INDIAN ORGANISATIONS FACE RISING CYBER RISKS AND LOSSES, URGENT CYBERSECURITY MEASURES NEEDED

A recent study unveiled significant financial losses for Indian organizations, as 83% reported enduring million-dollar setbacks due to cybersecurity incidents in the past year. The study, conducted by IT and cybersecurity firm Cloudflare and titled “Securing the Future: Asia Pacific Cybersecurity Readiness Survey,” revealed that among the 83% of companies affected, 48% faced 10 or more cyberattacks.

Cloudflare’s report sheds light on the current state of cybersecurity preparedness in the region, exploring how organizations are grappling with a surge in cybersecurity incidents and their resultant impacts.

Cyber risks loom large as the foremost threat, with 38% of survey respondents expressing a high or extreme level of vulnerability. This underscores the pressing need for enhanced cybersecurity measures and readiness in the Indian business landscape.

With this,   cybersecurity has jumped two spots from number three to number one on the risk radar when compared to the 2022 Global Risk Survey, the PwC’s 2023 Global Risk Survey- India edition stated.

PwC said the final results of the survey are based on 3,910 survey responses from Business and Risk Management leaders (CEO, board, risk management, operations, technology, finance, audit) across 67 territories providing their views on the status and direction of risk in their organisation. 163 Indian organisations were a part of this survey. Other digital and technology risks are also top concerns for business leaders in India (at 35 per cent). To address the challenges, Indian organisations are making bold investments in cybersecurity with more than half of the respondents planning to invest in cybersecurity tools (55 per cent) and AI, machine learning and automation technologies (55 per cent) in the next 1-3 years, according to survey findings.