7 in 10 Organizations in India Likely to Suffer a Data Breach Next Year: Report

Source: This article was first published on https://cisomag.eccouncil.org/7-in-10-organizations-in-india-likely-to-suffer-a-data-breach-next-year-report/

Trend Micro’s Cyber Risk Index (CRI) report revealed that lost IP, critical infrastructure damage, and cost of outside experts are the major consequences faced by Indian organizations after a data breach.

Enhancing security defenses with a robust incident response plan is the only way to become immune to data breaches. From trading in darknet forums to misuse for extortion activities, threat actors leverage stolen/compromised sensitive information in multiple ways. According to a recent analysis from Trend Micro, nearly 73% of organizations in India are likely to suffer a data breach in the next 12 months. In its latest Cyber Risk Index (CRI) report, Trend Micro revealed that lost IP, critical infrastructure damage, and cost of outside experts are the major consequences faced by Indian organizations after a data breach.

Key Findings:

  • 57% of businesses admitted that they are very likely to suffer serious cyberattacks next year
  • 34% of organizations stated they suffered more than seven cyberattacks that infiltrated their network systems
  • 20% had more than seven breaches of information assets
  • 30% of respondents said they’d suffered more than seven breaches of customer data over the past year

The findings are based on the responses of 3,600 businesses of all sizes and industries across Asia-Pacific, North America, Europe, and Latin America.

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“We’ve found plenty to keep CISOs awake at night, from operational and infrastructure risks to data protection, threat activity and human-shaped challenges. To lower cyber risk, organizations must be better prepared by going back to basics, identifying the critical data most at risk, focusing on the threats that matter most to their business, and delivering multi-layered protection from comprehensive, connected platforms,” said Vijendra Katiyar, Country Manager, India & SAARC, Trend Micro.

Top Cyberthreats

According to the report, the major security risks reported in India include:

  • Ransomware
  • Watering hole attacks
  • Botnets
  • Malicious insiders
  • Advanced persistent threats (APT)

While cloud computing remains the top infrastructure risk, the report revealed that malicious/negligent insiders, cloud computing providers, organizational misalignment, and complexity are the top security risks to organizations’ network systems.

What’s lacking?

Other security challenges faced by organizations include:

  • Lack of sufficient knowledge among security personnel
  • Shortage of skill and expertise to protect data assets and IT infrastructure
  • IT security function complying with data protection and privacy requirements

For years, data breaches have been a severe threat to organizations’ critical infrastructure. Though they are inevitable, organizations must boost their security defenses by identifying loopholes in the systems and deploying multi-layered protection to defend against potential security incidents.

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