According to a survey by global consulting firm PwC, the majority of organizations in India i.e. around 80% are likely to increase their cybersecurity spending in 2022. The risk landscape is continuously evolving, according to PwC’s 2022 Digital Trust Insights Survey, and organizations are investing more than ever in cybersecurity to manage their risks.
The impact of a risk event is not limited as the business environment becomes more complex due to the interconnectivity of systems and information, it stated, but rather has a domino effect with significant consequences.
To minimise these risks, organizations are preparing to develop robust cybersecurity practices and controls.
The survey said “…82 per cent of the Indian respondents have predicted an increase in their cybersecurity budget in 2022. Moreover, 41 per cent of organisations in India predict double-digit growth in their cyber budgets in 2022, as against 26 per cent organisations globally,”
The 2022 Global Digital Trust Insights is based on a survey of 3,602 business, technology, and security executives from various regions (CEOs, corporate directors, CFOs, CISOs, CIOs, and C-Suite officers). The responses of executive replies of 109 Indian businesses forms the basis of Indian edition of the global survey report.
Organizations have also invested in a variety of cybersecurity tools and technology to manage their cyber threats, according to the survey.
The survey report added that these technologies, however, are not being used to their full potential for making intelligent and informed cyber risk management decisions.
It also reported that 4 out of ten organizations have started or plan to invest in cybersecurity, with a focus on areas such as customer identity and access management, zero trust architecture, managed security services, cloud security and endpoint security.
The report noted that only 25% of respondents in India have realised the benefits of their cyber investments to date.
According to the survey, 40% of Indian respondents have established formal and mature data trust practices which includes data governance, discovery, protection, and minimization within their organizations
According to PwC, in the digital age, consumers prefer organizations that have the highest level of digital trust.
PwC noted that organizations have become significantly reliant on complex, deeply rooted, and interdependent technologies as a result of digitisation and the utilisation of vast amounts of data.