Global ransomware damages could escalate to $265 billion annually by 2031, growing at 30% year-over-year, according to Sanjay Agrawal, Managing Director and Vice President of Hitachi Vantara India & SAARC. The warning comes as cybersecurity experts observe World Backup Day amid growing digital threats across sectors.
Agrawal cited projections from the World Bank’s report “A Review of the Economic Costs of Cyber Incidents”, which highlights how ransomware has evolved from isolated incidents to systemic risks for global economies. The findings align with recent Interpol data showing Asia accounting for 28% of global cyberattacks, with India among the top three targeted nations.
“Data is the currency of modern business, but when it’s compromised, the loss cuts deeper than just financial damage,” Agrawal said. “A single ransomware attack can cost more than downtime – it erodes trust, disrupts operations, and jeopardises business resilience.” His comments follow the Reserve Bank of India’s latest Financial Stability Report noting a significant increase in cyber incidents targeting Indian banks in 2024.
The cybersecurity landscape has worsened with the advent of AI-powered attacks. Indian Computer Emergency Response Team (CERT-In) revealed hackers are now using generative AI to create polymorphic malware that evades traditional detection systems. The agency recorded 13,91,457 cybersecurity incidents, with ransomware attacks growing 53% year-on-year according to a 2022 report.
Agrawal emphasised that conventional weekly backup cycles have become obsolete against modern threats. “Enterprises must go beyond basic protection and embed data backup and recovery into the core of their IT framework,” he advised.
He recommended immutable backups that prevent data tampering, air-gapped storage systems isolated from networks, and AI-driven anomaly detection that identifies breaches in real-time.
The warnings come as India implements stricter data protection norms under the Digital Personal Data Protection Act 2023. The legislation mandates organisations to maintain audit-ready data backups with minimum 180-day retention periods. Industry analysts suggest compliance costs could exceed ₹8,500 crore for Indian enterprises in 2025.
Hitachi Vantara has observed particular vulnerability in India’s healthcare and manufacturing sectors, where 72% of organisations still rely on legacy backup systems.
“This World Backup Day, don’t just store data, empower it,” Agrawal said. “The real advantage lies in a robust backup strategy that transforms recovery into business continuity.”
His views echo growing consensus among cybersecurity experts calling for mandatory stress-testing of backup systems across critical infrastructure.
Mr. Sanjay Agrawal
Head of Presales & CTO, India & SAARC
Hitachi Vantara, and Chair of SNIA.
