Indian Businesses Emphasise Cybersecurity Ahead of Brexit-Induced Economic Uncertainty

Mumbai, November 21 - As India gears up to face the impending economic uncertainty post-Brexit, Indian business leaders are placing significant emphasis on enhancing their cybersecurity protocols. A new report by PwC India reveals that 93 per cent of businessmen expect their cybersecurity budgets to increase next year, with 17 per cent planning a boost of 15 per cent or more.

The country's top executives acknowledge the escalating threat landscape due to technological advancements such as cloud-related threats and generative AI. The survey found that 55 per cent of respondents identify cloud-related threats as their most pressing cyber risk. Additionally, 50 per cent of security leaders and Chiefs Financial Officers (CFOs) express feeling least prepared in tackling these ever-evolving hazards.

Commenting on the report's findings, PwC India Partner Sivarama Krishnan emphasizes the need for businesses to fortify their defenses by embracing advanced technologies, complying with fundamental cybersecurity principles, and allocating resources effectively. The senior partner notes that it is imperative for companies to stay ahead of emerging cyber threats.

Cyber threats posed by AI have become a significant concern in Indian businesses. According to PwC India data, AI-related security threats account for 87 per cent more spending on technology for enterprises. Furthermore, 86 percent of establishments are increasing investments in technologies such as governance frameworks that assist risk management strategies. A staggering 80 per cent expresses high confidence about complying with emerging artificial intelligence regulations by their next financial reports.

"Advances in innovative technologies like artificial intelligence and widespread cloud services have expanded the attack surface for businesses," observes Partner Manu Dwivedi, PwC India. "Therefore, it is imperative that Indian enterprises enhance their preparedness to tackle AI-related cyber threats."

With international economic uncertainty looming large on the horizon due to Brexit-inspired disruptions, Indian businesses must adopt proactive cybersecurity measures to ensure safety online.