Cybersecurity attacks Lead to Stiff Penalties for Indian Executives

Fortinet, a global leader in cybersecurity solutions, today announced the release of its 2024 Global Cybersecurity Skills Gap Report, highlighting critical challenges posed by the growing cybersecurity skills shortage, most especially in India.

According to the report, 92% of organizations in India experienced cybersecurity attacks and breaches within the past year, and many of these related these incidents to a lack of adequate cybersecurity expertise on their part. Also, 80% of the respondents expressed concerns that the gap has increased the risk for cyber threats.

Key Statements:

John Maddison, Chief Marketing Officer, Fortinet: "The findings from our latest report emphasize the urgent need for a comprehensive approach to bridging the cybersecurity skills gap. To combat today’s complex threats, organizations must integrate the right technology with upskilling initiatives and cultivate a cyber-aware workforce. Fortinet is committed to this cause, pledging to train 1 million individuals by 2026. As we approach the halfway mark, we are proud to have already trained nearly half a million people."

Vishak Raman, VP of Sales, India, SAARC, SEA & ANZ, Fortinet: "A well-trained cybersecurity workforce is essential in India, where 92% of organizations have faced breaches due to the skills gap. Fortinet is dedicated to bridging this divide through our extensive training programs. We are collaborating with government agencies, academic institutions, and industry leaders to build a resilient talent pool capable of protecting against sophisticated cyber threats."

Summary of the Report's Findings:

Breaches Linked to Skills Shortages: In the past year, 92% of Indian organizations reported breaches that could be partially attributed to a lack of cybersecurity skills. This percentage is nearly unchanged from 93% in the previous year’s report.

Increasing Impact of Breaches: Cyber breaches continue to have significant consequences, including financial losses and reputational damage. Notably, 82% of Indian respondents indicated that executives faced penalties such as fines, jail time, or job loss due to cyber incidents.

Cybersecurity as a Business Imperative: Boards of directors in India are increasingly prioritizing cybersecurity, with 80% of respondents noting a heightened focus on security from their boards compared to the previous year. An overwhelming 98% of respondents stated that their board considers cybersecurity a critical business priority.

The Problem

Massive Skills Shortage: Nearly 92% of Indian organizations experienced a cyber breach in the past year that they partially attribute to a lack of cybersecurity skills.

Increased Risks: 80% of Indian organizations believe the cybersecurity skills gap creates additional security vulnerabilities for their businesses.

The Impact

Costly Breaches: Breaches are becoming more expensive, with 66% of respondents reporting losses exceeding $1 million in the past year.

Executive Accountability: 82% of respondents reported that directors or executives faced consequences like fines, jail time, or job loss after a cyberattack.

Boardroom Focus: 98% of respondents say their board sees cybersecurity as a business priority.

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The Path Forward

Importance of Certifications: 100% of respondents prefer hiring candidates with cybersecurity certifications.

Focus on Training: Organizations are investing in training and certifications for their IT and security teams.

Building Awareness: Cultivating a cyber-aware workforce is crucial for the first line of defense.

Diversifying Talent Pool: Organizations are looking beyond traditional backgrounds to fill open positions.

Fortinet's Solutions: The company offers a comprehensive suite of security products, training programs, and threat intelligence to help organizations address the skills gap.

Additional Points

• The global survey polled over 1,850 IT and cybersecurity decision-makers.
• While organizations prioritize certifications, many still require traditional four-year degrees.
• There's a need to increase female representation in the cybersecurity workforce in India.

Overall, the report paints a concerning picture of the cybersecurity skills gap in India. It emphasizes the need for a multi-pronged approach, including training, certifications, and building a diverse talent pool, to combat the growing threat of cyberattacks.