AI Investment Prioritized as Indian Firms Battle Cybersecurity Threats

A PwC report reveals that numerous Indian firms have faced significant financial losses due to cyber breaches. The study highlights the focus on AI and cloud security in budget allocations, amid a rising cybersecurity budget. The report also notes challenges such as workforce shortages and skill gaps.

In a striking revelation, a PwC report highlights that almost a quarter of surveyed Indian enterprises have suffered losses exceeding USD 1 million due to cyber breaches over the past three years, with those earning over USD 5 billion annually facing heightened risks.

The report indicates a cautious but definitive upward trend in cybersecurity budgets, as 87% of Indian organizations plan to boost their spending in this area over the next year. Priorities include investments in AI, flagged by 46% of leaders, and cloud security by 33%.

Despite the proactive financial measures, workforce shortages continue to pose significant challenges. Organizations are addressing this by emphasizing AI and machine learning investments, tool consolidation, automation, and staff training to bridge skill gaps.

(With inputs from agencies.)