Cyber breach: PwC flags $1 million hit for Indian firms; AI, cloud security budgets set to rise
The exposure is particularly high among large firms, with the report noting that 45 per cent of companies earning $5 billion or more annually faced breaches costing at least $ 1 million.According to news agency PTI, cybersecurity spending is set to rise, with 87 per cent of Indian organisations planning to increase budgets over the next year.
While this marks a slight dip from last year’s 93 per cent, PwC said it still indicates “a strong signal of sustained investment.” Nearly one-third of respondents expect to raise spending by more than 10 per cent, and 38 per cent anticipate hikes of 6–10 per cent.The survey, based on responses from 138 Indian business and technology executives, found AI leading budget priorities at 46 per cent, followed by cloud security at 33 per cent.
PwC highlighted that “25 per cent of businesses say their most damaging data breach in the past three years cost their organisation at least $ 1 million.”Security leaders are increasingly turning to AI-enabled cyber defence, with 60 per cent prioritising AI threat-hunting capabilities and 47 per cent focusing on agentic AI, as per PTI.
But talent shortages pose a major challenge: nearly 60 per cent of respondents cited limited expertise in using AI for cyber defence, while 50 per cent identified insufficient skills as the biggest internal roadblock to adopting AI for cybersecurity.Despite the constraints, organisations are responding proactively.
According to PTI, companies are prioritising investments in AI and machine learning (61 per cent), consolidating security tools (51 per cent), deploying automation (49 per cent), and upskilling or reskilling staff (49 per cent) to strengthen cyber readiness.
