Challenges that continue to hold companies back include complex regulatory requirements, lack of alignment on security strategy as well as cybersecurity and compliance maturity, frequent organizational changes, security skills shortages, uncertainty regarding security “best practices,” and lastly, the insufficient practice of plans for responding to a cybersecurity incident — that is if they have an incident response plan at all. A recent IBM and Ponemon Institute study highlighted that 41% of the respondents from India review and test their cybersecurity incident response plan (CSIRP) only once a year. This is an alarming fact, specifically in the light of the current pandemic since many organizations had to overnight shift to a Hybrid work environment leading to many unforeseen risks.
Further, as per our 2020 Cost of Data Breach report, Indian companies witnessed an average of â‚¹140 million total costs of a data breach in 2020, an increase of 9.4% from 2019. Additionally, companies with fully deployed security automation were able to detect and contain a breach 27% faster than those with none, showcasing the importance of technology preparedness.
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