Survey: 98% of Indian Firms Admit to Sensitive Information Loss in 2023

In a revealing study conducted by US-based cybersecurity firm Rubrik, a staggering 98 per cent of Indian IT and security leaders acknowledged the loss of sensitive information in 2023. The report, unveiled on Thursday, highlights the escalating cyber threats faced by Indian companies, with a particular focus on the vulnerabilities introduced by Software as a Service (SaaS) platforms. According to the survey, 69 per cent of respondents identified SaaS as the primary source of malicious cyber activity this year.

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The research, spearheaded by Rubrik Zero Labs, combined insights from Rubrik's extensive customer base, which includes over 6,100 organisations, with a comprehensive survey conducted by Wakefield Research. This survey encompassed more than 1,600 IT and security decision-makers from companies with a workforce of 500 or more across various countries including the US, UK, France, Germany, Italy, Netherlands, Japan, Australia, Singapore, and India. The study was carried out between January 18 and January 30, 2024.

One of the more alarming findings from the report is that over half (55 per cent) of Indian IT and security leaders reported their companies had paid ransoms due to data extortion threats in 2023. This underscores the significant financial and operational impact cyber threats can impose on organisations.

The research further delves into sector-specific vulnerabilities, highlighting that healthcare organisations experienced a 50 per cent increase in encryption events compared to the global average throughout 2023. This statistic is particularly concerning given the sensitive nature of healthcare data and the sector's increasing reliance on digital platforms for service delivery.

Moreover, the study sheds light on inherent risks associated with cloud adoption. It was found that approximately 70 per cent of all data is typically not machine readable by security appliances, creating significant security blind spots. This revelation points to the urgent need for enhanced data protection strategies as companies continue to migrate services to cloud platforms.

Abhilash Purushothaman, Vice President & General Manager for Asia at Rubrik, emphasized the critical need for increased collaboration among government entities, industry leaders, and other stakeholders to bolster cyber resilience in Asia. He specifically pointed out the healthcare sector as an area requiring immediate attention due to its handling of vast amounts of sensitive information and its susceptibility to cyber threats.

The findings from Rubrik's report serve as a crucial wake-up call for Indian companies and their IT and security teams. As digital transformation accelerates across sectors, the importance of robust cybersecurity measures has never been more pronounced. The study not only highlights the current challenges but also underscores the necessity for strategic partnerships and innovative solutions to safeguard sensitive data against evolving cyber threats.