As India races ahead in its digital journey, a significant challenge is emerging: cyber threats are becoming more frequent and sophisticated, putting the nation’s digital infrastructure at risk. The “State of Enterprise Technology Survey 2024” by CIO&Leader, paints a vivid picture of this issue, showing that Indian organizations are grappling with serious cybersecurity incidents that could disrupt their operations and compromise sensitive data.
Phishing and Identity Attacks on the Rise
Phishing has become the most common cybersecurity problem for businesses in India. According to the survey, 50% of respondents rated phishing attacks as highly severe. These attacks exploit human vulnerabilities, deceiving individuals into revealing sensitive information through seemingly legitimate communications. It’s a stark reminder that humans often represent the weakest link in cybersecurity, allowing attackers to bypass technical defenses.
Hot on the heels of phishing are password and identity-based attacks, with 44% of respondents considering them highly severe. These attacks underscore the critical need for robust identity management systems and the adoption of multi-factor authentication (MFA). Without these measures, organizations remain vulnerable to unauthorized access and potential data breaches.
Ransomware is another major concern, with 38% of organizations viewing it as highly severe. The malicious encryption of data and systems can halt business operations and inflict substantial financial damage, making ransomware a top concern across sectors.
The Real Impact of Cyber Incidents
These cyber incidents aren’t just technical glitches—they have tangible consequences. Disruptions to business operations are the most severe impact, affecting 24% of organizations significantly. The loss of critical or sensitive data is almost as damaging, with 23% experiencing high-severity losses. Financial losses resulting from cyber incidents further emphasize the necessity for robust risk management and incident response plans.
Do we fully understand cybersecurity? And how can we secure ourselves? We asked industry professionals the same question, and here is what they answered:
1. Sandeep Bhambure, Vice President and Managing Director of Veeam, India & SAARC said “In today’s fast-changing cybersecurity landscape, the critical role of data resiliency is more vital than ever.
As cyber threats like ransomware continue to grow, it’s essential for businesses to take a proactive stance in making sure their data is not only protected but made resilient. This means going beyond cyber protection to include swift recovery and continuity and to plan for the assumption of a breach.
As businesses have learned, it’s not enough to keep attackers out. True data resilience means that even after a successful attack, businesses still have access to their data whenever and wherever they need it. At Veeam, we support a comprehensive zero trust data resilience strategy that ensures that no matter the disruption, businesses have the resilience to keep on running”.
2. Deepa Seshadri, Partner, Leader – Cyber, Deloitte India
3. Vishak Raman, Vice President of sales, India, SAARC, SEA & ANZ, Fortinet
4. Manpreet Sabharwal, VP, IT Infrastructure, Visionet
5. Anant Deshpande, DigiCert Regional VP, India & SAARC said “It’s essential to remember that protecting our digital spaces is a shared responsibility. In India, the swift integration of technology into our daily lives has brought remarkable benefits, but it also introduces new vulnerabilities. At DigiCert, we assert that awareness is our first line of defense against cyber threats.
Digital trust is critical in our interconnected world, founded on strong security practices like encryption and robust authentication. As we approach the quantum computing era, it’s vital for organizations to include quantum readiness in their cybersecurity strategies. While quantum technologies present unique challenges, proactive planning can help mitigate potential risks.”
6. Romanus R Prabhu, Director of Product Support, ManageEngine
7. Rizwan Patel, Head of Information Security and Emerging Technology, Altimetrik
8. Ajay Biyani, Vice President, APMEA, Securonix
9. Madhusudan Krishnapuram, VP & Managing Director, GoTo
