Anjali Sharma
GG News Bureau
NEW YORK, 30th March. According to Cisco’s 2024 Cyber security Readiness Index on Friday said that 37 per cent of companies in India are at the “progressive” stage to tackle cyber security risks and other 52 per cent are at “formative” while the 7 per cent are “beginners”.
The report said only 4 per cent of companies in India have a mature level of readiness needed to manage cyber security risks and 3 per cent are so prepared worldwide.
It stressed that 88 per cent of the respondents admitted that having multiple cyber security point solutions – a traditional approach – slowed down their ability to detect, respond and recover from incidents.
This is worrying as 78 per cent of organizations said they have deployed 10 or more point solutions in their security stacks, while 38 per cent said they have 30 or more.
According to the report, the problem is compounded in distributed working environments where data can be spread across services, devices, applications, and users.
This lack of readiness is substantial despite almost three-quarters of companies believing a cyber security incident will disrupt their business in the next 12-24 months, the report indicated.
The report reiterated that despite this lack of readiness, 31 per cent of companies feel “very confident” in their ability to stay resilient amidst this evolving cyber security landscape.
The gap in cyber security talent persists with 91 per cent of companies highlighting it as an issue.
The report said 59 per cent of companies said they had more than 10 roles related to cyber security unfilled in their organization at the time of the survey.
Companies are boosting up their defences with 71 per cent planning to significantly upgrade their information technology infrastructure in the next 12 to 24 months, the report asserted.
It added that this is a marked increase from 51 per cent who planned to do so last year.
Most organizations plan to upgrade existing solutions (70 per cent), deploy new solutions (58 per cent), and invest in AI-driven technologies (60 per cent).
The report concluded that 99 per cent of companies expect to increase their cyber security budget in the next 12 months, and 95 per cent said their budgets will increase by 10 per cent or more.
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