Readiness is critical as 82 per cent of respondents said a cybersecurity incident is likely to disrupt their business in the next 12 to 24 months, according to Cisco’s ‘2024 Cybersecurity Readiness Index,’

However, 88 per cent of companies still feel "moderately to very confident" in their ability to defend against a cyberattack with their current infrastructure.

"We cannot underestimate the threat posed by our own overconfidence," said Jeetu Patel, EVP and General Manager of Security and Collaboration at Cisco.

"Today's organisations need to prioritise investments in integrated platforms and lean into AI in order to operate at machine scale and finally tip the scales in the favour of defenders," Patel added.

Almost all (99 per cent) companies globally expect to increase their cybersecurity budgets in the next 12 months.

About 71 per cent of companies plan to significantly upgrade their IT infrastructure in the next 12 to 24 months.

"They must also ensure that AI is integrated into frontline defenses as part of their overall cybersecurity strategy to fortify their defenses against evolving threats, futureproof their operations, and strengthen security resilience in a digital-first world," said Samir Kumar Mishra, Director, Security Business, Cisco India & SAARC.