39% of firms have shown ransomware readiness: Sophos

BENGALURU: Cybersecurity firm Sophos said only 39% of surveyed Indian companies possess sufficient security capabilities to manage extended ransomware incidents. These organisations are equipped to handle malware attacks that block data access and demand ransom for restoration. These insights were highlighted in a collaborative study between Sophos and Tech Research Asia, titled 'The Cybersecurity Playbook for Partners in Asia Pacific and Japan'.The study examined 900 organisations across six countries including Australia, India, Japan, Malaysia, Philippines and Singapore to assess their business priorities for the upcoming year, with 200 participants from India. The findings indicate that Indian companies are primarily worried about AI-enhanced attacks and credential theft. Whilst 70% have implemented cloud security measures, 56% are investing in AI-security solutions.The study said that only 49% have security maturity frameworks in place, and 44% comply with security standards. Additionally, merely 5% of Indian organisations use a single security vendor, whilst 71% engage three or more providers for their cybersecurity requirements. Ravindra Baviskar, Sophos' sales engineering director, told TOI, "Accepting that you need better cybersecurity solutions is a major friction point while closing in on potential clients for us. But we are educating them and creating awareness."Speaking to TOI, Sunil Sharma, vice president of sales for Sophos India and SAARC, noted that many board members and finance heads understand cybersecurity risks but "They view it as a waste of money." "A customer in India wanted to buy a solution priced at $50,000, which they thought was too pricey. They got hit with a ransomware attack and they engaged the incident response team and ended up shelling double or triple of that amount," Baviskar added.