Business security risks have risen dramatically as they go agile and expand hybrid working, necessitating the redesign of their data security systems. Advances in technology will result in a significant increase in IT investments across all industries over the next few years. Spending on digital transformation technologies is expected to reach a staggering USD 18 trillion by 2022. While rapid growth creates new opportunities, it also introduces the risk of doing business in a connected world.
While rapid growth creates new opportunities, it also introduces the risk of doing business in a connected world. Cyber criminals are using new and advanced methods to cause significant damage to organisations’ reputations, potentially resulting in massive financial losses. Taking the necessary precautions and investing in security measures is just another aspect of doing business for businesses.
Since the pandemic, India has been one of the most vulnerable countries to cyberattacks, with a staggering 68% of companies in the country experiencing some form of data attack. Furthermore, according to a report by cybersecurity firm Sophos, seven out of ten Indian businesses were victims of a ransomware attack in the previous year.
According to India’s Computer Emergency Response Team (CERT IN), over 674,000 cybersecurity incidents occurred in the country during the first half of 2022. According to PwC’s latest Global Digital Trust Insights, 82% of business executives in India expect their cyber security budget to increase by 2023. According to the survey, 66% of these executives believe cyber criminals will have a greater impact on their organisation in 2023 than they did in 2022.
