Cyber incidents is the top business risk in India for the seventh consecutive year according to the latest Allianz Risk Barometer, compiled by Allianz Commercial, which is Allianz Group’s corporate insurer.
The 13th Allianz Risk Barometer, released last week, shows that businesses in India continue to be most concerned about cyber incidents (#1 with 55%) which has claimed the top spot for the last seven years. According to cyber security firm Cyfirma, India is the most targeted country globally, facing 13.7% of all cyber attacks.
Mr CB Murali, CEO of Allianz Commercial India, said, “Companies in India have to view cyber security as a foundational wing of business operations and continuously adapt to adopt the best practices. Unfortunately, cyber perils are often underestimated by businesses, especially SMEs and startups. The trends of attacks we see are proof that these cyber incidents are happening at a greater frequency and severity, therefore calling for businesses to improve their cyber hygiene in an era of ever-deepening reliance on digital technology.
Business interruption such as supply chain disruptions ranks as the second topmost risk, while natural catastrophes…
