Priya PatelTLDR:
Organisations are taking action towards cyber resilience, with 77% expecting their cyber budget to increase over the coming year. PwC’s survey highlighted that businesses are prioritizing cyber security concerns, with 66% of tech leaders ranking cyber as the top risk in 2024. GenAI is being used to bolster cyber resilience, but organisations are facing challenges in integrating the technology. Despite these obstacles, companies are proactively addressing cyber threats by increasing their cyber budgets and investing in technologies like GenAI.
Despite cyber security concerns being top-of-mind and the average data breach exceeding over US$3 million, the PwC survey revealed that only 2% of businesses have implemented cyber resilience across their organization. However, 77% of organizations expect their cyber budget to increase over the coming year.
The survey found that 66% of tech leaders rank cyber as the top risk to their organization in 2024, and are prioritizing mitigation over the next 12 months. GenAI is seen as a key technology to bolster cyber resilience, with 78% of leaders surveyed increasing their investment in GenAI over the last year. However, there are challenges in integrating GenAI, such as compatibility issues with existing systems and processes.
Despite these challenges, organizations are proactively addressing cyber threats, with 77% expecting their cyber budget to increase over the coming year. Nearly half of business leaders prioritize data protection and data trust as the top cyber investment, while tech leaders prioritize cloud security. Cyber regulations are also driving investment, with 96% of organizations reporting that such regulations have increased their cyber investment in the last 12 months.
