Indian Firms Set To Increase Cybersecurity Budget: PwC Survey The survey reported that 65 per cent of the business executives feel cyber criminals will significantly affect their organization in 2023 compared with 2022

By Teena Jose

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Indian firms are looking to increase their cybersecurity spending on measures to tackle cyber attacks, which are expected to become more complex with a thrust on rapid digitization. According to the PwC's annual Global Digital Trust Insights, over 82 per cent of business executives in India foresee an increase in the cybersecurity budget in 2023. The survey also reported that 65 per cent of the business executives feel cyber criminals will significantly affect their organization in 2023 compared with 2022.

"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, in a statement.

The survey report stated that about 50 per cent of Indian enterprises believe that they have fully mitigated their cybersecurity risk exposure in a number of critical areas. The survey found that 89 per cent of Indian business executives say their organisation's cybersecurity team detected a significant cyberthreat to business and prevented it from affecting their operations, as against 70 per cent globally.

"Our survey clearly reveals that organisations that have made cyber security 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.

According to the key findings of the survey, organizations across the globe worry about more threats and cyber events in 2023. In India, stating the rate of risks, cloud-based pathways (59 per cent) and the internet of things (58 per cent) are top areas of concern, followed by mobile devices and software supply chains (54 per cent). Globally, mobile devices are considered the most unsecure (41 per cent).

According to the Indian computer emergency response team (CERT-In), over 6.74 lakh cyber security incidents were reported in the country in the first six months of this year.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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