Majority of Indian firms set to increase cybersecurity budget in 2022

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Majority of Indian firms set to increase cybersecurity budget in 2022

Global Digital Trust Insights 2022 is a survey of 3,602 business, technology, and security executives (CEOs, corporate directors, CFOs, CISOs, CIOs, and C-Suite officers) conducted in July and August 2021 across 60+ territories. This year’s survey offers the C-suite a guide to simplifying cyber with intention. It focuses on four questions that tend to get short shrift but, if properly considered, can yield significant dividends.

As per the Indian edition of the survey which focuses on the responses of the executives of 109 Indian businesses, almost all Indian organizations (about 80 percent) have opined that they will increase their cybersecurity budget in 2022.

As per the PwC’s 2022 Digital Trust Insights Survey, the risk landscape is continuously evolving, and organisations are investing more than ever in cybersecurity to manage their risks.

The survey further said organisations have invested in a multitude of cybersecurity tools and technologies to manage their cyber risks.

However, these technologies are not utilised to their maximum potential for making intelligent and informed cyber risk management decisions, it added.

Other Key conclusions of the Survey are :

Sixty percent expect an increase in cybercrime; 53% say nation-state attacks  are likely to grow.

Mobile, the Internet of Things, and cloud top the list of anticipated targets.

But the type of attack could take almost any form, as per respondents of the survey . Cloud service attacks (22%) narrowly edged out ransomware (21%) and cryptomining (21%) as most likely  to see significant increases, and a long line of other attack types scored at 20% and 19%. Notably, 56% expect a rise in breaches via their software supply chain, with 19% eyeing significant increases — a number that grows to 25% among North American respondents.

75% of executives report too much complexity in their organisations, leading to ‘concerning’ cyber and privacy risks.

As per the survey the two-thirds of organisations that haven’t formally implemented data trust practices may be at risk in more ways than one. Effective data governance is important not only for operational resilience but also for compliance with regulations such as the European Union’s General Data Protection Regulation (GDPR) and the California Privacy Rights Act (CPRA). New, more stringent regulations loom on the horizon as well. When someone asks for information about their data — what you’re keeping and what you’re doing with it — you’d better be able to answer quickly and accurately. If it’s a regulator doing the asking, the wrong answer could bring heavy fines.

Worried about your organisation’s cybersecurity and Data Privacy practices, connect with us to understand how you can conveniently make your business secure and compliant with applicable privacy regulations.

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