Last updated on July 7th, 2024 at 12:16 pm
Businesses adopt technology to be digitized, manage a vast amount of data, improve operational efficiency, and whatnot. As the use of technology grows, the need for investing in cybersecurity increases to safeguard the increasing volume of data. However, having complicated guardrails around data and services doesn’t serve the purpose always.
According to the latest Digital Trust Insights Survey by PwC India, about three-fourths of Indian respondents state organizational complexity poses cyber risks.
PwC India 2022 Digital Trust Insights Survey
As cybercrimes and the malpractice of compromising company data networks are increasing rapidly, setting a correct cybersecurity roadmap is the need of the hour for companies.
It can be possible by empowering and building trust in employees, technology, and customers. But many Indian organizations fail to simplify their cyber security program by streamlining their data, managing technology, and organizing operations.
PwC India 2022 Digital Trust Insights Survey indicated the same. More than 75% of the Indian respondents agree that excessive organizational complexities, which are unnecessary and can be avoided, cause cyber and privacy risks
Here are the other findings of the survey:
- 25% of respondents in India have realized the benefits of their cyber investments
- Only 4 out of 10 organizations in India have initiated or are planning to begin investment in cyber security
As you can see, most Indian organizations have yet to set aside a budget to reduce cyber threats and streamline operations.
The survey also highlighted that many Indian CEOs are proactively engaged in cyber security only when a crisis arises. Many companies find deploying cyber security management processes and handling technology daunting as they accumulate and process an enormous amount of data.
The percentage of organizations implementing advanced data trust practices is quite low. In fact, only 35% of Indian respondents state they have executed formal data retention and removal policies and methods.
Cyber Risk Future Outlook In India
According to the survey, in the next 12 months, the possibility and frequency of cyber risks will increase.
The possible cyber risks include:
- 76% foreign influence in research and development
- 70% ransomware
- 28% attack on software supply chain, malware via a software update, and business email compromise
- 78% of mobile and social engineering attacks
Moreover, 71% of cybercriminals and 68% of third parties and contractors can also cause cyber threats in the future.
The more your organization continues to adapt to the fast-changing digital landscape, your systems are more likely to become vulnerable to cyber attacks, which may result in operational, financial, and reputational losses. Managing a remote team can also pose additional cyber security risks.
Therefore, you should have a robust cybersecurity mechanism to deal with any possible cyber threat.
About the Survey
PwC India surveyed 3602 businesses, technology, and security executive based in various regions of India to understand the rapidly changing cyber landscape among Indian organizations and what approach they are following to cope with it.
You can click here to learn more about the survey.
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