India is likely to get more affected by hacking in APAC region
India is most likely to have "high" impact (58%) of cybersecurity incidents on the business compared to Singapore (42%) and Australia (16%), a new report said on Tuesday.
The report by cloud cybersecurity company McAfee revealed 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.
Interestingly, when asked whether they could put a cost on their recent cyber incidents, Indian organizations led with 91% believing that they were able to quantify the financial impact.
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.
"Organizations 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 developed jurisdictions such as India, where regulation and compliance are evolving and, therefore, may be more of a focus for organisations," explained Sanjay Manohar, Managing Director, McAfee India.
Organisations in India describe their culture of cybersecurity as either "strategic" (60%) or "embedded" (33%).
The survey covered 480 cybersecurity decision-makers across eight Asia-Pacific countries including Australia, Hong Kong, India, Indonesia, Malaysia, New Zealand, Singapore and Thailand.
It revealed that 97% of the organizations in India were familiar with the concept of cyber-resilience compared to Australia (73%) and New Zealand (75%).
"Nearly 98% Indian enterprises are likely to invest more in security due to regulation, despite the maturity of their jurisdiction," the findings showed.
Data breach (62%), data tampering (49%) and fraud (43%), were predicted to be the top three risks enterprises will be prone to in 2021.
Investment in categories such as data protection, cloud protection technology and network protection technology were top priorities for enterprises targeting an "optimized" cybersecurity maturity posture.
"As the cyber threat landscape continues to evolve, cybersecurity is fast becoming an integral part of digital transformation, with 49 per cent 'extremely' involved and 41%'very involved' in the digital transformation process," said the report.
Data breach (62%), data tampering (49%) and fraud (43%), were predicted to be the top three risks enterprises in 2021.
The findings also show that in 2021, new risks will spread through a range of other potential issues such as an increase in fraud (23% - 30%) and defacement (24% - 28%).
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.