India has emerged as the second most targeted country for cyberattacks globally in 2024, with 95 Indian entities falling victim to data theft attacks, according to CloudSEK’s ThreatLandscape Report 2024. The report, based on extensive monitoring of the dark web, places the United States in the top spot with 140 attacks, followed by India and Israel.
India’s Growing Vulnerability to Cyber Threats
The report highlights how India’s rapid digitization has significantly increased its exposure to cyber threats. With the data of 95 organizations targeted, the nation has become a major focus for threat actors. The findings reflect the vulnerabilities stemming from India’s evolving digital infrastructure and its large-scale adoption of online platforms across various sectors.
Israel ranked third on the list, with 57 entities targeted, primarily due to geopolitical tensions in the region.
Sectors Under Siege
Indian entities across diverse sectors faced cyberattacks in 2024, with the finance and banking sectors being the hardest hit. The report provided a detailed breakdown of the affected sectors:
- Finance and Banking: 20 victims
- Government: 13 victims
- Telecommunications: 12 victims
- Healthcare and Pharma: 10 victims
- Education: 9 victims
These statistics underscore the breadth of cyber threats, targeting industries that handle sensitive data and critical operations.
Major Data Breaches in India
The year 2024 witnessed several high-profile data breaches in India, with millions of records being compromised. Some notable incidents include:
- Hi-Tek Group: Over 850 million records containing Indian citizen data were leaked.
- Star Health and Allied Insurance: Customer data was exposed, highlighting vulnerabilities in the healthcare sector.
- Telecommunications Consultants India: A staggering 2TB of data was breached, reflecting the risks faced by telecommunications providers.
Ransomware Incidents on the Rise
India experienced 108 ransomware incidents in 2024, making ransomware one of the most significant cyber threats in the country. The report identified the following ransomware groups as the most active:
- Lockbit: Responsible for over 20 attacks, making it the leading ransomware group in India.
- Killsec: Targeted more than 15 entities.
- Ransomhub: Accounted for over 12 incidents.
Ransomware groups typically demand substantial payments in exchange for decrypting data or refraining from publishing sensitive information. These attacks have had far-reaching consequences for affected organizations, ranging from financial losses to reputational damage.
Key Drivers of Cyberattacks in India
India’s status as the second most targeted nation for cyberattacks can be attributed to several factors:
- Rapid Digitization: The swift adoption of digital technologies has outpaced the development of robust cybersecurity frameworks.
- Economic Significance: As one of the fastest-growing economies, India is a lucrative target for cybercriminals seeking financial gains.
- Sensitive Data: Large-scale repositories of citizen data, coupled with inadequate security measures, make Indian organizations attractive to attackers.
Call for Enhanced Cybersecurity Measures
The findings of CloudSEK’s report highlight the urgent need for enhanced cybersecurity measures in India. Both public and private sector entities must prioritize the following actions:
- Investing in Advanced Technologies: Adopting AI-driven threat detection and response systems to identify and mitigate cyber risks.
- Strengthening Regulations: Enforcing stringent data protection laws and compliance standards to safeguard sensitive information.
- Raising Awareness: Educating employees and citizens about cyber hygiene practices to minimize vulnerabilities.
Looking Forward
India’s journey toward becoming a digital powerhouse comes with inherent challenges in cybersecurity. The country’s position as a global target for cyberattacks underscores the importance of building a resilient digital ecosystem. Collaborative efforts between government agencies, private organizations, and international partners are essential to counteract the growing menace of cyber threats.
As the digital landscape evolves, the proactive implementation of comprehensive cybersecurity strategies will determine India’s ability to safeguard its digital future and maintain trust in its digital transformation initiatives.
