According to a study, less than 5% of companies in India are adequately prepared to handle cybersecurity risks, despite a high number acknowledging the potential impact of such threats on their businesses in the next 12-24 months.
The 2024 Cisco Cybersecurity Readiness Index, released recently, revealed that only 4% of Indian companies are ready to combat current cyber threats, with 59% considered to be in the ‘beginner or formative stages of readiness’. Globally, only 3% of companies are at a ‘mature stage’ in terms of cybersecurity readiness.
Cisco highlighted that the complexity of security solutions, dominated by multiple-point solutions, is hindering companies from effectively defending against cyber attacks.
The study, based on a survey of 8,136 private sector business leaders (including over 1,000 from India) responsible for cybersecurity, showed that 82% of participants anticipate a cybersecurity incident disrupting their business in the near future.
Furthermore, the study emphasized the high cost of being unprepared, as 74% of respondents reported experiencing a cybersecurity incident in the last year, with 55% stating it cost them at least $300,000.
It was also noted that the traditional approach of using multiple cybersecurity point solutions has not yielded positive results, with 88% of respondents agreeing that it has slowed down their team’s ability to detect, respond, and recover from incidents.
The talent gap was identified as a significant issue exacerbating the cybersecurity challenges, with 91% of companies highlighting it as a concern. Additionally, the study revealed that 59% of companies had more than 10 unfilled roles related to cybersecurity.
Despite these challenges, companies are increasing their investments in cybersecurity, with 71% planning significant upgrades to their IT infrastructure in the coming 12-24 months.