New study reveals organisations in India suffered million-dollar losses due to cybersecurity incidents
India, September 5, 2023: Cloudflare, Inc. (NYSE: NET), the security, performance, and reliability company helping to build a better Internet, today released a new study focused on cybersecurity in Asia Pacific. The report, called “Securing the Future: Asia Pacific Cybersecurity Readiness Survey,” shares the latest data on cybersecurity preparedness in the region, revealing how organisations are coping with rising volumes of cybersecurity incidents, their levels of preparedness, and the outcomes experienced.
The study reveals that 83% of Indian organisations experienced a cybersecurity incident in the past year, with 48% revealing they experienced 10 or more. The incidents were mostly attributed to web attacks, phishing, and supply chain attacks, with respondents ranking financial gain as the primary goal of cybercriminals, followed by planting spyware and data exfiltration.
Despite the frequency of cybersecurity incidents in India, only 52% of respondents consider themselves highly prepared, and the lack of preparedness is costing millions. 47% indicated that the financial impact of such incidents exceeded US $1 million in the past 12 months, while 27% experienced financial setbacks of no less than US $2 million.
The aftermath of cybersecurity incidents extends to organisational operations, with 46% of respondents reporting that their organisations reduced or restricted hybrid work, were forced to lay off employees, and postponed expansion plans. A talent shortage was also identified by 57% of Indian business leaders as the biggest challenge they’re facing when it comes to cybersecurity preparedness, while 44% indicated a lack of funding is hindering their ability to protect their businesses.
“Preparedness is key as organisations continue to grapple with a cybersecurity landscape that has unprecedented complexities. 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.
To find out more about the Securing the Future: Asia Pacific Cybersecurity Readiness Survey, please check out:
- Whitepaper download
Survey Methodology
This survey was conducted by Sandpiper Communications on behalf of Cloudflare across 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) organizations. Respondents were drawn from a wide range of industries: business and professional services; construction and real estate; education; energy, utilities, and natural resources; financial services; gaming; government; healthcare; IT and technology; manufacturing; media and telecoms; retail; transportation; travel, tourism, and hospitality. Respondents were based in 14 markets across Asia Pacific: Australia, China, Hong Kong SAR, India, Indonesia, Japan, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam (n = 203 to 426 per country) and were surveyed online and recruited via general business panels. The survey was aimed at building a better understanding of the threat landscape facing Chief Information Security Officers (CISOs) and their teams across the vast and varied territories of Asia Pacific and the actions driving positive results and outcomes. The survey was conducted in July 2023.
Also read: How I use GenAI tools as a CTO?
Do Follow: CIO News LinkedIn Account | CIO News Facebook | CIO News Youtube | CIO News Twitter
About us:
CIO News, a proprietary of Mercadeo, produces award-winning content and resources for IT leaders across any industry through print articles and recorded video interviews on topics in the technology sector such as Digital Transformation, Artificial Intelligence (AI), Machine Learning (ML), Cloud, Robotics, Cyber-security, Data, Analytics, SOC, SASE, among other technology topics
