Indian Business Executives Are Foreseeing Rise In Cybersecurity Budgets In 2023: PwC Survey

Business executives in India are anticipating a rise in cybersecurity budgets in the coming year. According to a PwC report, more than 82 per cent of business executives, who participated in a survey regarding risks affecting an organisation, said that in the upcoming year their organisation will have to increase cybersecurity budgets.

According to the survey, Indian respondents consider a catastrophic cyberattack, a resurgence of Covid-19 or a new health crisis, and a new geopolitical conflict among the top three risks.

“Over 82 per cent of business executives in India foresee an increase in cybersecurity budgets in 2023,” said the PwC survey.

According to the survey, 89 per cent of the participants said that their organisations’ cybersecurity team detected a significant cyber threat to business and prevented it from affecting their operations compared to 70 per cent globally.

Pwc said that the survey highlights that 83 per cent of Indian business executives say their organisation’s cybersecurity team has improved supply chain risk management.

The ‘Global Digital Trust Insights’ survey demonstrated the need for improvement and transformation of cybersecurity within their organisations in the next 12-18 months. 3,522 respondents across 65 countries participated in the survey. 103 executives from Indian companies participated in the survey.

These executives were both from business and tech/security fields. 40 per cent of the participants were from organisations with over $1 billion in revenue and 32 per cent with over $5 billion.

Organisations across the globe are worried about more threats and cyber security incidents in 2023. 65 per cent of business executives polled felt that cyber crimes will increasingly affect their organisations in 2023 compared to 2022.

While globally, mobile devices are considered the most unsecured. In India, cloud-based pathways and the internet of things (IoT) are the top areas of concern, followed by mobile devices and supply chain software.