This underscores the critical importance of cybersecurity, which 61 % of executives identified as their top risk mitigation priority, surpassing digital risks (60%), inflation (48%), and environmental risks (30%).
Data breaches remain a pressing concern, with one in three organisations reporting breaches costing over $1 million in the past three years. Additionally, 42% of Indian business leaders are prioritising data protection and remediation as key areas of focus in response to recent cyber incidents.
Cloud-related threats emerged as the top risk for 55% of executives, a 3% increase from the previous year. However, half of the security leaders and chief financial officers (CFOs) surveyed admitted they feel least prepared to tackle these risks.
Sivarama Krishnan, partner and leader, risk consulting, PwC India, commented, “From the boardroom to operational teams, it is essential that business leaders hold each other accountable and respond to the evolving landscape of cyber threats.”
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He added, “By embracing advanced technologies, adhering to foundational cybersecurity principles, and allocating resources effectively, organisations need to stay committed to fortifying defences and safeguarding their future.”Regulatory compliance continues to play a pivotal role in shaping cybersecurity strategies. The report found that 74% of CXOs have strengthened their cybersecurity posture in response to evolving regulations.
Sundareshwar Krishnamurthy, partner and leader -cybersecurity, PwC India, emphasised, cyber regulations are consistently driving heightened cybersecurity spending, with every executive surveyed acknowledging that regulatory mandates have driven them to bolster their security measures.
Generative AI (Gen AI) is proving to be a game-changer in cybersecurity, with 87% of organisations increasing investments in Gen AI for cyber defence strategies.
Furthermore, 86% of companies have boosted spending on AI governance, while 80% expressed confidence in their ability to comply with AI regulations.
This trend underscores the growing reliance on advanced technologies to tackle increasingly complex cyber threats.
Despite the heightened focus on cybersecurity, challenges persist. Only 20% of organisations employ robust methodologies for quantifying cyber risks, which limits their ability to prioritise strategic investments.
Sivarama Krishnan noted, “Although a majority of senior leaders acknowledge the importance of quantifying cyber risk to prioritise investments, only one-fifth of organisations are adopting thorough risk quantification methodologies.”
While 8% of security leaders reported data breaches costing over $20 million, a decrease of 3% from last year, 44% experienced breaches with costs exceeding $500,000 in the past three years.
Moreover, 33% of leaders acknowledged that most of their serious data breaches incurred costs of at least $1 million.
