90% Security Leaders Believe Cybersecurity Incidents Will Disrupt Their Cos In Next 12-24 Months: Report

A latest report has revealed that 90 per cent of security leaders in India expect a cybersecurity incident to disrupt their business in the next 12 to 24 months.

Speaking to BW Businessworld, Samir Kumar Mishra, Director, Security Business, Cisco India & SAARC said, “It is glaring how only 24 per cent of Indian organisations are in the ‘mature’ stage of (cybersecuirty) readiness. Until a cybersecurity incident hits, Indian organisations have been largely academic while it comes to being ready for such an occurrence.

On a global scale, India scored better in terms of maturity, performing above the global average of 15 per cent. The index mentioned that about 38 per cent of companies in India fall into the “Beginner” or “Formative” stages.

“While organisations in India are faring better than the global average, the number is still very low, given the risks,” the report noted.

Released on Tuesday, Cisco Cybersecurity Readiness Index mentioned that the cost of being unprepared can be substantial as 80 per cent of respondents said they had a cybersecurity incident in the last 12 months. About 53 per cent of those affected in the last year said it cost them at least USD 500,000.

“Cybersecurity resilience is going to be a very important factor. And a lot of CEOs are now keen on investing in cybersecurity readiness,” said Mishra.

The Cybersecurity Readiness Index found that 95 per cent of Indian organisations are planning to increase their cybersecurity budget by at least 10 per cent in the next 12 months. But this number is much lesser in comparison to the global level where organisations are looking to raise their cybersecurity budgets by 86 per cent.

The Cisco report noted that it is crucial that the budget increases are delivered sooner rather than later in India. Given the environment that businesses operate in and the current readiness gap, a 12-month wait is far too long.

On Monday, Cisco India & SAARC President Daisy Chittilapilly emphasised that Digital Trust will make or break India’s digital transformation journey.