Need of the hour: It’s time to increase security budgets

By: |
April 1, 2021 3:15 AM

Malware, AI/ML driven attacks and nation state attacks are considered the three most serious threats to enterprise security in next 24 months, says Sophos survey

Sunil Sharma, managing director – sales, Sophos India and SAARCSunil Sharma, managing director – sales, Sophos India and SAARC

A Sophos study of 900 business decision makers across Asia Pacific and Japan indicates Covid-19 accelerated period of digitisation and was a catalyst for improving cybersecurity, but systemic security issues persist. Although Indian organisations reported the highest percentage of having an independent security budget, this was not enough to stop cyberattacks. Malware, AI/ML driven attacks and nation state attacks are considered the three most serious threats to enterprise security in next 24 months. Additionally, two thirds of Indian organisations say they have at least a proactive capability when it comes to cyber security: the largest percentage among Asia Pacific and Japan regions.

The report titled, The Future of Cybersecurity in Asia Pacific and Japan, in collaboration with Tech Research Asia (TRA), stresses that Indian organisations need to view cybersecurity as a value to the business and increase their budgets accordingly. In India, despite having the highest percentage of companies with an independent security budget, 52% of organisations say they fell victim to a successful cybersecurity attack in the last 12 months.

The report highlights that while attacks are increasing in frequency and severity, cybersecurity budgets remained largely unchanged as a percentage of revenue between 2019 and 2021. At the same time, India reported the highest percentage of companies that have an independent security budget.

Furthermore, they expect a rise in the median percentage of technology budgets spent on cybersecurity from 9% today to 10% in the next 24 months.

Sunil Sharma, managing director – sales, Sophos India and SAARC, said, “There is a strong need for increased cybersecurity budgets to include threat hunting in house or outsourced services like managed detection and response (MDR). Our findings show there is budget allocated for cybersecurity in India, but it isn’t enough.”

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1WhatsApp says it fixed two outdated software bugs following CERT-In advisory
2Everything to know about WhatsApp Pink, a new virus that can potentially give hackers complete control over your phone
3Covid-19 themed threats surge: McAfee sees cyber-attack detections increase by 114% in Q4 2020