Cyber Risks Biggest Threat Faced By Indian Organizations

Cyber risks are cited as the biggest threat faced by Indian organizations with 38 percent of respondents feeling highly or extremely exposed to it, says a survey.

With this, cybersecurity has jumped two spots from number three to number one on the risk radar when compared to the 2022 Global Risk Survey, the PwC’s 2023 Global Risk Survey- India edition stated.

PwC said the final results of the survey are based on 3,910 survey responses from Business and Risk Management leaders (CEO, board, risk management, operations, technology, finance, audit) across 67 territories providing their views on the status and direction of risk in their organization. 163 Indian organizations were a part of this survey.

PwC said the final results of the survey are based on 3,910 survey responses from Business and Risk Management leaders (CEO, board, risk management, operations, technology, finance, audit) across 67 territories providing their views on the status and direction of risk in their organization. 163 Indian organizations were a part of this survey.

Other digital and technology risks are also top concerns for business leaders in India (at 35 percent).

To address the challenges, Indian organizations are making bold investments in cybersecurity with more than half of the respondents planning to invest in cybersecurity tools (55 percent) and AI, machine learning, and automation technologies (55 percent) in the next 1-3 years, according to survey findings.

To back these investments, 71 percent of Indian organizations are gathering and analyzing cybersecurity and IT data for risk management and opportunity identification. Globally 61 percent of organisations are doing the same.

Sivarama Krishnan, Partner and Leader, Risk Consulting, PwC India said that the 2023 Global Risk Survey shows that Indian business leaders are not only demonstrating an increased appetite for taking risks but are also doing a reasonable job of identifying opportunities presented by risks.

”This mindset shift is critical for an organization’s progress- it will not only help businesses be better prepared to manage risks, but also grow, build resilience, deliver outcomes and create value for all stakeholders,” Krishnan added.

The survey also showed that 99 percent of Indian business leaders are confident their organization can balance growth with managing risk effectively, of which 66 percent are very confident of the same. Globally these figures stand at 91 percent and 40 percent, respectively.

Further, Indian businesses are seeing technology disruptors as opportunities, with 69 percent of Indian executives seeing Generative AI as an opportunity (against 60 percent globally).

The survey also revealed how organizations are taking the help of emerging technologies such as GenAI for risk management, with 48 percent of Indian enterprises having deployed AI and machine learning for automated risk assessment and response to a large extent. This is slightly lower than the global response of 50 percent.

To leverage the positives brought in by risks and disruptions, the survey said 88 percent of Indian organizations are actively investing in building resilience in their ecosystem over the last 12 months. Globally, 77 percent of businesses are investing in the same.

Sources PTI