Self-regulation needed, investment should not be only for regulatory compliance, says PwC-Assocham report

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Creation of indigenous tools, along with building human capacity with relevant capabilities is imperative to secure India’s cyberspace. While the Government should create a robust policy environment and ensure adequate technology support, businesses should not limit its efforts towards cyber resilience merely for compliance, but practice self-regulation.

This finding is according to a report by PwC-Assocham, ‘Securing the Nations Cyberspace’.

Citizen participation in mitigating cyber risks is also becoming increasingly important. Promoting a ‘cyber safe culture’ within citizens for responsible cyber behavior will be key to ensuring security of India in cyberspace, the report said. The UK, US and Australia have benefitted from national public awareness campaigns to drive behaviourial change on cybersecurity.  

Sivarama Krishnan, partner and leader - Cyber Security, PwC India, said: "Cyber threats can cause crisis that can not only lead to national threats, but also affect business continuity, cause financial and reputation loss. Therefore, it is in the interest of businesses that cybersecurity becomes a priority and not just a mandate to comply with.

"Its critical that all economic participants in a country pay attention to cybersecurity and develop adequate measures to identify, protect, detect, respond and recover processes and capabilities in the face of threats. Businesses today need to urgently and proactively invest in it."

The report stresses on the need for an inclusive approach to create a secure business ecosystem, where the Government, industry sectors, standard bodies and business all have to play their role in creating a secure environment.