. Nitin Bhatnagar, Associate Director India, PCI Security Standards Councilon cybercrime in India said “As a leading organization in the payment security industry in India, we are issuing this bulletin to help inform those working in payments and security about the presence and growing risk of ransomware attacks. Organizations in India must be aware of these threats and must make cybersecurity a top priority because the number of cyberattacks is on the rise.
A ransomware attack involves cybercriminals gaining access to your network, systems, and data, then rendering parts of it unusable and/or stealing some of the data you have stored. The cyber actor then “ransoms” the data by demanding payment to provide a decryption key to enable recovery of the encrypted data and systems or to ensure that sensitive data is no longer exposed. Ransomware attacks are often the result of a phishing attack, when a company employee clicks on a malicious link, or the exploitation of known vulnerabilities in outdated software.
When it comes to protecting payment card data, which is often the target of cyber attack, compliance with PCI DSS is considered good practice. It consists of steps that reflect industry-accepted security best practices and, at a high level, forces you to think about how to mitigate the impact of a cyberattack.
Speaking of combating the growing threat of ransomware attacks, Lt. Gen. Dr. Rajesh Pant, National Cybersecurity Coordinator, Prime Minister‘s Office, Government of India, said, “The imminent threat of ransomware requires serious and immediate attention. We have seen an increase in the number of ransomware attacks over the past 2 years in India. Cybercrime is growing and evolving at a rapid pace, making it crucial that we are equipped with the right tools and information to deal with it. We are pleased to see the continued efforts of the global payment security standards body PCI SSC to educate businesses and government organizations on best practices to combat these threats.
Learn more about the threat of ransomware attacks and the many ways to better protect against them in PCI SSC’s recently published newsletter, here. It highlights best practices businesses can adopt to mitigate the threat of ransomware attacks, including how PCI DSS can be helpful in preventing an attack and improving payment data security.
the PCI Security Standards Council (PCI SSC) leads a global, cross-industry effort to increase payment security by providing flexible and effective industry-focused data security standards and programs that help businesses detect, mitigate and prevent cyberattacks and threats. violations. Connect with the PCI SSC on LinkedIn. Join the conversation on twitter @CCISSC. Subscribe to the IPC Insight Blog.