Nearly 60 per cent organisations in India are concerned that the Internet is getting increasingly unstable from a cyber security standpoint and they are unsure how to react, according to a new report from Accenture.
Most of the respondents from India (77 per cent) believe that the advancement of the digital economy will be severely hindered unless there is 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 cyber attacks, as dependency on complex Internet-enabled business models outpaces the ability to introduce adequate safeguards that protect critical assets, the report said.
Anindya Basu, Geographic Unit and Country Senior Managing Director, Accenture in India stated, “Internet security is lagging behind the sophistication of cyber criminals, leading to an erosion of trust in the digital economy.”
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 per cent of Indian respondents believe that addressing cyber security 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 business regulations imposed by a central organisation or governing body, the results showed.
Meanwhile, The Economic Times has reported that Wipro has hired a forensic firm to investigate the cyber attack on its systems, which was first reported by an industry website on Tuesday.