While attacks are increasing in frequency and severity, cyber security budgets remained largely unchanged as a percentage of revenue between 2019 and 2021.
Representational Image
About 52 per cent of Indian organisations said they fell victim to a successful cyber security attack in the last 12 months, according to a survey released on Tuesday.
ADVERTISEMENT
Of these successful breaches, 71 per cent of organisations admitted it was a serious or very serious attack, and 65 per cent said it took longer than a week to remediate, showed the survey by global cyber security firm Sophos.
The study of 900 business decision makers across Asia Pacific and Japan indicates Covid-19 accelerated period of digitisation and was a catalyst for improving cyber security, but systemic security issues persist.
While attacks are increasing in frequency and severity, cyber security budgets remained largely unchanged as a percentage of revenue between 2019 and 2021.
At the same time, India reported the highest percentage of companies that have an independent security budget.
Furthermore, they expect a rise in the median percentage of technology budgets spent on cyber security from 9 per cent today to 10 per cent in the next 24 months.
"Cyber breaches are a reality that we cannot afford to ignore. Within an organisation, there will always be multiple threats that can exploit various vulnerabilities and launch full blown cyber-attacks," Sunil Sharma, Managing Director -- sales, Sophos India and Saarc, said in a statement.
"The only way to stop these threats is to actively hunt for them and neutralize them. This makes threat hunting an important function to mitigate the damage caused by cyber-attacks."
Overall, 44 per cent of Asia Pacific and Japan (APJ) organisations surveyed suffered a data breach in 2020, up from 32 per cent in 2019.
Of these successful breaches, 55 per cent of companies rated the loss of data as either "very serious" or "serious".
As cyber-attacks continue to rise, the report found that malware, Artificial Intelligence/Machine Learning-driven attacks and nation state attacks will be the most serious threats to enterprise cyber security over the next 24 months.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
