India experienced a 31 per cent rise in malware attacks last year, indicating that there is an increasing need for companies to safeguarding themselves against cyberattacks, said the 2023 SonicWall Cyber Threat Report'.
The report also highlighted a 10 per cent increase in "intrusion attempts" and a staggering 53 per cent rise in "ransomware attacks" compared to the previous year.
Furthermore, the report revealed a noteworthy surge of 116 per cent in "crypto-jacking attacks" and an 84 per cent increase in "IoT attacks".
SonicWall is a cybersecurity solutions provider based in the United States.
According to Debasish Mukherjee, Vice President -- APJ at SonicWall, although malware attacks have decreased in other regions, they remain alarmingly high in India.
Threat actors expanding scope of attack
He said that in countries like India, threat actors are expanding their scope of attack, employing different methods and targeting various areas. These threat actors persistently search for opportunities and repeatedly strike upon achieving success.
"The increase in cyberattacks in India can be attributed to both the evolving strategies of threat actors and their exploration of new avenues for success, including IoT and crypto-jacking."
He stressed that it was essential for organisations to grasp the tactics, techniques and procedures (TTPs) employed by attackers.
By adopting threat-informed cybersecurity strategies, businesses can effectively defend against and recover from disruptive incidents, he said.
Mukherjee also highlighted SonicWall's enterprise work, stating that the proportion of business varies between countries.
In India, 55 per cent of SonicWall's business comes from enterprise clients, while 45 per cent comes from SMEs.
The company has over 500 employees in India, making it the second-largest team across all regions.
Mukherjee expressed optimism about substantial growth in their hiring endeavours while expanding their R&D facility in Bangalore.
Organisations are constantly facing an evolving threat landscape, where threat actors are finding new and creative ways to stay ahead of the enterprise, he added.
The Cyber Security Market has already surpassed $173.5 billion in 2022 globally and is expected to exhibit a compound annual growth rate (CAGR) of 8.9 per cent, reaching over $266.2 billion by the end of 2027.
With inputs from Agencies.
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