Indian firms see cyber threats as their biggest worry, prompting massive investments in AI-powered protection. But it’s not just defense – Indian companies are also embracing risk as a path to growth and opportunity. This tech-driven, risk-aware approach paints a picture of Indian businesses navigating the digital ocean with confidence, prepared to ride the waves of both disruption and success-What Does PwC India Sayed?
- PwC survey finds 38% of Indian respondents highly or severely vulnerable to cyber threats.
- Over half of Indian companies plan to spend on cybersecurity tools, AI, and automation in the next 1-3 years.
- Indian executives display increased willingness to take risks and see their potential benefits, according to PwC India.
Cyber risks are cited as the biggest threat faced by Indian organizations, with 38 percent of respondents feeling highly or significantly exposed to it, says a survey.
After the Recent incident with HCL – the Ransomware attack, this news has attached another page on the threat to Cyber Security in India. With the advancement of AI technology with each passing day, it has become essential for companies to invest in Cyber Security largely.
India’s business landscape is caught in a thrilling tug-of-war between crippling cyber threats and the exhilarating potential of tech-driven risk management. Driven by overwhelming anxieties about cyberattacks, Indian companies are pouring resources into AI-powered defenses, creating a fortress against the digital tide.
This conclusion emphasizes the tension between threats and opportunities, highlights the innovative approach of Indian businesses, and paints a positive picture of their future in the digital world.
Can AI be your cybersecurity savior or your biggest nightmare? ️ Explore the future of digital risk with us.
Is fear holding your business back? Dive into how Indian firms are embracing risk for growth.
Do you Know Cyber Security is Current Most pressing matter for Indian Businesses, but Why?
What is the work of PwC?
What did the Poll Suggest?
What was the most recent cybersecurity attack on the Government?
How many Indian business Executives believe Generative AI as an Opportunity
Cybersecurity: A Most Suffocating Concern for Indian Businesses
As per the PwC’s poll, cyber threats are considered the most significant concern that Indian organizations face, with 38% of respondents feeling highly or severely vulnerable to them. And in the 2023 Global Risk Survey-India edition, cybersecurity has risen from number three to number one on the risk radar, up two points from 2022.
According to PwC, 3,910 business and risk management executives (CEO, board, risk management, operations, technology, finance, and audit) from 67 territories provided their opinions on the state and future of risk in their organizations, which formed the basis of the survey’s conclusions. Participating in this poll were 163 Indian organizations.
Business executives in India are likewise very concerned about other digital and technological threats (at 35%).
What Does PwC India Sayed?
Many Indian organizations have made significant financial investments in cybersecurity technologies like AI and ML to lower these risks. According to poll results, over half of respondents want to spend money on cybersecurity tools (55%) and AI, machine learning, and automation technologies (55%), during the next one to three years.
71% of Indian organizations collect and analyze IT and cybersecurity data for risk management and opportunity discovery to support these expenditures. The same is being done by 61% of organizations worldwide.
According to Sivarama Krishnan, partner and head of risk consultancy at PwC India, the poll indicates that Indian corporate executives show a greater willingness to take risks and a decent ability to see the benefits risks bring.
“This mindset shift is critical for an organisation’s progress- it will not only help businesses be better prepared to manage risks, but also grow, build resilience, deliver outcomes and create value for all stakeholders,” Krishnan added.
According to the poll, 99% of business executives in India are convinced that their company can successfully manage risk while balancing expansion, with 66% expressing extreme confidence in this ability. These numbers are, respectively, 91% and 40% worldwide.
Cyberattacks against both public and private entities
The most recent cyberattack in India targeted Madhya Pradesh’s e-Nagarpalika system, compromising the personal information of 413 cities’ residents. The cyberattack exposed the inadequate security and compassionate data on lesser government portals.-What Does PwC India Sayed?
First American, a major player in the US real estate market, was recently the target of a sophisticated cyberattack. As a result, the company had to take part of its operations offline because of stolen data.
Furthermore, 69% of Indian executives view generative AI as an opportunity, compared to 60% internationally, indicating that Indian firms view technological disruptors as opportunities.
The report also showed how businesses use new technology like GenAI to handle risks, with 48% of Indian companies using AI and ML extensively for automated risk assessment and response. This is marginally less than the 50% worldwide response.
According to the poll, 88% of Indian organizations have made active investments in enhancing ecosystem resilience in the past 12 months to capitalize on the benefits that come with risks and disruptions. 77% of firms worldwide are making similar investments.
As they say, “Flow along with the flow of water” After recent spikes in Cyber crime, companies need to invest in modern technologies to keep afloat in the ocean.
