Discover the urgent need for India Inc. to increase cybersecurity budgets and address talent shortages. Learn about the rising threat of cybercrime and the complex security postures of Indian businesses. Find out how organizations can strengthen their defenses and safeguard their digital assets.
The Urgent Need to Increase Cybersecurity Budgets in India Inc.
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As technology adoption continues to rise among Indian businesses, so does the threat of cybercrime and cyber espionage. It is crucial for organizations to prioritize cybersecurity and allocate sufficient budgets to address these risks.
Cisco's latest cybersecurity study reveals that companies in India are being targeted with a range of techniques, including phishing, ransomware, supply chain attacks, and social engineering. While these organizations are working on building defenses, they are struggling to protect themselves due to their complex security postures.
Shocking statistics from Cisco's 2024 Cybersecurity Readiness Index show that only 4% of organizations in India have reached the "Mature" level of readiness required to be resilient against today's cybersecurity risks. This lack of readiness is concerning, especially considering that 82% of respondents believe a cybersecurity incident is likely to disrupt their business in the next 12 to 24 months.
Addressing Talent Shortages: A Key Challenge for India Inc.
The talent gap in cybersecurity remains a major challenge, with 91% of companies highlighting it as an issue. Bridging this gap is essential for organizations to effectively defend against evolving threats.
In the survey, 59% of companies reported having more than 10 unfilled cybersecurity roles in their organization. This shortage of skilled professionals hampers their ability to strengthen their defenses.
Samir Kumar Mishra, director of Security Business at Cisco India & SAARC, emphasized the importance of integrating artificial intelligence (AI) into frontline defenses as part of an overall cybersecurity strategy. Leveraging generative AI can fortify defenses against evolving threats.
The Ineffectiveness of Multiple Point Solutions
The traditional approach of adopting multiple cybersecurity point solutions has not been effective. In fact, 88% of respondents admitted that having multiple point solutions has slowed down their team's ability to detect, respond, and recover from incidents.
This is a significant concern, considering that 78% of companies have deployed 10 or more point solutions in their security stacks, and 38% have 30 or more.
The Importance of Increasing Cybersecurity Budgets
The survey conducted by Cisco revealed that almost all (99%) companies in India expect to increase their cybersecurity budgets in the next year. This increase in budget allocation is crucial to strengthen their cybersecurity posture and safeguard their digital assets.
The cost of being unprepared can be substantial, with 74% of respondents reporting a cybersecurity incident in the last year, and 55% of those affected stating that it cost them at least $300,000.
Building a Strong Foundation for Connectivity, Security, and Collaboration
Jeetu Patel, executive vice-president and general manager of Security and Collaboration at Cisco, emphasized the complexity of the current threat scenario. With billions of users, devices, and IoT devices connecting to enterprise networks, cloud applications, and data on an unprecedented scale, organizations cannot underestimate the threat posed by their own overconfidence.
Patel also highlighted the importance of building a strong foundation for connectivity, security, and collaboration, especially considering India's goal of becoming one of the largest economies in the world.
Conclusion: Strengthening Cybersecurity Posture for India Inc.
The increase in technology adoption among Indian businesses has brought about a surge in cyber threats. It is crucial for organizations to prioritize cybersecurity and allocate sufficient budgets to address these risks. Additionally, bridging the talent gap in cybersecurity is essential to effectively defend against evolving threats.
By taking these steps, India Inc. can strengthen its cybersecurity posture and safeguard its digital assets.
