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Mahesh

29/12/23 07:17 AM IST

Indian organisations at very high risk of cyber attacks, says survey

In News
  • The PwC's 2023 Global Risk Survey- India edition said that 38 percent of all the respondents of the survey felt that their company is highly exposed to cyber threats.
  • Cybersecurity has jumped two spots from number three to number one on the risk radar when compared to the 2022 Global Risk Survey, the data stated.
Cyber attacks
  • Indian organizations are proactively investing in cybersecurity, with over half planning investments in cybersecurity tools (55%) and AI-related technologies (55%) in the next 1–3 years, aligning with global trends (51% and 49%, respectively).
  • To reinforce these investments, 71% of Indian organizations are actively leveraging cybersecurity and IT data for risk management and opportunity identification, surpassing the global average of 61%.
  • The survey also revealed how organizations are using emerging technologies such as Generative Artificial Intelligence for risk management, with 48% of Indian enterprises having deployed AI and machine learning for automated risk assessment and response to a large extent. This is slightly lower than the global response of 50%.
  • 42% of Indian organizations grapple with heightened security vulnerabilities attributed to legacy technologies (Outdated technology systems and infrastructure), surpassing the global average of 36%.
  • 88% of Indian organizations have actively invested in resilience building over the past year, surpassing the global average of 77%.
Primary threats
  • Cyber risks, encompassing malware, trojans, and spyware, have prominently emerged as the foremost threat for Indian organizations, notably highlighted by a substantial increase in ransomware attacks.
  • Companies paying the ransom witnessed a doubling of the cost of data recovery compared to those relying on backups, emphasizing the financial toll of succumbing to ransomware demands.
  • IT organizations store a diverse range of critical data, encompassing personally identifiable information, intellectual property, access credentials, and financial data.
  • This multi-dimensional data provides threat actors with leverage to execute and perpetuate a range of malicious activities.
  • Leaked data, especially intellectual property, can lead to devaluation and replication of software, posing a severe threat to revenue streams.
Source- Hindustan times

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