**Cyber risks biggest threat faced by Indian organisations: Global survey**
Cybersecurity has taken the top spot as the biggest threat faced by Indian organizations, according to a recent survey. The PwC’s 2023 Global Risk Survey, India edition, revealed that 38 percent of respondents felt highly or extremely exposed to cyber risks. This marks a significant jump from the previous survey, where cybersecurity ranked at number three.
The survey, based on 3,910 responses from Business and Risk Management leaders across 67 territories, highlighted the growing concerns around cyber risks in India. In addition to cybersecurity, other digital and technology risks were also identified as top concerns by 35 percent of business leaders in India.
To tackle these challenges, Indian organizations are actively investing in cybersecurity. The survey findings showed that more than half of the respondents (55 percent) plan to invest in cybersecurity tools, as well as artificial intelligence, machine learning, and automation technologies in the next 1-3 years.
Moreover, 71 percent of Indian organizations are gathering and analyzing cybersecurity and IT data for risk management and identifying opportunities. Globally, 61 percent of organizations are adopting a similar approach.
Sivarama Krishnan, Partner and Leader of Risk Consulting at PwC India, emphasized that Indian business leaders are demonstrating an increased appetite for taking risks and identifying opportunities. This mindset shift is crucial for progress as it enables businesses to better manage risks, foster resilience, deliver outcomes, and create value for stakeholders.
The survey also revealed that 99 percent of Indian business leaders were confident in their organization’s ability to balance growth with effective risk management. Of this, 66 percent expressed high confidence, showcasing a positive outlook. In comparison, globally, 91 percent of business leaders shared this confidence, with 40 percent stating high confidence.
The survey further highlighted the willingness of Indian businesses to embrace technology disruptors as opportunities. Around 69 percent of Indian executives recognized Generative AI as a favorable opportunity, surpassing the global figure of 60 percent.
In terms of risk management, the survey found that 48 percent of Indian enterprises had deployed AI and machine learning to a significant extent for automated risk assessment and response. Although slightly lower than the global response of 50 percent, it showcases the growing integration of emerging technologies like GenAI.
Additionally, the survey noted that 88 percent of Indian organizations had actively invested in building resilience within their ecosystem over the past 12 months. Globally, 77 percent of businesses had made similar investments.
As Indian organizations strive to address the evolving cyber threat landscape, their focus on cybersecurity, emerging technologies, and risk management demonstrates their commitment to securing their digital infrastructure and embracing growth opportunities.
In conclusion, the PwC’s 2023 Global Risk Survey highlights the increasing importance of cybersecurity for Indian organizations. With cyber risks topping the risk radar, businesses are taking proactive steps to invest in cybersecurity and leverage emerging technologies to manage and mitigate risks effectively. This forward-thinking approach positions Indian organizations to navigate the evolving digital landscape and harness the benefits of technological disruption.
