Only 4% companies in India prepared to combat cybersecurity risks: Cisco

Cybersecurity threats: Only 4 per cent of companies in India are prepared to tackle cybersecurity risks, despite a large proportion saying their businesses can be impacted by these threats in the next 12-24 months, a Cisco study suggests. 

According to the 2024 Cisco Cybersecurity Readiness Index released on March 28, 59 per cent of organisations are falling into the "beginner or formative stages of readiness".

This number is 3 per cent on a global level, wherein companies are at a mature stage of handling cybersecurity risks, it said. 

Even as companies are building defences against these attacks, Cisco said they are slowed down by their own overly complex security postures, dominated by multiple-point solutions.

Cisco conducted a survey of 8,136 private sector business leaders responsible for cybersecurity operations in their company. Over 1,000 of these leaders belong to India. 

According to the study, 82 per cent of the surveyed participants anticipate that a cybersecurity incident will disrupt their business in the next 12-24 months. 

"The cost of being unprepared can be substantial, as 74 per cent of respondents said they experienced a cybersecurity incident in the last 12 months, and 55 per cent of those affected said it cost them at least $300,000," it said.

Even as companies know of these cybersecurity risks, the skill difference further intensifies the issue, it said. 

"Progress is being further hampered by critical talent shortages, with 91 per cent of companies highlighting it as an issue. In fact, 59 per cent of companies said they had more than 10 roles related to cybersecurity unfilled in their organisation at the time of the survey," the study noted. 

However, businesses are amping up their investments to handle cybersecurity, with 71 per cent ideating on upgrading their IT infrastructure significantly in the next 12-24 months, the study added.

(With PTI Inputs)