Nearly 60 percent organizations in India are concerned that the Internet is getting increasingly unstable from a cybersecurity standpoint and they are unsure how to react, according to a new report from Accenture.
Most of the respondents from India (77 percent) believe that the advancement of the digital economy will be severely hindered unless there is a dramatic improvement in Internet security, said the report titled “Securing the Digital Economy: Reinventing the Internet for Trust”.
Companies globally could incur $5.2 trillion in additional costs and lost revenue over the next five years due to cyberattacks, as dependency on complex Internet-enabled business models outpaces the ability to introduce adequate safeguards that protect critical assets, the report said.
“Internet security is lagging behind the sophistication of cybercriminals, leading to an erosion of trust in the digital economy,” Anindya Basu, Geographic Unit and Country Senior Managing Director, Accenture in India, said in a statement.
The results are based on a survey of more than 1,700 CEOs and other C-suite executives around the globe including 100 respondents from large enterprises in India.
Over 60 percent of Indian respondents believes that addressing cybersecurity challenges will require an organized group effort, as no single organization can solve the challenge on its own.
With heightened concerns about Internet security, seven out of 10 (69 percent) of executives would also welcome stricter business regulations imposed by a central organization or governing body, the results showed.―Business Standard
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