A survey by PricewaterhouseCoopers (PwC) claimed that incidents of cyber-security breach have climbed to a record 117 percent during the year in India. More than 480 C-level executives from across 17 industry sectors in India contributed responses.
The average number of incidents detected by respondents increased from 2,895 last year to 6,284 this year. The global increase of incidents of cyber-security breach stood at 39 percent during the time period of July 2014-June 2015.
Companies in India are investing more to reduce cyber-security risks and improve business performance. A 71 percent increase in budgets spent on cyber-security was seen during the same period.
Sivarama Krishnan. PwC India's cyber-security lead, said, “Organisations in India are looking towards innovative cyber-security solutions, and we have seen a 25 percent compounded annual growth rate (CAGR) in security budgets over the past fve years, which support this trend. Not only are leaders adopting innovative solutions, but even fundamental security technologies and practices have seen wider acceptance, and organisations have evolved to master the basics.”
The report said losses from incidents of cyber-security grew by 135 percent over the previous year and the average cost per incident increased by close to eight percent.