To address the escalating cyber threats faced by organizations in India, a recent report from Indusface revealed a concerning trend. The number of cyberattacks targeting India-based entities has doubled year-over-year, surpassing the global average by a significant margin. In the third quarter of 2024 alone, Indian organizations encountered nearly 1.2 billion cyberattacks, reflecting a steep increase from the previous year.
The report highlighted that denial-of-service (DoS) attacks and bot-based requests were among the most prevalent forms of cyber threats, with a substantial focus on targeting API services and Web servers. This surge in attacks signifies a shift in tactics, as cybercriminals are now leveraging diverse attack vectors to exploit vulnerabilities in websites and APIs. The advent of large language models (LLMs) has further facilitated these malicious activities, leading to a triple-digit growth in vulnerability exploitation incidents.
As India’s economy continues to thrive, cyber adversaries are increasingly targeting local businesses, with 44% of companies experiencing data breaches costing at least $500,000 in the past three years. Consequently, cybersecurity has become a top priority for Indian executives, with 61% recognizing it as one of the most critical risks to address.
The report also emphasized the heightened cyber risks faced by specific industries in India, such as banking, financial services, insurance, power, and energy sectors. These industries have witnessed a surge in cyberattacks, potentially driven by geopolitical motives aiming to disrupt essential services. The prevalence of attacks targeting vulnerabilities, including SQL injection, underscores the importance of bolstering cybersecurity measures to mitigate risks effectively.
Despite the evolving threat landscape, many Indian companies still struggle to manage vulnerabilities effectively, with a significant percentage failing to implement automated security measures for their API services. The report further revealed a concerning delay in patching critical vulnerabilities, leaving API services vulnerable to exploitation. Security misconfigurations and authentication failures were identified as primary vulnerabilities in production API servers, underscoring the urgent need for proactive security measures.
In light of these findings, it is imperative for Indian organizations to prioritize cybersecurity initiatives, adopt robust security protocols, and proactively address vulnerabilities to safeguard against the escalating cyber threats. Embracing advanced security technologies and best practices will be crucial in fortifying defenses and ensuring a resilient cybersecurity posture in the face of growing cyber risks.
