Cybersecurity expenditure to shoot up by 37% in next 5 years: Honeywell Survey

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The survey reveals that while decision-makers are more aware of threats, cybersecurity layers of defence have not yet been implemented by a majority of India’s industrial community.

Organizations involve major financial losses, bear customer backlash, and kill market position because of the increasing cybersecurity issues ever year. However, when it is about assigning a budget to avert such breaches, there was a budget allocation of only about 25 per cent of the last year’s budget for cybersecurity. As per a new survey, this budget is expected to increase the expenditure by 37 per cent in the course of the next five years.

According to a Honeywell survey of business leaders in India released recently, industrial cybersecurity breaches have been harming organizations and destroying company’s reputation.

Honeywell surveyed the strategic decision-makers from Indian industrial companies on various types of cybersecurity threats, their way to deal with them, and their organization’s preparedness to adopt the new age technologies.

Approximately, 50 per cent of respondents, who have faced a cybersecurity breach at any point of time, shared the reputational impact on their businesses. “This information from the survey reveals that while decision-makers are more aware of threats, cybersecurity layers of defence have not yet been implemented by a majority of India’s industrial community,” said Ashish Gaikwad, MD, Honeywell Automation India Limited.

“The cost of industrial cyberattacks cannot be measured in capital losses alone, but must also be measured by the potential reputational damage a company could sustain. These survey findings underscore the need for our ongoing work to ensure every enterprise can safely manage their cybersecurity risks in future,” he added.

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The survey shared that about 48 per cent of firms had to hang up their operations for a brief period of time after they faced the breach.

Talking about the best practices to self-assess cybersecurity maturity levels using industry-standard models, 6 per cent respondents believe their organization is at the lowest “non-existent” maturity level, while 30 per cent of them believe their organization is at the “managed” level of industrial cybersecurity maturity. Only about 20 per cent of them believes their organization is at the more advanced “optimized” level.

As per the survey, about 50 per cent have cloud-based monitoring to spot the potential cyber threats outside of their organization. It suggested that the organizations must have a clear cybersecurity roadmap in place, to improve the maturity levels and adopt the latest technologies to optimize cybersecurity operations, it suggested.

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Cybersecurity expenditure to shoot up by 37% in next 5 years: Honeywell Survey

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