83% Of Indian Organisations Hit By Cybersecurity Incidents, Finds Study
A cybersecurity study revealed that a staggering 83 per cent of Indian organisations surveyed had experienced a cybersecurity incident within the past year.
Even more concerning was the fact that nearly half of the organisations (48 per cent) surveyed reported having faced 10 or more incidents during the same period. These incidents ranged from web attacks to phishing attempts and supply chain breaches.
The motives behind these cyberattacks were largely driven by financial gain, according to respondents. Financial goals ranked as the primary objective for cybercriminals, closely followed by planting spyware and data exfiltration.
The financial ramifications of these cybersecurity incidents were significant. An alarming 47 per cent of organisations reported losses exceeding a million US dollars over the past 12 months. Additionally, 27 per cent of respondents disclosed losses amounting to no less than USD 2 million.
However, the damage extended beyond mere financial losses. The aftermath of these incidents forced many organisations to make tough decisions. Approximately 46 per cent of respondents indicated that their organisations had to reduce or restrict hybrid work arrangements, lay off employees, and postpone expansion plans due to the disruptions caused by cyber incidents, revealed the Cloudflare report.
Challenges In Cybersecurity Preparedness
The study also identified significant challenges hindering Indian organisations' efforts to enhance their cybersecurity preparedness. A staggering 57 per cent of business leaders highlighted a talent shortage as their most significant obstacle. In addition, 44 per cent of respondents pointed to a lack of funding as a major constraint in their ability to protect their businesses from cyber threats.
“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. This will facilitate organisations in not just reducing expenditure but also ensuring a sturdier, more streamlined cybersecurity framework,” said Jonathon Dixon, Vice-President and Managing Director, Asia Pacific, Japan and China at Cloudflare.
