Troubled times for India Inc as ransomware attacks become more frequent

Industry experts point to a spike in the use of Ransomware as a Service (RaaS), a SaaS-based attack vector. Criminals can buy it on the dark web and needn't know how to code it in order to use it

There were reports on May 25, of a ransomware attack on budget carrier SpiceJet that had affected the company's IT systems, leading to a delay in the audit process and the release of quarterly earnings.

SpiceJet is just one of several companies in India to have been affected by ransomware. According to a report by the PCI Security Standards Council (PCI SSC), ransomware attacks cost the world about $20 billion in 2021 and affected 37 per cent of all businesses and organisations. The data shows that a staggering 76 per cent of Indian companies were affected by ransomware attacks at