In the last year, several Indian organisations have experienced an increase in cyber attacks. In addition, as many workers work from home, companies are focusing on data protection.
Even as businesses strive to deal with the disruption of the Covid pandemic on their operations, the threat of cyber security is keeping many top executives awake at night.
According to a PwC report, business resilience, managing supply chain and data leakage are among the top cyber security risks that many CXOs confront.
The report titled, “The future of cyber security trends,” stated “The biggest challenge faced by all businesses today is their ability to respond to an event that is causing widespread disruption. The threat landscape itself is changing dynamically,”
In the last year, several Indian organisations have experienced an increase in cyber attacks. In addition, as many workers work from home, companies are focusing on data protection.
Commenting on the report, Sivarama Krishnan, Asia Pacific Cyber Security Leader and Partner, PwC India, said “With the onset of the COVID-19 pandemic, organisations have witnessed a paradigm shift in the regular ways of working and this has brought about significant changes in the way they perceive cyber threats,”
The report said “All organisations take a strategic call on the kind of services they would like to execute in-house and the ones that would require engagement with third-party suppliers/partners. The latter requires organisations to share data with third-party suppliers and provide them with access to organisational resources. While many organisations run strong third-party risk management programmes, it is practically impossible to get into the landscape details of the supplier ecosystem and the multiple microcosms they create,”
According to the PwC report, 40 top firms’ CXOs were polled on their perspectives on cyber security.
CISOs and CIOs are unable to gain a comprehensive view of organisational security red herrings. Third parties, security architecture, gateways, and other factors could lead to risk exposure. If there are any changes to the security ecosystem or any unreported impact on the threat landscape, a comprehensive assessment should be conducted.
The report noted that the ability to detect potential risks and choose the right risk-response mechanism is lost if an organisation is unable to identify and review these aspects.
Krishnan said that “It is important to understand such threats and benchmark our readiness to address them,”