One in four companies (27 per cent) globally has suffered a data breach that cost $1–20 million or more in the past three years. However, despite cyberattacks continuing to cost businesses millions of dollars, globally fewer than 40 per cent of executives surveyed say they have fully mitigated cybersecurity risk exposure in a number of critical areas.
In India, the figure is slightly better with over 50 per cent of respondents believe that they have fully mitigated the risks their bold moves incurred since 2020. This includes enabling remote and hybrid work (57% say the cyber risk is fully mitigated), accelerated cloud adoption (61 per cent), increased use of the internet of things (67%), increased digitisation of supply chains (52 per cent) and back office operations (56 per cent). This is according to PwC’s annual Global Digital Trust Insights – India edition.
According to the survey, organisations across the globe worry about more threats and cyber events in 2023 – 65 per cent of surveyed business executives feel cybercriminals will significantly affect their organisation in 2023 compared to 2022. In India, 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%).
Sivarama Krishnan, Partner and APAC Cybersecurity Leader, PwC, said, ‘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. Our survey clearly reveals that organisations that have made cybersecurity a strategic priority have witnessed less disruption to the business. Cyber resilience is not only key to the survival of businesses but also a key driver of public trust."
According to the survey, 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. It also highlights that 83 per cent of Indian business executives say their organisation’s cybersecurity team has improved supply chain risk management.
The majority of executives surveyed say their organisations are continuing to increase their cyber budgets – 69 per cent say that the budget increased in 2022 and 65 per cent plan to spend more on cyber in 2023. Increasing budgets reflect the fact that cybersecurity tops the agenda for resilience planning. According to the survey, a catastrophic cyberattack ranks higher than global recession or another health crisis for organisations’ resilience planning.