Undoubtedly, Cybercrime is a serious concern. In 2023 India was ranked as the 80th most targeted nation in the world for Cybercrime, with almost 34% of Indian users reporting local threats. These threats included malicious software that was found directly on users’ PCs, memory cards, flash drives, and phones. The cyber security firm Kaspersky effectively stopped and recorded about 74 million local incidents.
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India’s cyber security market grew to $6.06 billion in the same year. Notwithstanding this expansion, businesses continue to be greatly concerned about the rise in sophisticated cyber threats, which impedes their ability to build stakeholder confidence. To tackle this issue, a significant 67% of Indian businesses plan to outsource critical security tasks to managed security service providers over the course of the next three years.
In response to the growing adoption of AI and digital payments in India, Jaydeep Singh, General Manager for South Asia at Kaspersky, underscored the need for organizations to continuously improve their cyber security posture. In the face of growing cyber threats, this proactive strategy is crucial for protecting assets and maintaining stakeholder trust.
