Cybercrime in India is predicted to double in 2015, even as the country's IT security professionals appear confident about their organisations' capabilities to fend off online attacks, according to a Cisco report.
India is one of the fastest growing economies in the world that accounts for more than 70% of South Asia's GDP, and cybersecurity has become one of the foremost security concerns for companies operating in India. The report observed that there are gaps in India's cybersecurity readiness, as the country lacks a comprehensive cybersecurity regulation.
"Security professionals appear confident that their threat defenses are solid. However, they may be underestimating the potential impact of cyber attacks," the report said, adding: "Indian organizations show a strong reliance on security tools and point systems but need to integrate them to gain better protection and more visibility into threats."
The report noted that the heightened sense of confidence could stem from the investments companies are making in various security tools, which seemingly puts them on par with their counterparts in the U.S. and Brazil. However, the report warned, challenges like an absence of comprehensive cybersecurity regulations and the scarcity of qualified people would need to be overcome.
The report recommended that Indian companies should integrate several tools and create a sophisticated security architecture that might be able to thwart a full cyberattack. It also encouraged local companies to report breaches and outsource their security needs.
"When it comes to protecting networks, adopting tools to fight threats is only half the battle," the report said, adding: "Security professionals should help build awareness across the business of the expected growth in cybercrime."