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.
Also read Cybersecurity Bill to Strengthen Critical Infrastructure Security Passed by Senate of United States.
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.
Also, read It’s Time For India to Implement a Unified Cybersecurity Law Since Cyber Sovereignty is at Stake
Conclusion
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.
