A recent report has revealed that a staggering 83% of Indian organizations faced at least one cybersecurity incident in the past year. For 48% of these entities, the damage was even more pronounced, as they encountered 10 or more incidents, resulting in million-dollar losses.
The report, compiled by Cloudflare, a security, performance, and reliability firm, found that the primary causes of these incidents were web attacks, phishing, and supply chain attacks. Respondents cited financial gain as the primary motivation for cybercriminals, followed by spyware planting and data exfiltration.
The survey encompassed 4,009 decision-makers and leaders in cybersecurity from organizations of varying sizes – small (150 to 999 employees), medium (1,000 to 2,500 employees), and large (over 2,500 employees).
Jonathan Dixon, Vice-President and Managing Director for Asia Pacific, Japan, and China at Cloudflare, emphasized the need for organizations to prioritize cybersecurity as a strategic business imperative in India's increasingly digital landscape. This approach not only reduces costs but also fortifies the overall cybersecurity framework.
Alarmingly, the report showed that only 52% of the surveyed organizations considered themselves highly prepared to handle cybersecurity incidents. The lack of preparedness proved costly, with 47% reporting financial losses exceeding $1 million in the past year. An additional 27% suffered financial setbacks of no less than $2 million.
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The impact of these incidents extended beyond financial losses. For 46% of organizations, cybersecurity incidents led to operational disruptions, resulting in reduced or restricted hybrid work, employee layoffs, and postponed expansion plans.
The report also highlighted the challenges organizations face in building cybersecurity readiness. A significant 57% of Indian business leaders identified a lack of talent as their most substantial obstacle, while 44% cited insufficient funding as a hindrance to safeguarding their businesses.
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These findings underscore the critical importance of robust cybersecurity measures in a digital age and highlight the need for organizations to invest in talent and resources to protect themselves from an evolving landscape of cyber threats.'
Inputs from IANS
