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Wave of Ransomware Hits Indian Firms in year 2024.

A Multi-Industry Onslaught: Ransomware Targets Indian Firms

Motilal Oswal Hit by LockBit Ransomware

In February 2024, Motilal Oswal, a prominent Indian brokerage firm with over six million clients, fell victim to a ransomware attack by the LockBit group. Although the attack did not disrupt core operations, it emphasized the exposure of financial institutions to growing cyber threats.

Polycab Faces Ransomware Attack

In March 2024, Polycab India, the nation’s largest wire and cable manufacturer, was also targeted by LockBit. While Polycab assured that its key systems were not impacted, the event highlighted the vulnerabilities of critical infrastructure to ransomware attacks.

Bira 91 Breached by BianLian Group

More recently, Bira 91, a leading Indian craft beer brand, suffered an attack by the BianLian ransomware group. Reports indicate that attackers gained access to a wealth of sensitive data, including financial records, human resources information, and beer recipes. This incident underscores not only operational risks but also the potential reputational damage businesses face when sensitive data is compromised.

Steps to Strengthen Indian Enterprises Against Ransomware

Given the rise in ransomware incidents, businesses across India must enhance their cybersecurity frameworks. Below are 10 crucial steps:

1. Establish Routine Backups: Create and store frequent copies of vital data at secure locations to ensure rapid restoration following a cyberattack.
2. Empower Employees Through Awareness: Provide cyber literacy programs to train staff in recognizing phishing scams and other social engineering attacks used by cybercriminals.
3. Enforce Prompt Vulnerability Patching: Address software flaws in operating systems, applications, and hardware by implementing timely updates to reduce exploitable weaknesses.
4. Adopt Multi-Factor Authentication (MFA): Secure user accounts with additional verification steps beyond passwords to block unauthorized access.
5. Utilize Advanced Endpoint Protection: Deploy cutting-edge security tools on endpoints to detect and neutralize ransomware before it infiltrates systems.
6. Implement Network Isolation Strategies: Divide your internal network into smaller isolated zones to limit the spread of malicious software.
7. Create a Detailed Response Framework: Develop a pre-planned response blueprint outlining clear actions to minimize damage and facilitate faster recovery in case of ransomware exposure.
8. Perform Regular System Evaluations: Schedule frequent audits of your infrastructure to uncover and address potential vulnerabilities proactively.
9. Secure Cyber Insurance Coverage: Invest in cyber risk policies to mitigate financial repercussions resulting from ransomware attacks.
10. Monitor Emerging Threats: Stay updated on new ransomware trends to refine security protocols and adjust preventive measures accordingly.

Conclusion

The recent wave of ransomware attacks on Indian companies signals the need for urgent cybersecurity enhancements across industries. By implementing these proactive measures, businesses can significantly diminish their exposure to such threats. A combination of employee awareness, sound policies, and technological solutions will enable companies to safeguard their operations, financial assets, and customer trust.