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83% of Indian Organizations Experienced a Cybersecurity Incident In the Past Year: Report 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, as per the report

By Teena Jose

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Cloudflare, Inc., the security, performance, and reliability company helping to build a better Internet, has released a new study focused on cybersecurity in Asia Pacific. According to the report, 83% of Indian organizations 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.

The report titled, 'Securing the Future: Asia Pacific Cybersecurity Readiness Survey,' further revealed that 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 $1 million in the past 12 months, while 27% experienced financial setbacks of no less than $2 million.

"Preparedness is key, as organizations 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 organizations to foster a security culture that empowers their leaders to approach cybersecurity as a strategic business imperative. This will facilitate organizations 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.

The aftermath of cybersecurity incidents extends to organizational operations, with 46% of respondents reporting that their organizations reduced or restricted hybrid work, were forced to lay off employees, and postponed expansion plans, as per the report.

Additionally, the report revealed that 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.

The company claimed that 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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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