Global Risk Survey 2023 By PwC:
According to the Global Risk Survey 2023 by PwC, a global consultancy firm, Cyber risks are the biggest threat faced by Indian organizations.
Highlights of the Global Risk Survey 2023:
- Cyber risks are cited as the biggest threat faced by Indian organizations, with 38% of respondents feeling highly or extremely exposed to it.
- Climate change (37%) and inflation (36%) rank second and third among the top threats to Indian organizations.
- Digital and technology risks rank fourth, with 35% of Indian business leaders concerned about these risks
- Indian organizations are proactively investing in cybersecurity, with over half planning investments in cybersecurity tools (55%) and AI-related technologies (55%) in the next 1–3 years, aligning with global trends (51% and 49%, respectively).
- The survey also revealed how organizations are using emerging technologies such as Generative Artificial Intelligence for risk management, with 48% of Indian enterprises having 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%.
- 42% of Indian organizations grapple with heightened security vulnerabilities attributed to legacy technologies (Outdated technology systems and infrastructure), surpassing the global average of 36%.
- Moreover, 46% of Indian companies face increased maintenance costs due to legacy tech, limiting budgets for innovative risk solutions, exceeding the global figure of 39%.
- 88% of Indian organizations have actively invested in resilience building over the past year, surpassing the global average of 77%.
- Resilience Investments include a resilience team, comprising members from functions such as business continuity, cyber, crisis management and risk management to swiftly respond to risk events as they occur.
