It’s time to increase security budgets : Sunil Sharma, Sophos IndiaDoonited News
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It’s time to increase security budgets : Sunil Sharma, Sophos India

It’s time to increase security budgets  : Sunil Sharma, Sophos India
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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.

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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.”

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