New study reveals organizations in India suffered million-dollar losses due to cybersecurity incidents

India, September 5, 2023 — Cloudflare, Inc. (NYSE: NET), the security, performance, and reliability company helping to build a better Internet, today released a new study focused on cybersecurity in Asia Pacific. The report, called “Securing the Future: Asia Pacific Cybersecurity Readiness Survey,” shares the latest data on cybersecurity preparedness in the region, revealing how organizations are coping with rising volumes of cybersecurity incidents, their levels of preparedness, and the outcomes experienced.  

The study reveals that 83% of Indian organizations experienced a cybersecurity incident in the past year, with 48% revealing they experienced 10 or more. The incidents were mostly attributed to web attacks, phishing, and supply chain attacks, with respondents ranking financial gain as the primary goal of cybercriminals, followed by planting spyware and data exfiltration.

Despite the frequency of cybersecurity incidents in India, only 52% of respondents consider themselves highly prepared, and the lack of preparedness is costing millions. 47% indicated that the financial impact of such incidents exceeded US $1 million in the past 12 months, while 27% experienced financial setbacks of no less than US $2 million.

The aftermath of cybersecurity incidents extends to organizational operations, with 46% of respondents reporting that their organizations reduced or restricted hybrid work, were forced to lay off employees, and postponed expansion plans. Talent shortage was also identified by 57% of Indian business leaders as the biggest challenge they’re facing when it comes to cybersecurity preparedness, while 44% indicated a lack of funding is hindering their ability to protect their businesses.

“Preparedness is key, as organizations continue to grapple with a cybersecurity landscape that has unprecedented complexities. With India’s growing digital prowess and continued business reliance on technology, it is critical for organizations to foster a security culture that empowers their leaders to approach cybersecurity as a strategic business imperative. This will facilitate organizations in not just reducing expenditure but also ensuring a sturdier, more streamlined cybersecurity framework,” said Jonathon Dixon, Vice-President and Managing Director, Asia Pacific, Japan and China at Cloudflare.

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