A study has shown that
Indian organizations suffered
millions lost due to
cybersecurity incidents
as 83% of them have experienced at least one
Internet security
Incidents such as web attacks, phishing and supply chain attacks over the past year.
Of those 83% of companies, 48% said they had experienced 10 or more cyberattacks in the past year, IT and cybersecurity firm Cloudflare said in its Securing the Future: Asia Pacific Cybersecurity Readiness Survey report.
The report provides the latest data on cybersecurity preparedness in the region, including how organizations are dealing with the increasing number of cybersecurity incidents and the results achieved.
According to the report, the primary goal of cybersecurity incidents was financial gain, followed by spyware injection and data exfiltration.
Only 50% are prepared for cyber incidents
Cloudflare’s report states that despite the frequency of cybersecurity incidents in India, only 52% of respondents consider themselves well prepared. Additionally, 47% of companies reported that the financial impact of such incidents was more than $1 million in the past 12 months, while 27% suffered financial setbacks of no less than $2 million.
“Preparation is critical as organizations continue to grapple with a cybersecurity landscape of unprecedented complexity,” said Jonathon Dixon, vice president and general manager for Asia Pacific, Japan and China at Cloudflare.
“With India’s growing digital literacy and ongoing business reliance on technology, it is critical for companies to foster a security culture that empowers their leaders to view cybersecurity as a strategic business imperative,” he added.
Impact of cyber incidents
According to the report, 46% of respondents said their companies have reduced or curtailed hybrid work, been forced to lay off employees and postponed expansion plans due to cybersecurity incidents.
The skills shortage was also cited as the top challenge to their cybersecurity preparedness by 57% of Indian business leaders, and 44% said a lack of funding is preventing them from protecting their businesses, the report highlighted.
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