According to a recent Honeywell survey of business leaders in India, industrial cybersecurity breaches are damaging organizations by impacting the bottom line and company reputation. The survey polled strategic decision-makers from Indian industrial companies on types of cybersecurity threats, their approach to dealing with them and their organization’s respective preparedness as they adopt Industrial Internet of Things (IIoT)-enabled technologies.

The survey showed that companies today risk significant financial losses, damage to customer satisfaction and market reputation due to cybersecurity issues. However, the survey found that only 25 percent, on average, of the surveyed companies’ budgets were allocated to cybersecurity.

Survey findings of respondents that experienced a breach in the past year included:

  • Almost half (49 percent) said there was a reputational impact on their business.
  • 48 percent had their operations suspended for a period of time after the breach.
  • 42 percent received a fine.

The Honeywell-sponsored survey polled 252 respondents from industries including oil and gas, refining and petrochemicals, pulp and paper, pharmaceutical, utilities and manufacturing.