Retail second most targeted industry by ransomware globally

AgenciesUpdated: Sunday, September 11, 2022, 08:37 PM IST
article-image
Retail second most targeted industry by ransomware globally | (PTI Photo)

Retail was the second-most targeted industry by ransomware last year of all sectors, after media, leisure and entertainment sectors, a report has shown.

Globally, 77 per cent of retail organisations surveyed were hit -- a 75 per cent increase from 2020.

This is also 11 per cent more than the cross-sector average attack rate of 66 per cent, according to global cybersecurity firm Sophos.

In 2021, the average ransom payment was $226,044, a 53 per cent increase when compared to 2020 ($147,811).

"Retailers continue to suffer one of the highest rates of ransomware attacks of any industry. With more than three in four suffering an attack in 2021, it certainly brings a ransomware incident into the category of when, not if," said Chester Wisniewski, principal research scientist, Sophos.

The report showed that only 28 per cent of retail organisations targeted were able to stop their data from being encrypted.

"It's likely that different threat groups are hitting different industries. Some of the low-skill ransomware groups ask for $50,000 to $200,000 in ransom payments, whereas the larger, more sophisticated attackers with increased visibility demand $1 million or more," said Wisniewski.

In 2021, the overall cost to retail organisations to remediate a ransomware attack was $1.27 million, down from $1.97 million in 2020.

When compared to 2020, the amount of data recovered after paying the ransom decreased (from 67 per cent to 62 per cent), as did the percentage of retail organisations that got all their data back (from 9 per cent to 5 per cent).

(To receive our E-paper on whatsapp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

RECENT STORIES

Loan limit for aviation sector raised to ₹1500 under ECLG scheme to boost post-pandemic recovery

Loan limit for aviation sector raised to ₹1500 under ECLG scheme to boost post-pandemic recovery

Gujarat government announces incentives for industries to strengthen its development pitch during...

Gujarat government announces incentives for industries to strengthen its development pitch during...

Property developer Rustomjee Group launches initiative aimed at community building

Property developer Rustomjee Group launches initiative aimed at community building

Here are Indian cough syrups that possibly caused deaths of 66 children, under investigation by WHO

Here are Indian cough syrups that possibly caused deaths of 66 children, under investigation by WHO

India denied entry into JPMorgan’s influential bond index, misses out on $30 billion opportunity

India denied entry into JPMorgan’s influential bond index, misses out on $30 billion opportunity