Study reveals India’s manufacturing industry as the top target for ransomware attacks

India’s manufacturing industry faced an alarming rise in ransomware attacks in 2023, as per a report by Palo Alto Networks’ Unit 42. The study analyzed data from over 250 organizations and 600 incidents globally, showing a 49% increase in multi-extortion ransomware attacks worldwide compared to the previous year.

The report highlighted that the manufacturing sector in India was the most targeted, citing critical vulnerabilities in operational technology systems, inadequate network monitoring, and cybersecurity practices. Anil Valluri, MD and VP, India and SAARC, Palo Alto Networks, emphasized the need for organizations to adopt a Zero Trust network architecture to enhance security measures.

Phishing incidents decreased to 17% in 2023, indicating a shift towards more advanced infiltration methods by cybercriminals. The report also revealed a significant uptick in the exploitation of software and API vulnerabilities, accounting for 38.60% of initial access points in 2023, up from 28.20% in 2022. Cybersecurity experts stress the importance of staying vigilant and implementing robust cybersecurity measures to mitigate the risks posed by ransomware attacks.