Skip to main content

Organisations in India Are Dedicating More Budget to Cybersecurity

Palo Alto Networks, next-gen security company, announced the results of its report entitled ‘The State of Cybersecurity in Asia-Pacific’, which revealed that cybersecurity budgets have increased for 92 per cent of organisations in India.

This survey was conducted to help gain deep insights around behavior and attitudes towards cybersecurity throughout the Asia-Pacific region, including India.

Key findings in India revealed:

There has been recent growth in cybersecurity budgets: Businesses acknowledge the importance of ensuring business continuity amidst the persistence and growing sophistication of cyberthreats, and 92 per cent of organisations have increased their budget for cybersecurity in this financial year.

Internal and external challenges contribute to cybersecurity issues: The three major cybersecurity challenges organisations face are employees’ lack of cybersecurity awareness (47 per cent), risk from third-party services (43 per cent) and migration to cloud (35 per cent).

‘Detect and respond’ approach overrules a ‘breach prevention’ strategy, but this needs to be revisited: 79 per cent of respondents indicated their organisations place more importance on detection and response of cyberthreats than prevention. Data breaches remain costly, meanwhile, with 41 per cent of respondents revealing they have lost at least ₹ 64,55,500 (US$100,000) in financial year 2016-17 due to such breaches. This raises question around the effectiveness of responding to threats only after incidents are detected, rather than taking a preventive stance.

Cybersecurity measures adopted are rather basic: According to the survey, organisations predominantly adopt basic security measures. Respondents indicated the highest adoption rates for antivirus (77 per cent) and firewall (74 per cent), whereas anti-ransomware (37 per cent), two-factor authentication (35 per cent) and biometrics (46 per cent) have fallen on the lower end of the spectrum.

Organisations are filling their need for dedicated cybersecurity talent: 95 per cent of Indian organisations feel they have a strong hold of dedicated IT teams against cyberthreats – a notably high figure compared to other APAC countries with only 84 percent. Manufacturing and finance sectors are the top verticals when it comes to ensuring they are well-equipped with a professional team to prevent cyberthreats.

Across the Asia-Pacific region, the key finding from the report is the need to promote greater cybersecurity awareness and education among organisations. While budgets are increasing, 46 per cent of Asia-Pacific organisations are struggling to keep up with the increasingly sophisticated cyberthreats and finding the appropriate solutions to combat them.

‘Internal and external threats look like the biggest loophole causing organisations costly data breaches. Therefore, these organisations should revisit their cybersecurity strategy and assess whether the widely-adopted ‘detect and respond’ approach may be reacting to threats a little too late. As cyberthreats become increasingly sophisticated, businesses should ensure that networks are adequately secured with a next-generation security platform that looks at prevention rather than remediation," said Sean Duca, vice president and regional chief security officer for Asia-Pacific, Palo Alto Networks

Comments

Popular posts from this blog

Cloud Computing powering India’s priority of ‘Digital-first country’

By: Sunil Mahale, India MD and VP, Nutanix
Digital transformation has been recognized as being vital to the growth of our nation. This transformation has enjoyed the unanimous approval and contribution from all stake holders including enterprises, MSMEs, government bodies and citizens. But this level of adoption in a country with a population of over a billion people would need a robust technology base that is capable to collecting and distributing vital data seamlessly.
Digital India envisions creating high speed digital highways, that will impact commerce and create a digital footprint for every individual. Technologies based on mobility, analytics, Internet of things and most importantly, cloud technologies are the building blocks for the digital India missionThere is a growing need to manage huge volumes of data, and making them readily available to public through digital cloud services. Cloud has a pivotal role in enabling this change.
While Data centers have become crucial to th…

RevStart launches its RevItUp Incubation Programme

Underlining its vision of creating a nurturing ecosystem for start-ups to grow in, RevStart, a co-working and incubation centre, has announced the launch of its RevItUp Incubation Programme. The 12-week long programme will be held at RevStart Incubation Centre in Noida from July 1, 2018 onwards. As part of the programme, RevStart will select five high potential start-ups from the ed-tech sector, AI, Consumer Internet, Sustainability, as well as for-profit social impact companies to assist them with developing their business, along with connecting them to global mentors across industries and sectors. In addition, start-ups selected for the programme will receive INR 5 lakh to Rs. 25 lakhs worth of cash and benefits, while RevStart will get an equity stake in the ventures.
The RevItUp Incubation Programme has been created to enhance the founding team’s industry, product, and company building knowledge and capabilities through a world-class curriculum. The programme will focus on tailor…

Insurtech startup Kruzr raises $1.3 Million from Saama Capital and Better Capital

InsurTech startup Kruzr has raised 1.3 Million USD (Rs. 9.5 Cr) for its seed round led by Saama Capital with participation from Better Capital. Kruzr is a preventive motor insurance technology which helps insurance companies personalize policy premiums & improve their risk model by delivering an engaging preventative driving assistant to their customers. Kruzr is founded by Pallav Singh, Ayan, and Jasmeet Singh Sethi.

Kruzr blends the power of voice technology and artificial intelligence in its personal driving assistant that helps drivers minimize mobile distractions, drowsy driving, speeding and external risks like weather and accident-prone zones. In pilots with insurers, Kruzr managed to cut down distracted driving by 80%. Kruzr is working with motor insurance companies in Europe, UK and India to bring its technology to their customers to prevent accidents & improve claims.

“Road accidents cause over 1.3 million deaths globally every year, and motor insurance companies los…