BENGALURU: Cyber ​​security firm Sophos said that only 39% of surveyed Indian companies possess sufficient security capabilities to handle widespread ransomware incidents. These organizations are equipped to handle malware attacks which blocks access to data and demands ransom for restoration. These insights were highlighted in a collaborative study between Sophos and Tech Research Asia, titled “The Cybersecurity Playbook for Partners in Asia Pacific and Japan.”
The study surveyed 900 organizations from six countries, including Australia, India, Japan, Malaysia, the Philippines and Singapore, to assess their business priorities for the coming year, with 200 participants from India. The findings indicate that Indian companies are primarily concerned about AI-enhanced attacks and credential theft. While 70% have implemented cloud security measures, 56% are investing in AI security solutions.
The study says that only 49% have security maturity frameworks in place and 44% comply with security standards. Additionally, only 5% of Indian organizations use a single security vendor, while 71% employ three or more vendors for their cybersecurity requirements. Ravindra Baviskar, director of sales engineering at Sophos, told TOI: “Acceptance that you need better cyber security solutions is a major sticking point as we approach potential customers. But we are educating them and creating awareness.”
Speaking to TOI, Sunil Sharma, vice president of sales for Sophos India and SAARC, noted that many board members and CFOs understand cyber security risks but “see it as a waste of money”.
“A customer in India wanted to buy a solution priced at $50,000, which he thought was too expensive. They got hit with a ransomware attack and got the incident response team involved and ended up getting double or triple that amount,” Baviskar added.