To overcome these risks, Indian organisations are planning bold investments in cybersecurity

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....

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 organisation’s exposure to risk and their appetite for risk. When leveraged well, technology tools and data can help businesses not only mitigate risks but also help identify new commercial opportunities and improve financial performance,” said Shreyans Dudheriya, partner and leader, risk analytics, PwC India.

Another insight from the survey is that 99% of Indian business leaders are confident that their organisation can balance growth and effective risk management. Of this, 66% are very confident about their organisation’s ability.

Indian businesses are also seeing technology disruptors as opportunities, with 69% of Indian executives seeing generative AI as an opportunity. This is also reflected in another PwC report, in which 90% of Indian respondents said that GenAI would help their organisation develop new lines of business over the next three years. Along with GenAI, 60% of Indian respondents view both quantum computing and enterprise blockchain as an opportunity.

The survey found that 64% of Indian organisations have an enterprise-wide technology strategy and road map, which includes investment in technology specifically to drive resilience and/or manage risk. Additionally, 28% of organisations have fully integrated the use of technology and data in risk management with regular updates. The survey also showed that 48% of Indian enterprises have deployed AI and machine learning for automated risk assessment and response to a large extent.