According to a report by Cloudflare, a staggering 83 per cent of Indian organisations faced at least one cybersecurity incident in the past year. For 48 per cent of these entities, the damage was even more pronounced, as they encountered 10 or more incidents, resulting in million-dollar losses.
The study found that the primary causes of these incidents were web attacks, phishing, and supply chain attacks. Respondents cited financial gain as the primary motivation for cybercriminals, followed by spyware planting and data exfiltration. The impact of these incidents extended beyond financial losses. For 46 per cent of organisations, cybersecurity incidents led to operational disruptions, resulting in reduced or restricted hybrid work, employee layoffs, and postponed expansion plans. The survey encompassed 4,009 decision-makers and leaders in cybersecurity from organisations of varying sizes – small (150 to 999 employees), medium (1,000 to 2,500 employees), and large (over 2,500 employees).
Further, the report showed that only 52 per cent of the surveyed organisations considered themselves highly prepared to handle cybersecurity incidents. The lack of preparedness proved costly, with 47 per cent reporting financial losses exceeding $1 million in the past year. An additional 27 per cent suffered financial setbacks of no less than $2 million. The report also highlighted the challenges organisations face in building cybersecurity readiness. A significant 57 per cent of Indian business leaders identified a lack of talent as their most substantial obstacle, while 44 per cent cited insufficient funding as a hindrance to safeguarding their businesses.
