Over 9 in 10 Indian leaders anticipate an increase in cybersecurity budgets next year

New Delhi, Nov 21 (IANS) More than 9 in 10 (93 per cent) Indian business leaders anticipate an increase in their cybersecurity budgets next year, with 17 per cent planning to raise their budgets by 15 per cent or more — an increase of 1 per cent from last year, according to a report on Thursday.Additionally, 42 per cent of Indian business leaders are prioritising data protection and remediation in the aftermath of recent cyber breaches as their main cyber investment for the coming year, said the PwC India’s ‘Digital Trust Insights 2025.’According to the report, Indian executives rank cybersecurity as their top risk mitigation priority (61 per cent), followed by digital and technology risks (60 per cent), inflation (48 per cent) and environmental risks (30 per cent) for the next 12 months.“By embracing advanced technologies, adhering to foundational cybersecurity principles, and allocating resources effectively, organisations need to stay committed to fortifying defences and safeguarding their future,” said Sivarama Krishnan, Partner and Leader, Risk Consulting, PwC India.Cloud-related threats remain the foremost worry, cited by 55 per cent of Indian executives as their most concerning cyber risk, marking a 3 per cent increase from the previous year.However, 50 per cent of security leaders and chief financial officers (CFOs) feel least prepared to address these threats in the coming year.The report highlighted that Gen AI is at the helm of cyber investment priorities, with 87 per cent of organisations having boosted their investments over the last 12 months.Additionally, 86 per cent of organisations have increased their spending on AI governance as part of their risk management strategies. Furthermore, 80 per cent of Indian companies are highly confident in their ability to comply with AI regulations.“Advances in emerging technologies such as artificial intelligence (AI) and the increased adoption of cloud services have significantly expanded the attack surface for enterprises,” said Manu Dwivedi, Partner and Leader – Cybersecurity and Risk Consulting GCC, PwC India.--IANSna/

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Nov 21, 2024 - 11:20

New Delhi, Nov 21 (IANS) More than 9 in 10 (93 per cent) Indian business leaders anticipate an increase in their cybersecurity budgets next year, with 17 per cent planning to raise their budgets by 15 per cent or more — an increase of 1 per cent from last year, according to a report on Thursday.

Additionally, 42 per cent of Indian business leaders are prioritising data protection and remediation in the aftermath of recent cyber breaches as their main cyber investment for the coming year, said the PwC India’s ‘Digital Trust Insights 2025.’

According to the report, Indian executives rank cybersecurity as their top risk mitigation priority (61 per cent), followed by digital and technology risks (60 per cent), inflation (48 per cent) and environmental risks (30 per cent) for the next 12 months.

“By embracing advanced technologies, adhering to foundational cybersecurity principles, and allocating resources effectively, organisations need to stay committed to fortifying defences and safeguarding their future,” said Sivarama Krishnan, Partner and Leader, Risk Consulting, PwC India.

Cloud-related threats remain the foremost worry, cited by 55 per cent of Indian executives as their most concerning cyber risk, marking a 3 per cent increase from the previous year.

However, 50 per cent of security leaders and chief financial officers (CFOs) feel least prepared to address these threats in the coming year.

The report highlighted that Gen AI is at the helm of cyber investment priorities, with 87 per cent of organisations having boosted their investments over the last 12 months.

Additionally, 86 per cent of organisations have increased their spending on AI governance as part of their risk management strategies. Furthermore, 80 per cent of Indian companies are highly confident in their ability to comply with AI regulations.

“Advances in emerging technologies such as artificial intelligence (AI) and the increased adoption of cloud services have significantly expanded the attack surface for enterprises,” said Manu Dwivedi, Partner and Leader – Cybersecurity and Risk Consulting GCC, PwC India.

--IANS

na/

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