A company is hit by ransomware every 40 seconds somewhere in the world, thanks to the rise of ransomware-as-a-service model that is available ‘on demand’ to criminal gangs who increasingly target businesses. To date, 2017 has seen this trend play out in full force, with high-profile attacks such as Petya and WannaCry.
Ransomware is estimated to be a billion dollar plus industry, and the damages caused by it to industry is many orders higher. The lossesfrom Petya on Danish shipper Maersk was estimated to be $200-$300 million. Losses from WannaCry alone were estimated to be around $4 billion.
India too has seen breaches of large magnitude in recent times. More than three million Indian debit cards were compromised in late 2016, reportedly affecting operations of all the major banks. In May last year, Zomato’s user data was dumped on the darkweb, and later pulled down by the hacker. And also in June 2017, Reliance Jio’s database was temporarily leaked online and an Ola employee was arrested for unauthorised use of the know-your-customer feature of Aadhar, the country’s unique ID project.
Any risk of financial loss, disruption or damage to the reputation of an organization from some sort of failure of its information technology systems (includes networks & the internet).