AI-Powered Data Breaches Are a Growing Concern for Indian Businesses

September 13, 2024 — A recent Cloudflare survey reveals that 93% of cybersecurity leaders in India are increasingly worried about the growing sophistication and severity of data breaches driven by artificial intelligence (AI). The study, “Navigating the New Security Landscape: Asia Pacific Cybersecurity Readiness Survey,” highlights the pressing challenges faced by Indian organizations.

According to the survey, 55% of Indian businesses experienced data breaches in the past year, with 52% suffering 11 or more incidents. The healthcare (69%), transportation (67%), and business and professional services (62%) sectors were the most affected. Customer data (37%), user access credentials (15%), and financial information (14%) were the most targeted by cybercriminals.

Ransomware attacks also pose a significant threat, with 84% of affected companies paying the ransom, despite most publicly opposing such actions. Compromised Remote Desktop Protocol (RDP) or Virtual Private Network (VPN) servers were the primary points of entry for attackers.

The survey also underscores the importance of compliance, with 52% of businesses allocating more than 5% of their IT budgets to meet regulatory requirements. Despite these challenges, 80% of respondents are spending over 10% of their IT budget on cybersecurity to defend against evolving threats.

Anjali Joneja Amar, VP of Cloudflare India and SAARC, emphasized the need for continuous reassessment of security strategies to combat these growing challenges.

This survey was conducted across 14 Asia Pacific markets in June 2024.