Tuesday, January 31, 2023

2023’s biggest challenge for businesses could be cybersecurity

Security risks for businesses have risen dramatically as companies go agile and expand hybrid working, prompting remodelling of their data security systems, reports Asian News International.
Over the next few years, advancements in technology will cause a substantial increase in IT investments within businesses across all sectors. It is estimated that by 2022, spending on digital transformation technologies will amount to a gargantuan $1.8 trillion. If the rapid growth is opening up new opportunities, it also has an added element of risk of doing business in the connected world.
Cyber criminals are taking advantage of new and advanced methods to cause considerable damage to organisations’ reputation, which could potentially cause huge financial losses. For businesses, taking the right preventive steps and investing in security measures is just another part of doing business.
India has been one of the most vulnerable countries to cyberattacks since the pandemic, as a staggering 68 per cent of companies in the country have experienced some form of attack on their data. Additionally, a report by cybersecurity firm Sophos mentions that a remarkable seven out of ten Indian firms suffered from a ransomware attack in the previous year.
India’s Computer Emergency Response Team (CERT-IN) reported that in the first half of 2022, over 674,000 cybersecurity incidents occurred in the country. According to PwC’s latest Global Digital Trust Insights, 82 per cent of business executives in India anticipate an increase in cyber security budget by 2023.
The survey also revealed that 65 per cent of these executives believe cyber criminals will have a bigger impact on their organisation in 2023 than they did in 2022.

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