Recently, an Indian firm had to pay Rs 6 crore for ransomware. It is learned that they had to pay the company for all the operations and the rest of the work. The news has caused a stir among all Indian firms. For the last 12 months, 72% of Indian firms have been plagued by such scams. Of the companies that have been the victims of such fraud, only 8% have had to pay a ransom.
In 91% of these attacks, the data was encrypted correctly, which was later stolen during the attack. It is learned that in case of such an attack on a company in India, they have to pay an average of Rs 6 crore as ransom.
This type of fraud is most prevalent in Delhi, where 75% of Delhi-based companies were subjected to such cyber attacks last year. Then there is Bangalore, where 63% of the companies are attacked. And in third place is Kolkata where 61% of the companies were involved in such scams.
Ransom fraud is basically a type of malware based fraud that can completely access anyone's files and data. Even if you have fixed the file encryption, it is possible to commit this fraud on you. When this fraud is committed against you and all access to your file falls into the hands of fraudsters, they start demanding ransom from you.
But paying a ransom all the time does not mean that you have survived. Maybe you will get some relief if you pay this ransom but they have a magical decryption. This can lead to fraud against your company again. However, with a ransom, you can get your data back, although this is not always possible.