Cloudflare, the global cybersecurity company, recently found that 83% of Indian businesses faced a data breach in 2022 alone.
This study involved interviewing over 4,000 Indian companies across 14 different market sectors, presenting a diverse range of industries across the Asia Pacific region.
“We see organizations of every size, in every industry, and every market in the region facing a rising number of cyber threats,” reads the report. “Over three-quarters (78%) of the more than 4,000 cybersecurity professionals we interviewed from 14 markets across the region experienced at least one cybersecurity incident in the past 12 months.”
Despite the majority of companies experiencing recent data breaches, 38% of companies reported that they believed their security organizations were highly prepared for threats. However, even these companies still highlight the largest challenges faced by companies.
One of the largest challenges that the report outlines is the talent crunch. Over 60% of respondents highlight that there aren’t enough cybersecurity professionals to keep up with the rising threats.
There are also issues with cybersecurity funding, however, the increase in executive visibility has been helping these organizations obtain more funding.
It also simply takes a lot of time and resources in order to set up and maintain top-notch security for long periods of time. Hackers are consistently adapting to new security systems and require constant vigilance to defend against.
While these challenges are being addressed, for the time being, there’s simply a lack of cybersecurity funding and personnel, which leads to companies being vulnerable to attacks. Unfortunately, the results of these vulnerabilities can be devastating, especially for small companies.
“Our findings show that the vast majority of respondents’ organizations saw financial losses of at least US$1M over the past 12 months, as well as accompanying reputational loss,” Cloudflare reported.
The Union Cabinet addressed this issue last month by increasing funding and extending the Digital India Program.