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Ankura Report: 94 percent of Indian firms focus on regulatory compliance, but 42 percent never test incident response plans

Ankura Consulting Group has released the 2024 Ankura India Cyber Threat Report revealing that only 32 percent of Indian firms have adopted AI ML based security solutions exposing vulnerabilities in a rapidly evolving threat landscape. The report emphasizes the need for enhanced cybersecurity measures across Indian businesses.

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Only 32% of firms have implemented AI/ML-based security solutions, potentially leaving vulnerabilities in rapidly evolving threat landscapes.

Ankura report
Ankura report

India, July 05, 2024 – Ankura Consulting Group, a leading global expert services and advisory firm, today announced the release of its comprehensive "2024 Ankura India Cyber Threat Report." The report, based on a survey of over 50 distinguished companies and cybersecurity leaders, provides critical insights into the evolving cybersecurity landscape in India.

The report highlights significant trends and challenges faced by organisations in India, including the prevalence of ransomware threats, the slow adoption of advanced technologies, and gaps in proactive threat monitoring. These findings underscore the need for enhanced cybersecurity measures and strategies across Indian businesses.

Key findings from the report include:

·Ransomware groups (28%) and malicious insiders (25%) are identified as the top threats to organisations.

·Only 32% of organisations have implemented AI/ML-based security solutions, indicating slow adoption of advanced technologies.

·42% of organisations have never tested their Incident Response plans or have only tested them in the previous year.

·94% of organisations track mandates from national regulators like CERT-IN, RBI, and SEBI, demonstrating a strong focus on compliance.

·30% of organisations either do not monitor online and dark web threats or are unaware of such services.

Amit Jaju, Sr Managing Director, Ankura Consulting- India, said, "Our 2024 report reveals both progress and persistent challenges in India's cybersecurity landscape. While we see encouraging signs of investment and regulatory awareness, significant gaps remain in areas such as proactive threat monitoring and incident response readiness. As cyber threats continue to evolve, it's crucial for organisations to adopt a comprehensive and proactive approach to cybersecurity."

Paul Walker, Senior Managing Director, Head of Data & Technology EMEA APAC, Ankura Consulting Group, added, "As cyber threats grow increasingly sophisticated on a global scale, it is vital for businesses to enhance their security frameworks proactively. Ankura is committed to supporting this evolution, and our significant investments in India reflect our dedication to bolstering cybersecurity capabilities in this critical market. By leveraging our global expertise and local insights, we aim to empower Indian organisations to navigate the complexities of the cyber threat landscape effectively."

The report also highlights the ongoing challenge of insufficient cybersecurity expertise and tools, pointing to an industry-wide talent gap that needs addressing. These insights provide valuable guidance for organisations looking to enhance their cybersecurity posture in an increasingly complex threat environment.

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