PwC Survey Reveals Cyber Risks As Top Threat For Indian Organisations

Cyber risks are considered the most significant threat faced by Indian organisations, and around 38 per cent of the respondents felt highly or extremely exposed to it, suggests PwC's 2023 Global Risk Survey- India edition. Compared to the 2022 Global Risk Survey, cybersecurity has jumped two spots from number three to number one on the risk radar.

According to PwC, the survey's final results are based on 3,910 responses from Business and Risk Management leaders (including CEOs, board members, risk management experts, operations managers, technology professionals, finance managers, and auditors) across 67 territories.

The survey aimed to gather the opinions of these leaders on the status and direction of risk within their organisation. Out of the total participants, 163 Indian organisations took part in the survey. The survey also revealed that digital and technology risks are the top concerns for business leaders in India, accounting for 35 per cent of the total responses.

Indian organisations are facing various challenges in terms of cybersecurity, and to counter these challenges, they are actively investing in cybersecurity tools (55 per cent) as well as AI, machine learning, and automation technologies (55 per cent).

This investment is expected to happen in the next one to three years, according to survey findings. To support these investments, 71 per cent of Indian organisations are collecting and analysing cybersecurity and IT data to identify opportunities and manage risks. Globally, 61 per cent of organisations are doing the same.

Sivarama Krishnan, the Partner and Leader of Risk Consulting at PwC India, stated that the 2023 Global Risk Survey indicates that Indian business leaders are showing a greater willingness to take risks while also being able to identify opportunities that arise from those risks. Krishnan believes that this shift in mindset is a crucial factor in an organisation's progress. It will not only allow businesses to be better equipped to manage risks but will also enable them to grow, develop resilience, achieve outcomes, and create value for all stakeholders.

According to a recent survey, 99 per cent of Indian business leaders are confident in their organisation's ability to balance growth with managing risk effectively. Out of these, 66 per cent are very confident in the same. Globally, these figures stand at 91 per cent and 40 per cent, respectively.

Furthermore, the survey revealed that Indian businesses view technology disruptors as opportunities. Specifically, 69 per cent of Indian executives see Generative AI as an opportunity (compared to 60 per cent globally).

The survey also highlighted how organisations are utilising emerging technologies like GenAI for risk management. In India, 48 per cent of enterprises have 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 per cent.

According to a survey, 88 per cent of Indian organisations have been actively investing in building resilience in their ecosystem over the last 12 months to make the most of the opportunities presented by risks and disruptions. This figure is higher than the global average of 77 per cent of businesses investing in the same.