However, 95% of respondents say their security budgets will increase over the next two years, with 81% stating they are converging aspects of their security and IT operations together.
Over half (52 per cent) of organisations have suffered a data breach in the past two years globally, an increase from 49 per cent in 2022 and 39 per cent in 2021, a new report said on Wednesday.
According to the State of Security 2023 report by software firm Splunk, about 62 per cent of respondents said that their business-critical applications have suffered from unplanned downtime due to a cybersecurity incident on at least a monthly basis, an increase from 54 per cent in 2022.
“In the organisations, we’ve worked with, resilience has been strongest with a collaborative approach in everything, from software development and infrastructure monitoring to business continuity planning. This approach brings everyone to the table, including security leaders with IT and business leaders, so they all can focus on protecting the organisation,” said Ryan Kovar, Distinguished Security Strategist for Splunk and Leader of SURGe.
Moreover, in India, about 42 per cent of organisations report being overwhelmed by the number of data breach attacks versus 23 per cent in the rest of the world.
Nearly 48 per cent of Indian organisations say their security stack is too complex, compared to 28 per cent in the rest of the world.
The report also mentioned that the organisations in India more often report having been breached in the last two years by 59 per cent versus 45 per cent of respondents elsewhere in the broad Asia-Pacific region.
The report further stated that while enterprises face major cybersecurity obstacles, many organisations are taking steps to address these challenges.
Around 95 per cent of the respondents say their security budgets will increase over the next two years, with 56 per cent saying their budgets are increasing “significantly”.
Nearly 81 per cent of organisations say they are converging aspects of their security and IT operations together.
About 95 per cent of respondents say they have increased their focus on third-party risk assessments.