Over 82% of biz executives polled in India see cybersecurity budgets rising in 2023: PwC survey

Around 89 percent of Indian business executives say their organisations' cybersecurity team detected a significant cyberthreat to business and prevented it from affecting their operations, as against 70 percent globally

FPJ Web DeskUpdated: Tuesday, November 15, 2022, 02:46 PM IST
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Over 82 percent of business executives in India foresee an increase in cybersecurity budgets in 2023 | Image Credit: (Representative/iStock)

Mumbai: According to a PwC analysis, more than 82 percent of corporate leaders polled in India predict that cybersecurity spending will rise in the upcoming year.

The survey highlights that of all the risks affecting organisations, India 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 percent of business executives in India foresee an increase in cybersecurity budgets in 2023" said the PwC survey.

According to the survey, 89 percent of Indian business executives say their organisations' cybersecurity team detected a significant cyberthreat to business and prevented it from affecting their operations, as against 70 percent globally.

"It also highlights that 83 percent Indian business executives say their organisation's cybersecurity team has improved supply chain risk management," according to PwC release.

The 'Global Digital Trust Insights' survey captured views of senior executives on the challenges and opportunities to improve and transform cybersecurity within their organisations in the next 12-18 months.

The survey included 3,522 respondents across 65 countries. It revealed that 103 executives from India participated in the Global Digital Trust Insights survey.

These belonged to both business and tech/security roles, with 40 percent belonging to organisations with over USD 1 billion in revenue and 32 percent with over USD 5 billion.

According to the survey, organisations across the globe worry about more threats and cyber events in 2023 - 65 percent of business executives polled felt cybercriminals will significantly affect their organisations in 2023 compared to 2022.

In India, cloud-based pathways (59 percent) and the internet of things (58 percent) are top areas of concern, followed by mobile devices and software supply chains (54 percent). Globally, mobile devices are considered most unsecured (41 percent).

With inputs from PTI

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