NEW DELHI: One in four companies globally has suffered a data breach that costed $20 million or more in the past three years, according to a PwC report released on Tuesday. The report noted that firms across the globe worry about more threats and cyber events in 2023 and nearly 65% of surveyed business executives feel cybercriminals will significantly affect their organisation in 2023, compared to 2022.
However, despite cyber attacks continuing to cost businesses millions of dollars, globally fewer than 40% of executives said they have fully mitigated cyber security risk exposure in a number of critical areas. In India, the figure is slightly better with over 50% of respondents believing that they have fully mitigated the risks.
“Digitalisation of business demands that corporates and boards invest in becoming more cyber resilient… Our survey clearly reveals organisations that have made cybersecurity a strategic priority have witnessed less disruption to business. Cyber resilience is not only key to survival of businesses but also a key driver of public trust,” said Sivarama Krishnan, partner and APAC cybersecurity leader, PwC.
In India, cloud-based pathways (59%) and the internet of things (58%) are top areas of concern, followed by mobile devices and software supply chains (54%). Globally, mobile devices are considered most unsecure (41%).
As per the survey, 89% of Indian business executives say their organisation’s cybersecurity team detected a significant cyber threat to business and prevented it, as against 70% globally. It highlights that 83% Indian business executives said their organisation’s cybersecurity team has improved supply chain risk management.