News Excerpt:
The 2024 Cisco Cybersecurity Readiness Index found that only 4% of companies in India are ready to tackle today's threats, with 59% of organisations falling into the "beginner or formative stages of readiness".
Key highlights of the report:
- According to a study, less than 5% of companies in India are ready to deal with cybersecurity risks.
- Globally, 3% of companies are at a "mature stage", meaning they are prepared to handle cybersecurity risks.
- While companies are building defences against these attacks, they are slowed down by their overly complex security postures, which are dominated by multiple-point solutions.
- The study is based on a survey of 8,136 private sector business leaders - over 1,000 from India - with cybersecurity responsibilities in their organisations.
- The study revealed that 82% of the participants surveyed expect a cybersecurity incident to disrupt their business in the next 12-24 months.
- The cost of being unprepared can be substantial, as 74% of respondents said they experienced a cybersecurity incident in the last 12 months, and 55% of those affected said it cost them at least $300,000.
- According to the study, the traditional approach of adopting multiple cybersecurity point solutions has not delivered effective results.
- 88% of respondents admitted that having multiple-point solutions slowed down their team's ability to detect, respond to, and recover from incidents.
- Progress is being further hampered by critical talent shortages, with 91% of companies highlighting it as an issue.
- In fact, 59% of companies said they had more than 10 unfilled cybersecurity roles in their organisation at the time of the survey.
- However, businesses are increasing their investments to tackle the issue, with 71% planning to upgrade their IT infrastructure significantly in the next 12-24 months.
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