cxo voice
  • Home
  • News
  • View Points
  • Leaders Talk
  • Cyber Security
  • AI
  • Blockchain
No Result
View All Result
  • Home
  • News
  • View Points
  • Leaders Talk
  • Cyber Security
  • AI
  • Blockchain
No Result
View All Result
Leaders Interview, IT and Technology News India | CXO VOICE
No Result
View All Result

Home » Cyber Security » Indian Firms are Overly Confident About Their Cybersecurity Finds FICO Survey

Indian Firms are Overly Confident About Their Cybersecurity Finds FICO Survey

News Desk by News Desk
October 18, 2018
Reading Time: 3min read
CyberSecurity
Share on FacebookShare on TwitterShare on LinkedinShare via E-Mail

Despite the growth in data breaches, security managers at Indian firms are incredibly confident in their cybersecurity preparedness, according to a new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO. Eighty eight percent of executives from Indian firms said their firm was better prepared than their competitors in their industry.

Financial services and utility respondents were least realistic, with 100 percent rating their firm as above average or as top performers, while retail services had the highest percentage who said their firms were top performers at 60 percent.

Despite this confidence, almost 1 in 3 organizations are limited to tools that provide only a point-in-time assessment of what their cybersecurity risk is, or do not currently have a robust assessment program.

Key Findings FICO Survey:

  1. 88 percent of Indian firms surveyed said they are better prepared for data breaches than their competitors
  2. Financial services and utility respondents were least realistic, with 100 percent rating their firm as above average or as top performers, while retail services had the highest percentage who said their firms were top performers at 60 percent
  3. In the coming year, 80 percent of Indian financial services firms believe the overall level of cyber-threats and data breach activity will go up
  4. 62 percent of Indian firms say cybersecurity investment will increase in the year ahead. This rose to 67 percent amongst Indian financial services firms and 80 percent for utilities

“There is clearly a bit of a disconnect amongst security managers regarding where they sit in relation to the competition,” said Vishal Goyal, Country Manager, India, FICO. “In India the rapid digitization of numerous sectors of the economy has presented the country with enormous opportunity as well as risk. Staying abreast of global standards and the rapidly changing landscape of cybersecurity remains a challenge. Complacency creeps in when companies escape data breeches, or simply haven’t picked them up, so it’s important to ensure regular robust assessments.”

In the coming year, the majority (56%) of Indian firms felt that the level of cyber-threats and data breach activity will go up. However, it was financial services firms that were the most pessimistic with 80 percent expecting an increase. This was in contrast to Indian utility companies where all respondents thought the threat activity would remain the same.

In the survey, 40 percent of respondents from the financial sector said that the greatest influence on cybersecurity strategy comes from customers or investors. For retailers and telecommunications it was increases in cyber-attacks and breaches that have them focused.

62 percent of Indian firms say cybersecurity investment will increase in the year ahead. This rose to 67 percent amongst Indian financial services firms and 80 percent for utilities.

“IT leaders have greater funding than ever to protect organizations from the continuously evolving threat landscape and meet complex compliance demands,” said Maxine Holt, research director at Ovum. “These same IT leaders are undoubtedly keen to believe that the money being spent provides their organization with a better security posture than any other – but the rapid pace of investment, often in point solutions, rarely takes an organization-wide view of security.”

Ovum conducted the survey for FICO through telephone interviews with 500 senior executives, mostly from the IT function, in businesses from the UK, the US, Canada, Brazil, Mexico, Germany, India, Finland, Norway, Sweden and South Africa. Respondents represented firms in financial services, telecommunications, retail and e-commerce, and power and utilities.

In July, FICO announced that it is offering free subscriptions to the Portrait portal of the FICO Enterprise Risk Suite, which gives businesses access to their FICO Cyber Risk Score. The score, a machine learning-based cybersecurity rating service, can show organizations how business partners and cyber insurance underwriters see their network security, and can help them benchmark their performance.

More information: http://www.fico.com/en/latest-thinking/ebook/india-views-from-the-c-suite-survey-2018

You May Would like to Read: Cloud Data Protection 15 Best Practices

Tags: cybersecurityFICOIndian
News Desk

News Desk

by CXO VOICE team memebrs, [email protected]

Related Posts

Banking cybersecurity
Cyber Security

Why Banks and NBFCs must exercise extra cybersecurity measures during festival times?

December 11, 2020
Enterprises, and MSMEs IoT
Leaders Talk

IoT is now seen as an essential enabler for the enterprises to be future ready : Joyjeet Bose

November 30, 2020
Cyber Security Awareness
Cyber Security

Five Ways To Enhance Cyber Security Awareness

November 18, 2020
Cloud Security and Digital Transformation, the Top Priority for Enterprises as Pandemic Drags On
Cloud

Cloud Security and Digital Transformation, the Top Priority for Enterprises as Pandemic Drags On

November 17, 2020
Why digital India is vulnerable to new-age cyber attacks
Cyber Security

Why digital India is vulnerable to new-age cyber attacks

November 6, 2020
Endpoints security
Cyber Security

Endpoints, the New Data Security Frontier in the age of WFH

September 28, 2020
XDR to Transform Enterprise Threat Detection & Response
Cyber Security

XDR to Transform Enterprise Threat Detection & Response

September 3, 2020
protect against insider threats: CyberSecurity practices
Cyber Security

How to protect against insider threats: CyberSecurity practices

August 18, 2020
Load More
Next Post
blockchain

Blockchain Set to Supercharge Global Supply Chains by 2025 : Report

ADVERTISEMENT

Expert Views

Key Fintech Trends to look out for in 2021
Finance

Key Fintech Trends to look out for in 2021

January 8, 2021
Banking cybersecurity
Cyber Security

Why Banks and NBFCs must exercise extra cybersecurity measures during festival times?

December 11, 2020
impact of Covid-19 on retirement planning
Insurance

The impact of Covid-19 on retirement planning

December 1, 2020
Cyber Security Awareness
Cyber Security

Five Ways To Enhance Cyber Security Awareness

November 18, 2020
Low Code: Transforming Banking, Today and Tomorrow
Banking

Low Code: Transforming Banking, Today and Tomorrow

November 9, 2020

Get Latest Update

Subscribe to our mailing list to receives newsletter direct to your inbox!

ADVERTISEMENT

Leaders Inerviews

Enterprises, and MSMEs IoT
Leaders Talk

IoT is now seen as an essential enabler for the enterprises to be future ready : Joyjeet Bose

-
Security While Working Remotely interview with Filip Coftas
Cyber Security

Security While Working Remotely [Interview]

-
Akita Security Device Help you Protect your Security During COVID-19 [Interview with Zakir Hussain]
COVID-19

Can Akita Security Device Help you Protect your Security During COVID-19 [Interview]

-
digital transformation and customer experience Newgen software
Interview

Digital Transformation Journey helps Newgen Software Improve Customer Experience [Interview]

-

Entrepreneur

Technology Adoption For Entrepreneurs

Volunteering management is the need of the Hour

Significance Of Ethical Entrepreneurship In The Post COVID-19 Economy

Five tips for entrepreneurs to tide over the coronavirus crisis

CXO VOICE is a premier resource for the enterprises, SMBs and Startups CXOs and business leaders, It enables CXOs and business executives gain access key insights, experts views, analysis, business strategy, and leaders interviews on what’s happening in the market and its impact.

Connect with us

Easy Links

  • Cryptocurrency
  • Event
  • Blockchain
  • Press Release
  • Resources & Downloads

Write Us

[email protected]

Newsletter

Subscribe to our mailing list to receives newsletter direct to your inbox!

  • Home
  • About
  • Contact Us
  • Advertise
  • Privacy & Policy
  • Feedback

© 2018 CXO VOICE

No Result
View All Result
  • Home
  • News
  • View Points
  • Leaders Talk
  • Cyber Security
  • AI
  • Blockchain

© 2018 CXO VOICE