Cybersecurity Breach Up By 117%; Are We Doing Something?

by CXOtoday News Desk    Oct 15, 2015

cybersecurity

Incidents of cybersecurity breach surged by a record 117 percent during the year. However, to combat the increasing threats of cyber attacks, Indian companies have stepped up their budgets on cyber security solutions multiple times, according to a PwC report, which notes that as threats continue to mount, understanding and managing cybersecurity risks have become top of mind for leaders in business and government. 

“The average number of information security incidents detected by respondents increased by 117 percent over the previous year, up from 2,895 last year to 6,284 this year.” Meanwhile, the increase in incidents of cybersecurity breach globally stood at just 39 per cent during the period under consideration (July 2014-June 2015),” said the survey that was conducted in India with responses of more than 480 C-level executives from across 17 industry sectors.

The report titled “Global State of Information Security Survey 2016,” done by PwC, CIO and CSO said that companies in India are investing more to reduce cybersecurity risks and improve business performance as a 71 per cent increase in budget on cybersecurity were seen during the said period.
 
“Cybersecurity is indispensable. Organizations in India are looking towards innovative cybersecurity solutions, and we have seen a 25 percent compound annual growth rate (CAGR) in security budgets over the past five years, which support this trend,” Sivarama Krishnan, leader-cybersecurity, PricewaterhouseCoopers (PwC) India said. 
 
Over 71 per cent respondents use some form of cloud-based security tools such as analytics, advanced authentication and identity and access management, the report said. 
 
“Not only are leaders adopting innovative solutions, but even fundamental security technologies and practices have seen wider acceptance, and organizations have evolved to master the basics,” he added. Losses as a result of incidents of cybersecurity also surged by 135 per cent over the previous year, and the average cost per incident increased by close to 8 per cent, the report said. 
 
Organizations are looking to innovative cybersecurity solutions. They are adopting innovative technologies like cloud-enabled cybersecurity, Big Data analytics and advanced authentication to reduce cyber-risks and improve cybersecurity programs and are also embracing a more collaborative approach to cybersecurity, one in which intelligence on threats and response techniques is shared with external partners. Internally, businesses are rethinking the roles of key executives and the Board of Directors to help create more resilient and proactive security capabilities, said the report.
 
Organizations are also deploying Big Data analytics to manage insider threats; almost 28 per cent have plans to employ Big Data analytics for improving security in the next 12 months.