Cloudflare has unveiled a comprehensive study titled “Securing the Future: Asia Pacific Cybersecurity Readiness Survey” that sheds light on the state of cybersecurity readiness in the region. The study provides fresh insights into how organizations in Asia Pacific are grappling with increasing cyber incidents, their levels of preparedness, and the resulting consequences.
The study’s findings show that a staggering 83% of Indian organizations faced cybersecurity incidents over the past year. Alarmingly, nearly half of these organizations reported encountering 10 or more incidents during this period. The predominant types of incidents were linked to web attacks, phishing attempts, and supply chain vulnerabilities. Survey respondents identified financial gain as the primary objective of cybercriminals, closely followed by espionage and data theft.
Despite the prevalence of cybersecurity incidents in India, only 52% of the surveyed organizations considered themselves highly prepared to handle such threats. The consequences of this lack of preparedness are financially significant, with 47% of respondents revealing that these incidents resulted in financial losses exceeding US $1 million in the past year. Additionally, 27% experienced substantial setbacks, with losses amounting to no less than US $2 million.
The repercussions of cybersecurity incidents extend beyond financial losses to affect core business operations. Approximately 46% of respondents reported that their organizations were compelled to reduce or restrict hybrid work arrangements, lay off employees, and postpone expansion plans due to these incidents. Furthermore, a talent shortage emerged as a significant challenge, cited by 57% of Indian business leaders, while 44% identified insufficient funding as a hindrance to effectively safeguarding their businesses.
Commenting on the study’s findings, Jonathon Dixon, Vice-President and Managing Director for Asia Pacific, Japan, and China at Cloudflare, emphasized the critical importance of preparedness. He stressed the need for organizations to cultivate a security-centric culture that empowers leaders to view cybersecurity as a strategic business imperative, especially in the context of India’s growing digital landscape and the increasing reliance on technology.