65% of corporates will increase their cybersecurity budget in the coming years

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#SunilSharma, Managing Director (Sales) - #Sophos (India & SAARC) at 21st Star Nite Awards 2022. #SNA2022

65% of corporates will increase their cybersecurity budget in the coming years.

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    65% of corporates will increase their cybersecurity budget in the coming years

    #SunilSharma, Managing Director (Sales) - #Sophos (India & SAARC) at 21st Star Nite Awards 2022. #SNA2022

    65% of corporates will increase their cybersecurity budget in the coming years

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  • Watch Most Indian firms to increase cybersecurity budget in 2022, says PwC Video
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    A majority of Indian organisations (80 per cent) are likely to increase their cybersecurity budget in 2022. As per the PwC's 2022 Digital Trust Insights Survey, the risk landscape is continuously evolving and organisations are investing more than ever in cybersecurity to manage their risks. As the business environment becomes more complex due to the interconnectedness of systems and information, the impact of a risk event is not limited, rather it has a domino effect with high consequences. Organisations are therefore gearing up to implement robust cybersecurity practices and controls to manage these risks. Moreover, 41 per cent of organisations in India predict double-digit growth in their cyber budgets in 2022, as against 26 per cent organisations globally,' the survey said. The 2022 Global Digital Trust Insights is a survey of 3,602 business, technology, and security executives (CEOs, corporate directors, CFOs, CISOs, CIOs, and C-Suite officers) based in various regions. The India edition of the global survey report focuses on the responses of the executives of 109 Indian businesses.



    The survey further said organisations have invested in a multitude of cybersecurity tools and technologies to manage their cyber risks. However, these technologies are not utilised to their maximum potential for making intelligent and informed cyber risk management decisions, it added. It also showed that four out of 10 organisations have either initiated the implementation or are planning to invest in cybersecurity by focusing on areas such as customer identity and access management, zero trust architecture, managed security services, cloud security and endpoint security. As per the survey, to date, only 25% of respondents in India have realised the benefits of their cyber investments. Experts revels that, with rising digitisation, businesses have been compelled to rethink and reconfigure their cybersecurity objectives, which have become more complex.

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    The pandemic continues to affect the way we work, socialise, shop and conduct business but there will be massive focus on cybersecurity. The growing challenges into cyber terrorism across the globe are likely to start coming up with their own distinctive national laws on cybersecurity. Some of the early movers who have worked up and come up with dedicated laws on national cyber security include China, Vietnam, Singapore and Australia. The year 2022 is likely to see more nations coming up with their own distinctive national laws on cybersecurity. This assumes more significance because of the tremendous number of cyber-attacks that are taking place. In fact, the year 2022 will see the multiplying of the cyberattacks. Today, cyber-attacks are being engaged in by both state and non-state actors and there are an immense number of legal policy and regulatory issues pertaining to cyber-attacks. Tackling a cyber-attack becomes a distinctive problem. A cyberattack can be originated from one part of the world and targeted at computer systems and communication devices in another country in another part of the world. With the ever-increasing use of social media and mobile apps worldwide, come great opportunities for hackers to steal others’ identities and information.

    Ransomware attacks will continue to keep on increasing. Every 11 seconds, one company, anywhere in the world becomes a victim of a Ransomware Attack and as time passes-by in the year 2022 this position is likely to get worse. Currently, the economic loss that the world is facing as a result of cybercrime and cybersecurity breaches is phenomenal and these particular loss figures will continue to keep on increasing. Hence, more nation-states in the year 2022 are likely to come up with new mechanisms so as to minimise the potential losses c

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    Cybersecurity is a lucrative business. Cybercrime is a booming business, inflicting damage to businesses estimated at $3 trillion per year and growing to $5 trillion by 2024, according to a recent report by Juniper Research. Cyberattacks are a costly business nightmare, resulting in profit-sapping downtime, lost revenues, brand damage, stock price losses and regulatory fines. The growing risk of being hit by a cyberattack makes it a no-brainer for organizations of all sizes to adopt cybersecurity solutions. This is where MSPs come into the picture. Cybersecurity poses a great opportunity for MSPs to expand, grow their business, and drive revenues while providing customers with more comprehensive solutions. Ransomware is designed to completely encrypt a victim’s file system, potentially causing an irreversible loss of data. Second, an increasing number of cybercriminals are utilizing ransomware to extract money out of victims. Some surveys have shown that losses for businesses can average $2,500 for each incident, with businesses willing to shell out millions of dollars to decrypt their data in some instances. Given the whole purpose of ransomware is to extract money from victims, total loss values are often the numbers people care about the most.

    There is an increasingly large number of businesses, governments, and individuals faced huge losses due to these types of virus attacks. Cybercrime is estimated to have increased by around 600% in the past year, with ransomware alone costing companies around $75 billion a year. A report says, the right cyber protection capabilities and management tools can capitalize on ransomware’s growth and add significant value to your service, allowing you to grow your client base, customer satisfaction, and revenue streams. 71% of ransomware targets SMBs, and 3 out of 5 MSPs had to deal with a ransomware attack on SMB

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