Survey reveals that cyber risks are the primary concern for Indian organizations.
According to a survey, Indian organizations consider cyber risks to be the most significant threat, with 38 percent of respondents feeling highly or extremely vulnerable to it.
With this, cyber security has jumped two places on the risk radar from third to number one compared to the 2022 Global Risk Survey, PwC’s 2023 Global Risk Survey-India edition stated.
According to PwC, the final results of the survey are based on 3,910 survey responses from business and risk management managers (CEO, board of directors, risk management, operations, technology, finance, auditing) from 67 regions and reported their views on the status and direction of risk. their organization. 163 Indian organizations participated in this survey.
Other digital and technology risks are also the biggest concern for Indian business leaders (35 percent).
To meet the challenges, Indian organizations are boldly investing in cybersecurity, with more than half of respondents planning to invest in cybersecurity tools (55 percent) and AI, machine learning, and automation technologies (55 percent) in the next 1-3 years. years according to the research results.
To support these investments, 71 percent of Indian organizations collect and analyze cybersecurity and IT data for risk management and opportunity identification. Globally, 61 percent of organizations do the same.
Sivarama Krishnan, Partner and Head, Risk Consulting, PwC India, said the 2023 Global Risk Survey shows that business leaders in India are not only showing an increased appetite for risk-taking, but are also doing a reasonable job of identifying the opportunities presented by risks.
“This change in mindset is critical to organizational progress – it not only helps companies better prepare to manage risk, but also grow, build resilience, deliver results and create value for all stakeholders,” Krishnan added.
The survey also showed that 99 percent of Indian business leaders are confident that their organization can balance growth with effective risk management, with 66 percent being very confident about the same. Globally, these figures are 91 percent and 40 percent.
Additionally, Indian companies see technology disruptors as opportunities, with 69 percent of Indian executives seeing generative AI as an opportunity (compared to 60 percent globally).
The survey also revealed how organizations are leveraging emerging technologies such as GenAI for risk management, with 48 percent of Indian companies adopting AI and machine learning to a large extent for automated risk assessment and response. This is slightly lower than the global response of 50 percent.
To capitalize on the benefits of risk and disruption, the study found that 88 percent of Indian organizations have actively invested in building the resilience of their ecosystems in the past 12 months. Globally, 77 percent of companies invest in the same.
