64% of businesses discard new IT, business projects amid cybersecurity risks

by NewsWire
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At least 64 per cent of businesses have faced a situation where they were unable to launch new projects because they could not address cybersecurity risks, a report said on Wednesday.

According to global cybersecurity firm Kaspersky, this can be linked to troubles finding an appropriate security solution that would not cause performance, maintenance, or other issues to their project.

“With more than 10 million 5G-ready devices already in the Indian market and 5G network in the last stages of preparation before launch this year, we are clearly looking at largescale IoT deployment in the country. Members of the industry or government gearing up for IoT play must use this report’s finding as an encouragement to shore up their cybersecurity measures,” Dipesh Kaura, General Manager, Kaspersky South Asia, said in a statement.

“That is because cyberattacks on IoT systems and infrastructure carry not just data loss and reputational risks but also risks to lives and well-being of people. We need to redefine 5G-readiness in a way that recognizes cybersecurity as a standard expectation,” Kaura added.

Of all the projects businesses have had to discard due to these issues, the most common is the implementation of new IT solutions (52 per cent). This is closely followed by changes in corporate policy (50 per cent) and the launch of new business projects (49 per cent).

This issue reflects another finding from the report which shows around three-in-four organisations (81 per cent) have, at times, been unable to find an appropriate security solution, the report said.

Protection tools may not be suitable for various reasons, the most common being performance issues (47 per cent) and difficulties with maintenance (47 per cent).

These are critical as they can affect the level of protection provided, as well as the compatibility issues (45 per cent) having an impact on business processes, the report said.

This is particularly relevant when it comes to protecting specialised software or firmware, such as industrial, manufacturing, or IoT. It is therefore important that IT security teams find compromises and workarounds to deliver both performance and security, it added.


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