As Businesses Shift To Cloud, Ceos Need To Prioritise Cybersecurity: Pwc
PwC’s 2022 Digital Trust Insights Survey indicates that Indian business leaders believe avoidable and unnecessary organisational complexity poses ‘concerning’ cyber and privacy risks.
As companies step towards a digital approach while navigating a hybrid work model and moving their entire process into the cloud, the threats and risks also seem to be shifting. While most CEOs in PwC’s 26th Annual Global CEO Survey identified inflation and macroeconomic risks as the biggest threats to their businesses in the year, mature economies such as Australia and Japan are worried more about cyber risk.
According to Check Point Research, Global cyberattacks increased by 38 percent in 2022 compared to 2021. Africa experienced the highest volume of attacks with 1,875 weekly attacks per organisation, followed by APAC with 1,691 weekly attacks per organisation, which would justify their concerns.
Research and consultancy firm Gartner predicted in one of its reports that by 2025, almost 95 percent of all workload will be deployed on the cloud. This means that companies are still in the process or are at are least thinking about it. Hence, almost 50 percent of all participating CEOs would rather be prepared by increasing investments in cybersecurity and data privacy even if they do not see it as an immediate threat.
PwC also suggested in its report that business leaders must stay ahead of cyber challenges by having a dedicated leadership group that understands the significance of cyber security and treats it as a priority.
PwC’s 2022 Digital Trust Insights Survey indicates that Indian business leaders believe avoidable and unnecessary organisational complexity poses ‘concerning’ cyber and privacy risks. A security focus that cuts across the entire business — from top leadership to every department and across all employees — is key to instilling a culture of cyber security, managing cyber risks, enhancing communication between boards and management, and aligning cyber and business strategy.
India was also one of the most targeted counties by cybercriminals, according to Indusface, a Tata Capital-funded software-as-a-service (SaaS) security firm. The firm said among the 829 million…
