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Over 82% Of Business Leaders In India Think That Cybersecurity Budgets Will Go Up In 2023: Survey

NEW DELHI: Most CEOs in India assert that their organisations will continue to increase their cyber budgets in 2023, according to the latest research.

77% of respondents cited cybercriminal behaviour as the largest concern to their organisation, while 62% cited insider threat as a challenge.

According to a PwC study, 43% of Indian business leaders stated their companies had yet to successfully manage the risks associated with remote and hybrid work, 61% said the same about risks associated with rapid cloud adoption, and 55% said the same about expanding data volumes.

According to Sivarama Krishnan, Partner and APAC Cybersecurity Leader at PwC, whose firm conducted the survey, businesses that have prioritised cybersecurity have had fewer business interruptions.

In the preceding three years, one in four businesses worldwide experienced a data breach that cost between $1 and $20 million, according to the report.

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The biggest worries in India are cloud-based channels (59%) and the internet of things (58%), followed by mobile devices and software supply chains (54 per cent).

89% of Indian corporate leaders surveyed by PwC believe their organization’s cybersecurity team uncovered a significant cyber threat and stopped it from damaging their operations, compared to 70% globally.

According to the report, nearly fifty percent of respondents claim that, since 2020, they have completely minimised the dangers their bold decisions entailed.

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This includes enabling remote and hybrid work (57% believe the cyber risk is completely managed), accelerating cloud usage (61%), increasing the use of the internet of things (67%), upgrading the digitisation of supply chains (52%), and expanding back-office operations (56 per cent).

According to the study, Indian respondents selected a catastrophic cyberattack, the resurrection of Covid-19 or a new health calamity, and a new geopolitical conflict as the top three hazards to businesses.

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