Cyber attacks and data breaches are the top business risks for organisations in India, according to the 2023 Global Risk Management Survey.
Cyber attacks and data breaches were placed seventh in the 2021 business risks survey.
Global professional services firm Aon collected inputs from around 3,000 risk managers, c-suite leaders, treasurers, talent professionals, and other executives from 61 countries and territories to identify the most pressing business challenges.
The biennial survey said that India's dependency on technology is likely to increase with the widespread adoption of digital infrastructure like the Unified Payments Interface, Aadhaar, and Open Network for Digital Commerce.
“With increasing digitisation, cybercrimes continue to become rampant with costs and complexities associated with such breaches forcing organisations to look at risk mitigation and transfer mechanisms to better manage cyber risks,” the survey noted.
Business interruption and failure to attract or retain top talent were marked as the second and third biggest risks facing organisations in India, respectively.
“There is a compelling need for Indian businesses to leverage advanced data analytics and experts to understand and manage the dynamics of integrated risks,” said Nitin Sethi, Chief Executive Officer of Talent Solutions in India at Aon.
Failure to meet customer needs, rapidly changing market trends, supply chain disruptions, and personal liabilities were marked down the list as other critical challenges for businesses in India.
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