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 cyberattacks, as dependency on complex Internet-enabled business models outpaces the ability to introduce adequate safeguards that protect critical assets, the report said.
“Internet security is lagging behind the sophistication of cybercriminals, leading to an erosion of trust in the digital economy,” Anindya Basu, Geographic Unit and Country Senior Managing Director, Accenture in India, said in a statement.
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 cybersecurity 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.