83% of Indian firms faced cybersecurity incident in past year: Report
The majority of the incidents were attributed to web attacks, phishing, and supply chain attacks, with respondents ranking financial gain as the primary goal of cybercriminals, followed by spyware planting and data exfiltration.
About 83 per cent of Indian organisations experienced a cybersecurity incident in the past year, with 48 per cent revealing they experienced 10 or more, causing million-dollar losses, a new report said on Tuesday.
According to the security, performance, and reliability company Cloudflare, the majority of the incidents were attributed to web attacks, phishing, and supply chain attacks, with respondents ranking financial gain as the primary goal of cybercriminals, followed by spyware planting and data exfiltration.
The survey included a total of 4,009 cyber security decision-makers and leaders from small (150 to 999 employees), medium (1,000 to 2500 employees), and large (more than 2,500 employees) organisations.
"With India's growing digital prowess and continued business reliance on technology, it is critical for organisations to foster a security culture that empowers their leaders to approach cybersecurity as a strategic business imperative," said Jonathon Dixon, Vice-President and Managing Director, Asia Pacific, Japan and China at Cloudflare."
"This will facilitate organisations in not just reducing expenditure but also ensuring a sturdier, more streamlined cybersecurity framework," he added.
Moreover, the report said that only 52 per cent consider themselves highly prepared for cybersecurity incidents, and the lack of preparedness is costing millions.
About 47 per cent indicated that the financial impact of such incidents exceeded $1 million in the past 12 months, while 27 per cent experienced financial setbacks of no less than $2 million.
The aftermath of cybersecurity incidents extends to organisational operations, with 46 per cent reporting that their organisations reduced or restricted hybrid work, were forced to lay off employees, and postponed expansion plans.
A lack of talent was also identified as the biggest challenge for 57 per cent of Indian business leaders when it comes to cybersecurity readiness, while 44 per cent said a lack of funding is impeding their ability to protect their businesses, according to the report.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
12:23 PM IST