Cyber-attacks – Number 1 Cause for Business Disruptions in India

13.91 lac Security Incidents reported in 2022.

• India among top 20 countries where cost of data breach continues to remain high.
• As per Government of India, 13.91 lac security incidents were reported in 2022.
• Prime Minister of India, in recently held IMC 2023, emphasized on building indigenous capabilities in hardware, software and network infra to tackle cyber security risks.
• By 2027, India aims to ensure that every device connected to a network comes from a trusted source.
• India ranks first in digital payments with 89.5 million digital payment transactions. Second on the list is Brazil with 29.2 million transactions.
• The digital footprint of such big scale has garnered attention of cyber miscreants worldwide.
• In first half of 2023, India experienced approximately 2X more cyber-attack instances than the global average.
• In the first 5 months of 2023, there were more than 40000 job postings related to cyber security. However, 30% of these remained vacant.

In Q1 2023, the country witnessed an average of 2000 cyber-attacks weekly. The widening skill gap, the growing digital transactions continue to pose complex challenges. However, some positive signs have emerged with cyber security now part of National Security Policy the push from government to minimize reliance on foreign companies for its hardware, software and network infra needs.