With hyper connected and increased digital business adoption (as companies deploy new IT Solutions & Technologies), enterprises globally are finding it challenging in getting resilient against cyber security vulnerabilities. In 2022, cyberattacks rose 38% over the previous year, leading to apprehension at Board Level – consequently more funds are allocated for managing ‘Cyber Risk’ for the Enterprise and not only IT Security. India ranks 3rd globally and 2nd in the APJ region for source of overall malicious activity. Every 6th social media scam impacts an Indian.
Enterprises are paranoid about IT security risk – Revenue Loss, Corporate Reputation, Identity Theft owing to data breaches.
Challenges & opportunities
In 2023, the most significant cybersecurity challenges that businesses should prepare to face can be classified as Ransomware Extortion, Mobile Malware, Cloud Third-Party Threats, Zero-Day Vulnerabilities in Supply Chains, Global Attacks on Business, Wipers and Destructive Malwares, Weaponization of Legitimate Tools. The India Cybersecurity market size is estimated at USD ~4B in 2023 and is expected to reach USD~9.2B in 2028, growing at a CAGR of 18.33% during the forecast period (2023-2028).
Difficult to predict but experts still have a good idea of the general direction It is heading. Threats are limitless – plus with Robots being deployed and negative side of generative AI coming into the picture, fear for the Digital World, particularly the Finance and Healthcare vertical, is worrisome. Hacking, on average, happens every 39 Seconds, which is going to increase further. Cybersecurity Talent Gap is expected to widen further. Legacy technologies will continue to remain vulnerable.
Enterprises need to create basic tools and templates to calculate their Return on Security Investments (ROSI). Protect the data at rest and in transit; Establish strong Identity and Access Management controls; Enact a strong disaster recovery and risk mitigation plan; Educate your employees on Cybersecurity measures; Manage endpoint security with technologies that monitor network performance continuously for anomalous data traffic; Deploy enterprise wide Security Strategy. For the most part there are 3 broad types of IT Security : Network, End-Point & Internet Security, which needs to be monitored/protected ideally through automation – built on the 4 key activities – govern, protect, detect and respond.