Nearly 83% of Indian Firms Were Hit by Cyber Breaches in 2022

Today, Cloudflare, Inc. unveiled the findings of its latest study on cybersecurity in the Asia Pacific region. The report titled "Securing the Future: Asia Pacific Cybersecurity Readiness Survey," highlighted that a staggering 83% of Indian organisations encountered at least one cybersecurity incident in the past year. 

The survey included 4,009 cybersecurity decision-makers from organisations of varying sizes. Respondents represented diverse industries, and the survey spanned 14 markets across the Asia Pacific region.

Furthermore, 48% of the surveyed organisations reported experiencing 10 or more incidents. These incidents were primarily attributed to web attacks, phishing, and supply chain attacks, the primary objective being financial gain. The study further explains organisations are dealing with an increasing number of cybersecurity incidents, their readiness levels, and the resulting consequences.

Despite the high frequency of cybersecurity incidents in India, only 52% of respondents believed their organisations were adequately prepared. This lack of preparedness came at a significant cost, with 47% of organisations reporting financial losses exceeding US $1 million over the past year. Additionally, 27% experienced financial setbacks of no less than US $2 million.

A shortage of cybersecurity talent was identified as the most significant challenge by 57% of Indian business leaders, while 44% cited a lack of funding as a hindrance to protecting their businesses. The repercussions of these cybersecurity incidents extended beyond financial losses. Approximately 46% of respondents revealed that their organisations had to reduce or restrict hybrid work arrangements, lay off employees, and postpone expansion plans.

To address this issue, last month, the Union Cabinet gave its nod to an extension of the Digital India program, allocating INR 14,903 crore to bolster digital initiatives in various domains such as skilling, cyber security, high-performance computing, and technology simplification for the general population.