Indian Firms Ramp Up Cybersecurity Amid Growing Digital Threats

Indian organizations are heavily investing in cybersecurity as digital threats rise, with 93% of executives planning budget increases by 2025. Cyber threats, especially data breaches, are a top concern. Advanced tech and regulatory compliance are pivotal in strategies, although challenges in risk quantification persist.

Indian organizations are stepping up their cybersecurity investments significantly in response to increasing digital threats, according to a recent report by PwC. A notable 93% of Indian executives are planning to increase their cybersecurity budgets by 2025, with 17% expecting increments of 15% or more, marking a 1% increase from the previous year.

This highlights the critical importance of cybersecurity, which 61% of executives identified as their top risk mitigation priority. This surpasses concerns over digital risks (60%), inflation (48%), and environmental risks (30%). Data breaches remain a pressing issue, with one in three organizations reporting breaches costing over USD 1 million within the past three years.

Cloud-related threats emerged as the top risk for 55% of executives, showing a 3% rise from last year. Yet, half of the security leaders and CFOs surveyed feel least prepared to tackle these risks. Sivarama Krishnan, a Partner and Leader in Risk Consulting at PwC India, emphasized the need for cohesive accountability and adaptation to the dynamic landscape of cyber threats.

Furthermore, 86% of companies have increased spending on AI governance, and 80% are confident in complying with AI regulations. Meanwhile, only 20% of organizations are employing robust methodologies to quantify cyber risks, limiting their strategic investment prioritization. Sivarama Krishnan commented on the need for more comprehensive risk quantification methodologies for effective investment prioritization.

Despite challenges, advancements like Generative AI are bolstering cyber defense strategies, as 87% of organizations allocate more investments to Gen AI. Regulatory compliance remains crucial, with 74% of CXOs having strengthened cybersecurity measures in line with evolving regulations.

(With inputs from agencies.)