Few Indian organisations equipped to tackle cyber threats: Study

In today's digital age, the cybersecurity landscape poses a significant challenge for organisations worldwide, and India is no exception. With the increasing frequency and sophistication of cyber threats, businesses face immense pressure to boost their defenses and safeguard sensitive data from malicious actors. 

A recent study by Cisco has shed light on the state of cybersecurity readiness among Indian organisations. The 2024 Cybersecurity Readiness Index unveils that only a mere 4% of businesses possess the necessary level of preparedness to combat modern cyber threats effectively. 

As per the report, 59% of organisations in India are categorised as beginners or at formative stages of readiness, leaving them vulnerable to the rapidly evolving landscape of cybersecurity risks. Globally, the situation isn't much better, with only 3% of companies reaching a mature stage of readiness. 

The finding indicates that 82% of respondents anticipate cybersecurity incidents to disrupt their operations within the next 12 to 24 months. The financial repercussions of such incidents are substantial, as highlighted by 74% of respondents who reported experiencing a cyber incident in the past year. Among them, 55% stated losses exceeding $300,000. 

The traditional approach of deploying multiple cybersecurity solutions has proven ineffective, with 88% of respondents acknowledging that this practice hindered their ability to detect, respond, and recover from incidents. Despite this, 78% of organisations admitted to deploying ten or more point solutions, and 38% even reported having 30 or more. 

Employee behavior also contributes to the vulnerability landscape, with a staggering 92% accessing company platforms from unmanaged devices. Furthermore, 48% of these employees spend a significant portion of their time (20%) logged onto company networks from such devices, while 39% frequently switch between at least six networks in a week. 

“We cannot underestimate the threat posed by our own overconfidence,” said Jeetu Patel, Executive Vice President and General Manager of Security and Collaboration at Cisco. “Today's organisations need to prioritise investments in integrated platforms and lean into AI in order to operate at machine scale and finally tip the scales in the favor of defenders.” 

“In an era witnessing unprecedented proliferation of devices and rising AI-powered cyberattacks, it's critical that organizations not only increase their investment in cybersecurity but also embrace an integrated platform approach to protect the five key pillars and take steps to reduce their security readiness gap. They must also ensure that AI is integrated into frontline defenses as part of their overall cybersecurity strategy to fortify their defenses against evolving threats, futureproof their operations, and strengthen security resilience in a digital-first world,” Samir Kumar Mishra, Director, Security Business, Cisco India & SAARC. 

The study also highlighted critical talent shortages, with 91% of companies citing it as a significant challenge. Despite this, 71% of organisations plan to upgrade their IT infrastructure significantly in the coming months, with a notable emphasis on existing solutions, new deployments, and AI-driven technologies. 

Moreover, 99% of companies expect to increase their cybersecurity budgets in the next year, with 95% anticipating a budget increase of 10% or more.