Most Indian organizations faced business-impacting Cyber attack in past 12 months: Tenable

By VARINDIA - 2020-08-07

Most Indian organizations faced business-impacting Cyber attack in past 12 months: Tenable

A global industry study published by Tenable revealed that the vast majority of Indian organizations (97%) have experienced a business-impacting cyberattack in the past 12 months, according to both business and security executives. The data is drawn from 'The Rise of the Business-Aligned Security Executive,' a commissioned study of more than 800 global business and cybersecurity leaders, including 54 local respondents, conducted by Forrester Consulting on behalf of Tenable.

 

As cybercriminals continue their relentless attacks, 76% of respondents in India have witnessed a dramatic increase in the number of business-impacting cyber attacks over the past two years. Unfortunately, these attacks had damaging effects, with organizations reporting identity theft (44%), financial loss or theft (38%), and ransomware payout (33%). Seventy-seven percent of security leaders in Australia say these attacks also involved operational technology (OT).

 

Business leaders want a clear picture of how at risk they are and how that risk is changing as they plan and execute business strategies. But only four out of 10 of local security leaders say they can answer the fundamental question, "How secure, or at risk, are we?" with a high level of confidence, despite the prevalence of business-impacting cyberattacks.

 

Looking at global respondents, fewer than 50% of security leaders said they are framing cybersecurity threats within the context of a specific business risk. For example, though 96% of respondents had developed response strategies to the COVID-19 pandemic, 75% of business and security leaders admitted their response strategies were only "somewhat" aligned.

 

Organizations with security and business leaders who are aligned in measuring and managing cybersecurity as a strategic business risk deliver demonstrable results. Compared to their siloed peers, business-aligned security leaders are:

 

Eight times more likely to be highly confident in their ability to report on their organizations' level of security or risk.

90% are very or completely confident in their ability to demonstrate that cybersecurity investments are positively impacting business performance compared with 55% of their siloed counterparts.

85% have metrics to track cybersecurity ROI and impact on business performance versus just 25% of their siloed peers.

Organizations with business-aligned cybersecurity leaders are also:

Three times more likely to ensure cybersecurity objectives are in lock step with business priorities.

Three times more likely to have a holistic understanding of their organization's entire attack surface.

Three times more likely to use a combination of asset criticality and vulnerability data when prioritizing remediation efforts.

 

Some of the key Indian findings include:

 

Impact of cyberattacks on Indian businesses: Top three damages suffered include identity theft (44%), financial loss or theft (38%), and ransomware payout (33%).

More business-impacting cyber attacks expected in India: 74% of respondents in India expect an increase in the number of business-impacting cyber attacks over the next two years.

Disconnect between business and cybersecurity leaders: Although 96% of respondents globally say their organisations have developed COVID-19 response strategies, 75% of business and security leaders globally admit that their response strategies were only “somewhat” aligned.

 

"In the future, there will be two kinds of CISO -- those who align themselves directly with the business and everyone else. The only way to thrive in this era of digital acceleration is to bring cyber into every business question, decision and investment," said Renaud Deraison, Chief Technology Officer and Co-Founder at Tenable.

 

"We believe this study shows that forward-leaning organizations view cybersecurity strategy as essential to innovation and that when security and the business work hand-in-glove, the results can be transformational," he concluded.


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