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98% of Indian Companies to Invest in Security Due to Regulation: McAfee Report

McAfee has released its latest report where it is revealed that more then 58% of Indian enterprises  are going to be impacted with cybersecurity incidents on the business compared to Singapore (42%), Australia (16%) and (75%) in New Zealand.

The report further says that an enterprise faced up to 120 data breaches on an average in the past year, with the respondents across Asia-Pacific (APAC) region, estimating an average loss of $298,812. Again 98% of Indian companies surveyed said they were likely to invest more in security due to regulation. Owing to high hacking risk, 93% organisations in India believe they are cyber-resilient, taking the top position among all the other countries in the APAC region.

Cyber resiliency functions such as data protection, response and recovery planning, and response and recovery communications were identified as areas that IT would like to see improved by 2021 in relation to their cybersecurity maturity levels, according to the report.

“While organisations can put a cost on cybersecurity damages related to a data breach, reputational damage, impact on sales and other areas are difficult to measure, implying that the level of belief that a cost can be placed is higher than expected,” said Sanjay Manohar, managing director of McAfee India.

“Organisations in India are most likely to have ‘high’ impact of cybersecurity incidents. Therefore, involvement of cybersecurity in digital transformation at the management level becomes critical in more developing jurisdictions such as India, where regulation and compliance are evolving and, therefore, may be more of a focus for organisations.”

As the cyber threat landscape continues to evolve, cybersecurity is fast becoming an integral part of digital transformation, with 49% of companies being ‘extremely’ involved and 41% ‘very involved’ in the digital transformation process. Data breach (62%), data tampering (49%) and fraud (43%), were predicted to be the top three risks enterprises will be prone to in 2021.

Larger organizations were prone to more cyber incidents but organizations with more than 500 staff suffered an average of 209 incidents, which is almost 8 times higher than businesses with 50 to 100 employees, said the report.

The survey was conducted by StollzNow Research and the eight Asia Pacific countries covered were Australia, Hong Kong, India, Indonesia, Malaysia, New Zealand, Singapore and Thailand.

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