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60% Indian firms worried about Internet security

IANS  |  New Delhi 

Nearly 60 per cent organisations in are concerned that the is getting increasingly unstable from a cybersecurity standpoint and they are unsure how to react, according to a new report from

Most of the respondents from (77 per cent) believe that the advancement of the digital economy will be severely hindered unless there is dramatic improvement in security, said the report titled "Securing the Digital Economy: Reinventing the 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 models outpaces the ability to introduce adequate safeguards that protect critical assets, the report said.

"is lagging behind the sophistication of cybercriminals, leading to an erosion of trust in the digital economy," Anindya Basu, and Country Senior Managing Director, 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

Over 60 per cent of Indian respondents believe that addressing cybersecurity challenges will require an organised group effort, as no single organisation can solve the challenge on its own.

With heightened concerns about Internet security, seven out of 10 (69 per cent) of executives would also welcome stricter regulations imposed by a central organisation or governing body, the results showed.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 17 2019. 16:38 IST
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