As many as 90% of the organizations surveyed said generative AI will help them add new lines of business over the next 12 months, according to a report titled PwC’s 2024 Digital Trust Insights.
Newer regulations around cyber security and data privacy like the Digital Personal Data Protection Act, 2023, have added to the strategic importance of enhanced cyber investments for organizations, it said.
“More than half the business decision-makers are most concerned about cloud security-related threats and almost half of them are concerned that the outcome of a cyber-attack could result in loss of customer data and revenue,” said the report.
The report sheds light on the evolving landscape of cybersecurity and is based on a comprehensive survey of 3,876 business, technology, and security executives across the globe with 136 participants from India.
As per the report, 90% of the organizations believe generative AI will help them add new lines of business over the next 12 months, which reveals a significant trend – the widespread adoption of generative AI (gen AI) for cyber defense.
With the impact and risks around generative AI on the minds of most of the business leaders, 91 per cent of organizations opine employees’ personal use of generative AI will lead to tangible increases in their productivity within the next 12 months.
On the other hand, 73% are of the view that it will lead to catastrophic cyber attacks in the next 12 months the report said.
“Our survey highlights that nearly 70 per cent of organizations are actively planning to leverage Gen AI in their cybersecurity strategies, underlining the critical need for proactive and effective defence measures,” said Sivarama Krishnan, Partner & Leader, Risk Consulting, PwC India & Leader of APAC Cyber Security & Privacy.
The report also revealed that in 2024 cyber investments are expected to increase to 14%, up from 11% in 2023, highlighting the growing importance of cybersecurity in organizations’ overall strategies.
“For organizations in India, state-level and sectoral regulations continue to steer systemic changes in cybersecurity and the adoption of principle-based ones seems to be more successful. But irrespective of compliance requirements, businesses are investing in building an all-encompassing cyber resilience programme,” said Sundareshwar Krishnamurthy, Partner and Leader – Cybersecurity, PwC India.
PwC’s report also highlights the importance of embracing innovation, automation, and managed services in cybersecurity. These technologies not only provide round-the-clock monitoring but also free up cybersecurity teams to focus on creative thinking and proactive threat mitigation.
While cybersecurity tops the risk register, it calls for a more significant presence of cybersecurity discussions in the boardroom, emphasizing that security underpins every aspect of an organization, including finance, development, technology, and personnel.