Business-Impacting Cyberattack Struck 97% Indian Organizations Over Last 12 Months: New Industry Study

8th August 2020 | By Mouseworld Now Correspondent |

 

Tenable-logoNew Delhi, 8th Aug, 2020: Cyber exposure company Tenable has released the findings of a new study. Conducted by Forrester and commissioned by Tenable, the new study, titled, “The Rise of the Business-Aligned Security Executive, revealed that while a vast majority of business organisations (97%) in India have experienced a business-impacting cyberattack in the last 12 months, only four out of 10 security leaders can answer the question, “how secure, or at risk, are we?”

Covering 800 global business and cybersecurity leaders across 10 countries including India, the new study found that despite business recognition of the growing threat, there remains a gaping disconnect between business and security leaders’ perspectives. This means organisations in India remain highly vulnerable.

Around 76% of respondents in India admitted to have witnessed a dramatic increase in the number of business-impacting cyberattacks over the past two years. Unfortunately, these attacks had damaging effects, with organizations reporting identity theft (44%), financial loss or theft (38%), and ransomware payout (33%). Seventy-seven percent of security leaders in Australia say these attacks also involved operational technology (OT).
Impact of cyberattacks on Indian businesses
The study found that the top three damages suffered by Indian businesses due to cyber attacks include identity theft (44%), financial loss or theft (38%), and ransomware payout (33%).

More business-impacting cyberattacks expected in India
The Study found that there is lot of anxiety in the air as a majority of business leaders expressed apprehension about possible cyber attacks. More business-impacting cyberattacks were expected in India. Nearly 74% of respondents in India expect an increase in the number of business-impacting cyberattacks over the next two years.

Disconnect between business and cybersecurity leaders
Business leaders want a clear picture of how at risk they are and how that risk is changing as they plan and execute business strategies. But only four out of 10 of local security leaders say they can answer the fundamental question, “How secure, or at risk, are we?” with a high level of confidence, despite the prevalence of business-impacting cyberattacks.

 

The Global Picture

Fewer than 50% of global security leaders said they are framing cybersecurity threats within the context of a specific business risk. For example, though 96% of respondents had developed response strategies to the COVID-19 pandemic, 75% of business and security leaders admitted their response strategies were only “somewhat” aligned.

Organizations with security and business leaders who are aligned in measuring and managing cybersecurity as a strategic business risk deliver demonstrable results. Compared to their siloed peers, business-aligned security leaders are eight times more likely to be highly confident in their ability to report on their organizations’ level of security or risk. 90% are very or completely confident in their ability to demonstrate that cybersecurity investments are positively impacting business performance compared with 55% of their siloed counterparts.
Similarly, 85% have metrics to track cybersecurity ROI and impact on business performance versus just 25% of their siloed peers.

“In the future, there will be two kinds of CISO — those who align themselves directly with the business and everyone else. The only way to thrive in this era of digital acceleration is to bring cyber into every business question, decision and investment,” said Renaud Deraison, Chief Technology Officer and Co-Founder at Tenable.

Deraison further added, “We believe this study shows that forward-leaning organizations view cybersecurity strategy as essential to innovation and that when security and the business work hand-in-glove, the results can be transformational.”

 

 

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