Cyber Risks Biggest Threat Faced By Indian Organizations:
With the advancement of the digital world, the risk of cyber crime is also increasing.
Today, the nature of business all over the world is changing from manual to online. With this, the risk of data theft is also increasing. Keeping this in mind, Indian institutions are investing a lot in cyber security.
According to a survey, it is being said that in the coming 1 to 3 years, approximately 55% investment is likely to be made in cyber security tools and the same is likely to be done in AI, Machine learning tools and automated technologies.
About 38% of people or institutions have considered cyber risk as a big threat.
How much the threat of cyber risk has increased can be seen from PWC’s Global Risk Survey 2023-India, in which this threat has increased by 2 places to reach the 1st position as compared to 2022.
Regarding this survey, PWC has said that 163 Indian institutions participated in this survey and the final result is based on 3910 survey responses which were taken from business and risk management leaders such as CEOs, Boards, operations, risk managers etc. across 67 territories who gave their opinion about the threat of Cyber Risk on their institutions.
The percentage of other digital and technological risks in this survey was found to be 35%.
Indian institutions have prepared to face these Cyber Risks challenges and it is estimated that within the next 3 years, approximately 55% of this investment is to be made by these institutions on cyber security tools and the same amount on AI, machine language and automation technologies.
Indian Institutions are so aware of cyber risk that globally only 61% institutions are collecting and analyzing cyber security and IT data for risk management whereas in India this report is 71%.
PWC India’s 2023 survey reveals that Indian Institutions, while highlighting their appetite for risk, are also putting all their efforts into seizing the opportunities created by risks. This attitude is very helpful in the progress of any business.
Another thing that has emerged from this survey is that almost 99% Indian Institution leaders believe that their institution is very capable in handling cyber risk. Of these, approximately 66% are completely confident. Globally this figure is 91% and 40%.
You may also like:
- What is the difference between phishing vishing smishing and pharming? Shocking Strategy In Cyber Crimes 2023
- What Is JaskaGO? Is It A New Cyber Threat In 2023?
PWC’s survey also revealed that approximately 69% Indians are seeing Generative AI as an opportunity whereas globally this figure is 60%.
Indian Institutions are using Generative AI for risk management. Almost 48% Indian institutions are using generative AI and machine learning on a large scale for risk assessment. Globally this figure is 50%.
About 88% of Indian Institutions are investing in building resilience in their ecosystems in the last one year. Globally this figure is 77%. This shows how conscious Indian institutions are about cyber risks.
Conclusion:
Thus, we have seen that Indian Institutions where on one side are not averse to taking risks to improve their business, on the other side they are also ready to go to any lengths to overcome the threat of Cyber Risks.
That’s all for now my friend! I hope this article will be valuable for you. You can reach me through the emails given below. I will love your valuable comments and feedback.
Yours
Abhijit Ranjan