Indian, Firms

82% of Indian Firms Increasing Cybersecurity Investments Amid Rising Cyber Threats in 2024

19.01.2024 - 07:30:30

Business Wire India

Some security measures companies have deployed to protect data
Some security measures companies have deployed to protect data

According to a recent Capterra survey, 82% of organisations with a heightened awareness of cyber threats reported increased cybersecurity spending from 2022 to 2023, while a mere 1% reported a recognition of the critical need for robust cybersecurity measures. Companies across various sectors in India have implemented a range of technical and procedural safeguards such as:
 
1. 61% of surveyed organisations conduct formal cybersecurity risk assessments.
 
to isolate specific sections of their IT infrastructure.

3. 46% of surveyed companies apply data classification techniques to safeguard sensitive information.
 
4. Another critical cybersecurity measure adopted by 46% of organisations is the implementation of zero-trust network policies.
 
94% say their company uses AI for cybersecurity
 
94% of cyber-aware respondents in our survey revealed that their companies actively employ AI to fortify their defence mechanisms. Key insights from the survey highlight the profound impact of AI on cybersecurity:
 
  • 65% of respondents emphasized that AI plays a crucial role in real-time monitoring, swiftly detecting threats as they unfold.
  • 54% reported that AI significantly improves data integration by seamlessly merging threat intelligence feed data with internal network behaviour analysis.
  • Over half (52%) acknowledged the role of AI in automating routine security tasks, including alert triage, incident response, and patch management.

However, the press for AI adoption in cybersecurity does not come without challenges. 48% acknowledged challenges related to the quantity and quality of data affecting the efficacy of AI. 46% recognised the need for additional human expertise to complement AI systems. 37% expressed concerns about attackers manipulating AI systems to evade detection.
 
Organisations defend against ransomware surge: Two-thirds witness attacks, yet resilience prevails
 
66% of respondents reported encountering ransomware attacks, showcasing the pervasive nature of this cybersecurity menace. 48% of cyber-aware employees said their company fell victim to at least one ransomware attack in the past 12 months. An alarming 18% faced the challenge of dealing with multiple ransomware attacks during the same period.
 
In the majority of reported cases, organisations resiliently avoided paying ransoms. However, despite the resilience displayed, the cost of retrieving data post-ransomware attacks remains a significant concern. Among respondents aware of the resolution, 33% faced ransom demands in the Rs. 8,01,000 - Rs. 20,00,000 range, while 16% encountered demands exceeding Rs. 41,01,000. 48% dealt with ransoms below Rs. 8,00,000, while a small percentage (3%) were uncertain about the ransom amount.
 
 Commenting on the survey, Sukanya Awasthi, analyst of the study, said: “The upward trend in cybersecurity investments highlights a response to the growing frequency of data breaches and cyber-attacks. Employees who are well-versed in cybersecurity express apprehension about the diverse threats in the digital realm. Organisations, in turn, employ a spectrum of advanced techniques to fortify their defences against cyber threats. AI plays a crucial role in these defences, yet its optimal functionality hinges on integrating human expertise.”
 
For more information and in-depth survey findings, please visit:
https://www.capterra.in/blog/4423/what-indian-businesses-can-do-to-reduce-the-risk-of-cyberthreats-in-2024About Capterra

Capterra helps organisations around the world find the right software for their needs. Founded in 1999, Capterra's global product footprint, verified user reviews backbone, independent research, and tailored comparison tools provide more than five million in-market buyers with a confidence-building discovery experience every month. For more information, visit: https://www.capterra.in/ 
 
Survey Methodology

The data for Capterra’s 2024 Data Security Survey was collected between November 10th and 26th, 2023 and comprises answers from 1264 respondents. We selected our survey sample based on the following criteria:
  • India resident
  • Aged between 18-65 years-old
  • Full-time employee
  • Works for a company that uses cybersecurity software tools for protection and has some awareness of which tools are used
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