Cybersecurity Top Priority As 93% Indian Execs Expect Budget Increase In 2025: Report

Indian executives rank cybersecurity as their top risk mitigation priority (61%), followed by digital and technology risks (60%), inflation (48%), and environmental risks (30%) for the next 12 months, findings from a PwC report show.

The report showed that 93% of respondents anticipate an increase in their cybersecurity budgets next year, with 17% planning to raise their budgets by 15% or more. Additionally, 42% leaders are prioritising data protection and remediation for the coming year in the backdrop of recent cyber breaches. 

Cloud-related threats was cited by 55% of Indian executives as their most concerning cyber risk, marking a 3% increase from the previous year. However, 50% of security leaders and chief financial officers feel least prepared to address these threats in the coming year.

Security leaders and CFOs said that regulations are prompting them to boost their cyber investments, with 74% enhancing or strengthening cybersecurity.

The report highlights that generative AI is at the helm of cyber investment priorities, with 87% of organisations boosting their investments over the last 12 months. Additionally, 86% have increased their spending on AI governance as part of their risk management strategies. Furthermore, 80% of Indian companies are confident in their ability to comply with AI regulations.

Despite efforts towards cybersecurity, the impact of cyber incidents remains substantial. One in three Indian organisations suffered data breaches costing $1 million or more in the last three years. Additionally, 44% of organisations have experienced a data breach costing over $500,000 in the past three years. Data breaches with costs exceeding $20 million were reported by 8% of security leaders in India.