For the second consecutive year, large-scale cyberattacks have emerged as the top risk for corporations across India, according to a joint study conducted by Marsh and the Risk and Insurance Management Society (RIMS).
The report, titled ‘Excellence in Risk Management – State of Risk Management in India 2019’, found that around 62% of respondents identified cyberattacks as the top risk facing their organisations. Extreme weather events (17%), data fraud or theft (10%), and fiscal crises (9%) were also highlighted among the other top risks for Indian businesses.
A total of 179 respondents, including c-suite executives and senior risk professionals across 23 industries, were interviewed for the study.
The report also examined the maturity of the risk management function across India’s leading organisations. It showed that while firms have been slow to change their cybersecurity strategies and make further investments, an increasing number recognise the importance of implementing a comprehensive risk management framework, as well as the potential for good risk management to be a…
