BANGALORE: It seems that over a third of organizations in India, which means a 31.48 per cent of respondents have no real-time insights to fight cyber risks, even as most firms (54.55 per cent) are facing rising threats, according to Economic Times.

According to an annual Global Information Security survey about 50.9 per cent of organizations face rising vulnerabilities in their information security risk environment. “Organizations will only develop a risk strategy of the future if they understand how to anticipate cybercrime. Cyber attacks have the potential to be far-reaching–not only financially - but also in terms of brand and reputation damage, the loss of competitive advantage and regulatory non-compliance,” said Devendra Parulekar, Partner & Leader, Info Security, EY India.

“Organizations must undertake a journey from a reactive to a proactive posture, transforming themselves from easy targets for cybercriminals into more formidable adversaries,” he added.

The study surveyed 60 organizations in India, while 1,825 organizations were interviewed across 60 countries. According to the survey, companies lack agility, budget and skills to mitigate known vulnerabilities and successfully prepare for and address cyber security.

About 32.14 per cent of respondents in India say that their organization’s total information security budget will stay about the same in the coming 12 months despite increasing threats.

“Beyond internal threats, organizations also need to think broadly about their business ecosystem and how relationships with third parties and vendors can impact their security posture. It’s only by reaching an advanced stage of cyber security readiness that an organization can start to reap the real benefits of its cyber security investments,” said Ken Allan, EY’s Global Information Security Leader as reported by the Business Line.