Four out of five Indian business execs believe that their cybersecurity budgets will rise in 2023

• Data breaches have impacted one in four companies in the last three years.
• Amid an increase in cyber issues, over 80% of Indian executives predict an increase in cybersecurity budgets in 2023.
• Over 89% of Indian executives claimed their organization detected a cyber threat.

Data breaches and cybersecurity attacks have become quite common, with companies reporting increased attacks compared to earlier years. A PricewaterhouseCoopers (PwC) survey revealed that one in four companies, globally, was a victim of a data breach in the past three years.

The data breaches reportedly cost companies anywhere between $1-20 million. According to PwC’s annual Global Digital Trust Insights India edition report, India has fared better than its global counterparts in mitigating cybersecurity risks.

Globally, less than 40% of the executives said they have fully mitigated cybersecurity risk in critical areas. In India, more than half the respondents are confident that they have successfully mitigated the risks caused due to measures taken since 2020, including enabling remote and hybrid work, cloud adoption, digitization of supply chains and back-office operations.

Organizations to increase cybersecurity budgets in 2023

Amid an increase in cybersecurity threats, 82% of Indian executives predict an increase in cyber security budgets in 2023. In 2022, 69% of the executives said that their cybersecurity budget was increased.

Globally, 65% of executives plan on spending more on cybersecurity.

The top threat actors for Indian organizations include cybercriminals, insiders, hackers, competitors, and nation-states.

“The digitalisation of business demands that corporates and boards invest in becoming more cyber resilient. This needs to be across the spectrum – in technology, people, processes and engineering capabilities,” said Sivarama Krishnan, partner and APAC cybersecurity leader, PWC.

“Our survey clearly reveals that organisations that have made cybersecurity a strategic priority have witnessed less disruption to business. Cyber resilience is not only key to survival of businesses but also a key driver of public trust,” Krishnan added.

Increased threats

The PwC survey has revealed that 89% of Indian business executives have claimed that their organization’s cybersecurity team detected and prevented significant cyber threats to their business.

In India, cloud-based pathways (59%) and the internet of things (58%) are the top areas of concern, followed by mobile devices and software supply chains (54%), according to the report.

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