Indian firms excessively confident about cybersecurity: FICO Survey


Chennai: Despite the growth in data breaches, security managers at Indian firms are incredibly confident in their cybersecurity preparedness, according to a new survey.

Conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO, the report states that 88 per cent of executives from Indian firms said their firm was better prepared than their competitors in their industry.

Financial services and utility respondents were least realistic, with 100 per cent rating their firm as above average or as top performers, while retail services had the highest percentage who said their firms were top performers at 60 per cent.

Despite this confidence, almost one in three organizations are limited to tools that provide only a point-in-time assessment of what their cybersecurity risk is, or do not currently have a robust assessment program.

“There is clearly a bit of a disconnect amongst security managers regarding where they sit in relation to the competition,” said country manager, India, FICO, Vishal Goyal.

“‘In India the rapid digitization of numerous sectors of the economy has presented the country with enormous opportunity as well as risk. Staying abreast of global standards and the rapidly changing landscape of cybersecurity remains a challenge. Complacency creeps in when companies escape data breeches, or simply haven’t picked them up, so it’s important to ensure regular robust assessments.”

In the coming year, the majority (56 per cent) of Indian firms felt that the level of cyber-threats and data breach activity will go up. However, it was financial services firms that were the most pessimistic with 80 percent expecting an increase. This was in contrast to Indian utility companies where all respondents thought the threat activity would remain the same.

In the survey, 40 per cent of respondents from the financial sector said that the greatest influence on cybersecurity strategy comes from customers or investors. For retailers and telecommunications it was increases in cyber-attacks and breaches that have them focused.

Sixty-two per cent of Indian firms say cybersecurity investment will increase in the year ahead. This rose to 67 per cent amongst Indian financial services firms and 80 per cent for utilities.

Highlights-

* 88 per cent of Indian firms surveyed said they are better prepared for data breaches than their competitors
* Financial services and utility respondents were least realistic, with 100 per cent rating their firm as above average or as top performers
* In the coming year, 80 per cent of Indian financial services firms believe the overall level of cyber-threats and data breach activity will go up
* 62 per cent of Indian firms say cybersecurity investment will increase in the year ahead. This rose to 67 per cent amongst Indian financial services firms