Cyber risks were cited as the biggest threats faced by Indian organisations, with 38% of respondents feeling highly or extremely exposed to it, according to the PwC 2023 Global Risk Survey, India edition. Cybersecurity has jumped two spots from No. 3 to No. 1 on the risk radar when compared to the 2022 survey.
Digital and technology risks were other critical concerns among Indian business leaders, with 35% concerned about these risks. The survey was based on 3,910 responses from business and risk management leaders from 163 Indian organisations.
To overcome these risks, Indian organisations are planning bold investments in cybersecurity, the survey found. Of the respondents, 55% are planning to invest in cybersecurity tools, with the same percentage having plans to invest in artificial intelligence, machine learning and automation technologies in the next 1–3 years.
To back these investments, 71% of Indian organisations are gathering and analysing cybersecurity and IT data for risk management and opportunity identification. Additionally, 63% of companies are analysing regulatory and compliance data for risk management and opportunity identification.
“Technology is impacting an…
