60% Of Indian Firms Are Concerned With Internet Security

About 60% of Indian organizations are worried about how cybersecurity is getting more and more unstable, and they are uncertain of how to respond.

Most of the respondents (77%) coming from India believe that if no dramatic improvement is made for Internet security, the digital economy will suffer severely, according to the report “Securing the Digital Economy: Reinventing the Internet for Trust."

Cyber attacks could lead to companies around the world going through lost revenue and additional costs for the next five years. This is because their ability to implement adequate safeguards to protect critical assets is outstripped by their dependence on complex business models that are Internet-enabled.

Accenture India’s Geographic Unit and Country Senior Managing Director, Anindya Basim, said in a statement:

These are the results from a survey of over 1,700 CEOs and C-suite executives across the world, 100 of whom are from large firms in India.

More than 60% of Indian participants think that tackling cybersecurity challenges requires an efficient group effort because this is not the kind of problems that a single organization can deal with alone.

The results also indicated that with increased concerns over cybersecurity, in ten executives, seven would accept stricter business regulations from a governing body or a central organization.

Last year, a report from Silicon Valley-based analytics firm FICO reported that 82% of Indian firms had cybersecurity insurance. However, only 48% of them said their insurance covered all risks, which means that the remaining 52% could still be exposed to cyber attacks.

India FICO country manager, Vishal Goyal commented on this, saying: