Cyber dangers are cited as the largest menace confronted by Indian organisations with 38 per cent of respondents feeling extremely or extraordinarily uncovered to it, says a survey.

With this, cybersecurity has jumped two spots from quantity three to primary on the danger radar when in comparison with the 2022 Global Risk Survey, the PwC’s 2023 Global Risk Survey- India version said.

PwC stated the ultimate outcomes of the survey are based mostly on 3,910 survey responses from Business and Risk Management leaders (CEO, board, threat administration, operations, know-how, finance, audit) throughout 67 territories offering their views on the standing and course of threat of their organisation. 163 Indian organisations had been part of this survey.

Other digital and know-how dangers are additionally prime issues for enterprise leaders in India (at 35 per cent).

To handle the challenges, Indian organisations are making daring investments in cybersecurity with greater than half of the respondents planning to spend money on cybersecurity instruments (55 per cent) and AI, machine studying and automation applied sciences (55 per cent) within the subsequent 1-3 years, based on survey findings.

To again these investments, 71 per cent of Indian organisations are gathering and analysing cybersecurity and IT knowledge for threat administration and alternative identification. Globally 61 per cent of the organisations are doing the identical.

Sivarama Krishnan, Partner and Leader, Risk Consulting, PwC India stated that the 2023 Global Risk Survey reveals that Indian enterprise leaders usually are not solely demonstrating an elevated urge for food for taking dangers however are additionally doing an inexpensive job of figuring out alternatives offered by dangers.

”This mindset shift is important for an organisation’s progress- it is not going to solely assist companies be higher ready to handle dangers, but in addition develop, construct resilience, ship outcomes and create worth for all stakeholders,” Krishnan added.

The survey additionally confirmed that 99 per cent of Indian enterprise leaders are assured their organisation can steadiness progress with managing threat successfully, of which 66 per cent are very assured of the identical. Globally these figures stand at 91 per cent and 40 per cent, respectively.

Further, Indian companies are seeing know-how disruptors as alternatives, with 69 per cent of Indian executives seeing Generative AI as a possibility (in opposition to 60 per cent globally).

The survey additionally revealed how organisations are taking the assistance of rising applied sciences reminiscent of GenAI for threat administration, with 48 per cent of Indian enterprises having deployed AI and machine studying for automated threat evaluation and response to a big extent. This is barely decrease than the worldwide response of fifty per cent.

To leverage the positives introduced in by dangers and disruptions, the survey stated 88 per cent of Indian organisations are actively investing in constructing resilience of their ecosystem over the past 12 months. Globally, 77 per cent of the companies are investing in the identical.

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