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How can Indian SMEs combat ransomware attacks?

Ransomware continues to wreak havoc across various industries, especially in the small and medium-sized enterprise (SME) sector in India. The ramifications extend beyond financial losses, with data of varying sensitivity being compromised, leading to tarnished company brand values and shattered customer trust. As per reports, 90,945 ransomware attacks have happened since January 2023. The data indicates that the average ransom in 2023 was $1.54 million, almost double the 2022 figure of 
What are Ransomware attacks?
Ransomware attacks involve malicious software that encrypts files on a victim's computer or network, rendering them inaccessible until a ransom is paid. These attacks can have devastating consequences for SMEs, ranging from financial losses and operational disruptions to reputational damage. Therefore, it is essential for SMEs to adopt proactive measures to mitigate.

Recognizing the urgent need for proactive measures, cybersecurity experts emphasize the importance of assessing infrastructure vulnerabilities using Ransomware simulator and the imperative for robust, proactive strategies to safeguard digital assets.

First and foremost, raising awareness among SMEs about the threat of ransomware and the importance of cybersecurity is paramount. Many SMEs lack adequate knowledge about cybersecurity best practices and the latest threats.