Strategies to strengthen cyber risk posture

Many organizations still rely on manual and siloed approaches to risk management, which prove to be error-prone, inefficient, and costly. To compound the issue, CISOs and decision-makers struggle to prioritize assets and determine the most effective security controls within limited budgets

- Prasad Sabbineni

The cyber threat landscape is worsening every year. Incidents like malware, ransomware, and phishing are increasing even as security teams grapple to contain them. The average total cost of a data breach in India was at an all-time high of₹ 17.6 crores in 2022, as per a report by IBM. To put things in perspective, this is a 6.6% increase from ₹ 16.5 crores in 2021 and a whopping 25% jump from ₹ 14 crores in 2020.

The are several factors driving cybercrime. Threat actors constantly develop new methods, tactics, and technologies to break into organizations. Large amounts of personally identifiable information are stored online each day. In sectors like fintech, the sharing and hosting data between unregulated digital gateways has become commonplace, exposing unwitting organizations to bad actors and increasing the likelihood of attacks. In the face of the unrelenting feed of ransomware, phishing, and unpatched vulnerabilities, businesses must review their risk posture and evaluate their strategies. But something is stopping them from building a strong risk posture.