94% of Indian Firms Focus on Regulatory Compliance, but 42% Never Test Incident Response Plans

• 03 Jul 2024
• TM Team
• 0 Comments

Ankura Consulting Group, a leading global expert services and advisory firm, today announced the release of its comprehensive "2024 Ankura India Cyber Threat Report." The report, based on a survey of over 50 distinguished companies and cybersecurity leaders, provides critical insights into the evolving cybersecurity landscape in India.

The report highlights significant trends and challenges faced by organizations in India, including the prevalence of ransomware threats, the slow adoption of advanced technologies, and gaps in proactive threat monitoring. These findings underscore the need for enhanced cybersecurity measures and strategies across Indian businesses.

Key findings from the report include:

·         Ransomware groups (28%) and malicious insiders (25%) are identified as the top threats to organizations.

·         Only 32% of organizations have implemented AI/ML-based security solutions, indicating slow adoption of advanced technologies.

·         42% of organizations have never tested their Incident Response plans or have only tested them in the previous year.

·         94% of organizations track mandates from national regulators like CERT-IN, RBI, and SEBI, demonstrating a strong focus on compliance.

·         30% of organizations either do not monitor online and dark web threats or are unaware of such services.

Amit Jaju, Sr. Managing Director, Ankura Consulting- India, said, "Our 2024 report reveals both progress and persistent challenges in India's cybersecurity landscape. While we see encouraging signs of investment and regulatory awareness, significant gaps remain in areas such as proactive threat monitoring and incident response readiness. As cyber threats continue to evolve, it's crucial for organizations to adopt a comprehensive and proactive approach to cybersecurity."

Paul Walker, Senior Managing Director, Head of Data & Technology EMEA APAC, Ankura Consulting Group, added, "As cyber threats grow increasingly sophisticated on a global scale, it is vital for businesses to enhance their security frameworks proactively. Ankura is committed to supporting this evolution, and our significant investments in India reflect our dedication to bolstering cybersecurity capabilities in this critical market. By leveraging our global expertise and local insights, we aim to empower Indian organizations to navigate the complexities of the cyber threat landscape effectively."

The report also highlights the ongoing challenge of insufficient cybersecurity expertise and tools, pointing to an industry-wide talent gap that needs addressing. These insights provide valuable guidance for organizations looking to enhance their cybersecurity posture in an increasingly complex threat environment.