The Guru's World

CyberArk released a startling report on Sunday revealing that 91% of Indian organizations were affected by ransomware attacks in 2022. Indian businesses are becoming increasingly vulnerable to cyber threats, and a more robust digital security infrastructure is needed (IANS, 2023).

A Rise in Double Extortion Campaigns

Most companies affected by these cyber attacks paid ransoms more than once to recover their data. They fell prey to dual extortion strategies, where cybercriminals first encrypt an organization’s information and then threaten to publicize it unless a ransom is paid.

The Concept of Cyber Debt

In addition to shedding light on a worrying trend, the CyberArk report also reveals that ‘cyber debt’ is increasing among Indian organizations. In 2022, cybersecurity investment lagged behind other digital business initiatives, creating a debt to be repaid. Therefore, companies must increase their cybersecurity spending to compensate for shortcomings.

In 2023, the gap in security spending is expected to widen due to various factors, including economic downturns, high staff turnover, and decreased consumer spending.

The Threat of Identity-Related Compromise

According to Rohan Vaidya, CyberArk’s regional director for India & SAARC, cyber attackers are evolving their tactics: “New environments create new identities, so attackers will continue to prefer compromising identities as a means of evading cyber defenses and gaining access to critical data and assets.”

According to the survey, there is a high probability of identity-related compromises in India in the coming year. Economic cuts, geopolitical concerns, cloud adoption, or the shift to hybrid work arrangements could spark attacks.

According to the survey, 84% of respondents believe such attacks will occur during digital transformation initiatives, such as migrating legacy applications or adopting cloud services.

AI-Enabled Threats and Software Supply Chain Risks

Moreover, almost 61% of cybersecurity experts predict AI-powered threats will influence their organizations in 2023. The report also states that about 92% of organizations view code or malware infiltrations into their software supply chain as a significant security hazard.

As business transformations, spurred by digital and cloud initiatives, persistently generate new enterprise identities, Matt Cohen, CyberArk’s CEO, cautions that despite the continuous innovation by attackers, identity compromise remains their most potent strategy to circumvent cyber defenses and access sensitive information (CyberArk, 2023).

According to the report, credential access is the leading risk, followed by evasion of defense, execution, initial access, and privilege escalation. A comprehensive study by CyberArk highlights the escalating cybersecurity challenges that Indian businesses must address urgently to safeguard their digital assets.

References

CyberArk. (2023). Homepage. https://www.cyberark.com/

IANS. (2023, June 18). 91% indian firms faced ransomware attacks in 2022: Report. The Statesman. https://www.thestatesman.com/technology/91-indian-firms-faced-ransomware-attacks-in-2022-report-1503191354.html