In comparison to the global average of 70%, 89% of Indian business executives claim that their organization’s cybersecurity team identified a significant cyber threat to business and stopped it from having an impact on their operations. Executives anticipate more cybersecurity budgets in 2023, according to a survey: over 82%.
According to a PwC survey, more than 82% of business executives in India predict that cybersecurity budgets will rise in 2023, with 77% of them considering cybercriminal activity to be the biggest organizational threat.
According to the “2023 Global Digital Trust Insights-India edition,” 27% of all businesses worldwide had a data breach that cost $1 million to $20 million or more in the previous three years. Although the fact that cyberattacks continue to cost organizations millions of dollars, less than 40% of CEOs questioned globally claim to have entirely reduced their exposure to cybersecurity risk in a number of crucial areas. In India, the situation is marginally better, with more than 50% of respondents stating that they have completely reduced the risks associated with their audacious actions since 2020.
In comparison to the global average of 70%, 89% of Indian corporate executives claim their organization’s cybersecurity team identified a serious cyberthreat to their operations and stopped it.
In keeping with international findings, cybercriminal activity (77%) tops the list of threat actors in the Indian context. Beyond that, however, insider threat (current employees, former employees, and contractors) emerges as a particular challenge in India, with 62% of respondents mentioning it. According to the survey, which was supported by recent reports about employees moonlighting and security lapses as organization boundaries grew as a result of the pandemic and the shift to remote working.
PwC reports that the poll included 3,522 respondents from 65 different countries, 52% of which were from companies with annual revenues of $1 billion or more. 25% had annual revenues of $5 billion or more.