83% of Indian firms faced cybersecurity incident in past year: Report

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.