82% of India’s business executives expect an increase in cybersecurity budgets by 2023: PwC

Cybercriminal activity stands at the highest level of cyber risk within Indian organisations

November 10, 2022

27% of global companies over the past three years have witnessed a data breach

50% of the business executives from India mentioned that they have mitigated cybersecurity risk exposure for many critical areas

89% of Indian business executives have taken action after seeing their organizations detect major cybersecurity threats

Around 77% of the respondents view cybercriminal activity as the most significant organisational threat

About 82% of India’s business executives expect an increase in cybersecurity budgets in the 

next year, as 77% view cybercriminal activity as the most significant organisational threat, according to a report from PriceWaterhouseCoopers (PwC).

According to the report, which is based on a survey, 27% of global companies over the past three years have witnessed a data breach, leading them to lose money ranging from US$ 1 million to US$ 20 million. 

Media reports mentioned that the PwC survey includes 3,522 respondents across 65 countries. About 52% of the companies in the survey make revenues greater than US$ 1 billion and 25% have revenues greater than US$ 5 billion.

About 40% of the surveyed executives globally, mentioned that they have mitigated cybersecurity risk exposure for many critical areas. Regarding India, 50% of the surveyed executives have declared the same, and mentioned that they began their cyberthreat-eliminating process two years ago. Also, 89% of Indian business executives have taken action after seeing their organizations detect major cybersecurity threats, compared to global respondents who stood at 70%. 

As per the report, cybercriminal activity stands at the highest level of cyber risk within Indian organisations with 77% of the respondents claiming the same. Additionally, 62% of the respondents mentioned that insider threat is another challenge faced by the country’s organisations. 

Implications

Large companies and the government should endorse the adoption of modern cybersecurity technologies, and also hold campaigns to inculcate more people with cybersecurity skills. This will broaden the scope of employees preventing their organizations from facing major security threats.

 
Source: The Hindu

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