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Cybersecurity Risks Impede Businesses Innovation in India

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Businesses in India identify technology-led innovation as a top priority. However cybersecurity concerns in terms of skillsets is impeding most business innovations, according to a new report from CompTIA. The study, based on a survey of business and technology professionals in India and 13 other countries, identified skills gap as an ongoing challenge in most organizations.

“The ingredients for innovation have never been more accessible, and tech hubs can now be found in nearly every corner of the globe,” said Tim Herbert, executive vice president for research and market intelligence at CompTIA.

“While the research points to momentum on many fronts, there remains much work to be done in helping businesses and workers navigate the path ahead,” he added.

The Business of Technology

With global spending on hardware, software, services and telecom projected to reach nearly $5.2 trillion this year – $120.5 billion in India – it’s evident that technology has a growing and integral role in business operations. A full 94% of Indian executives rate technology as a primary or secondary factor in reaching their business objectives.

The large majority of companies (92%) turn to outside providers to assist with their technology requirements. Managed technology services, repair and maintenance, deployment and integration, data and analytics and web design and e-commerce are among the most common outsourced services. A majority of executives (87%) said that they receive excellent or good return on investment (ROI) from their technology spending.

Emerging Tech Momentum

Seven in 10 Indian executives have a positive view of emerging technology, well above the global figure of 54%. Another 14% of Indian respondents take a middle-ground position, expressing equal parts excitement and trepidation.

At the other end of the spectrum 16% of executives report mostly feelings of trepidation about emerging tech. Budget constraints, risk aversion and a lack of a clear business case are among the primary factors that are causing some organizations to take a go-slow approach.

Although still far from mainstream adoption, the emerging technologies with the highest rates of implementation globally are the internet of things and big data.

Cybersecurity Disconnects

More than 8 in 10 (84%) of executives describe their organization’s cybersecurity as completely or mostly satisfactory. This indicates some room for improvement. Other tech priorities, a belief that current cybersecurity efforts are “good enough” and low understanding of new threats are among the challenge that keep firms from devoting more attention and resources to the issue. Given the projected high growth rates for emerging technologies expected over the next several years, the need for businesses to re-evaluate their approaches to cybersecurity is even more apparent.

Workforce Challenges

Skills gaps remain an ongoing challenge at most organizations, with 55% of Indian respondents reporting that situation has grown more challenging over the past two years. That’s higher than the global response of 46%.

The research confirms the distinction between the generic use of the phrase “skills gap” and the more nuanced discussion of “workforce gaps” that encompass location, pay, soft skills, perceptions, innovation and more.

Interestingly, two-thirds of Indian executives acknowledge that unrealistic expectations with skills and experience contribute to exaggerated perceptions of the skills gap. Another 25% said it is somewhat of a factor.

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Sohini Bagchi
Sohini Bagchi is Editor at Trivone Digital, a published author and a storyteller. She can be reached at sohini.bagchi@trivone.com