According to a survey by PwC, an estimated 80 per cent of Indian organisations will increase their cybersecurity budget in 2022. The firm noted that the risk landscape is continuously evolving and organisations are investing more in cybersecurity to manage their risks.
The interconnectedness of business systems and information makes it more difficult to limit the impact of a risk event, making it more likely to have a domino effect and severe consequences, the report said.
As a result, organisations are implementing robust cybersecurity practices and controls to manage these risks.
PwC survey was based on the responses of 3,602 business, technology and security executives (CEOs, corporate directors, CFOs, CISOs, CIOs, and C-Suite officers) based in various regions. In the India edition of the global survey report, executives from 109 Indian companies provided their responses.
Organisations have also invested in a variety of cybersecurity tools and technologies to manage their cyber risks, according to the survey. However, these technologies are not used to their full potential for making intelligent and informed decisions regarding cyber risk management, the report stated.
In addition, four out of ten companies have or plan to invest in cybersecurity by focusing on areas such as customer identity and access management, zero trust architecture, managed security services, cloud security, and endpoint security.
According to the survey, only 25 per cent of respondents in India have realised the benefits of their cyber investments to date.
Among Indian respondents, 40 per cent reported implementing formal and mature data trust practices such as data governance, discovery, protection, and minimisation within their organisations
