Cyber Attack

In a significant shift from the previous year, cybersecurity has emerged as the top concern for businesses in India, according to PwC’s 2023 Global Risk Survey. The survey, which gathered responses from 163 Indian organizations among 3,910 worldwide, highlighted that a staggering 38 percent of respondents felt their companies were highly exposed to cyber threats.

Comparing this data to the 2022 Global Risk Survey, cybersecurity has jumped two spots, now claiming the number one position on the risk radar. This shift underscores the escalating challenges businesses face in the digital landscape.

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The survey revealed that Indian organizations are taking proactive measures to mitigate cyber risks by investing heavily in cybersecurity, leveraging cutting-edge technologies such as artificial intelligence (AI) and machine learning (ML).

More than half of the respondents (55 percent) plan to invest in cybersecurity tools, reflecting a strategic commitment to bolstering their digital defenses in the next 1-3 years.

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Interestingly, the survey indicated that 61 percent of global firms and a higher percentage, 71 percent, of Indian firms are actively gathering and analyzing cybersecurity and IT data for both risk management and identifying opportunities.
This emphasizes a growing awareness of the dual role technology plays in safeguarding against cyber threats and unlocking potential avenues for business growth.

The report also shed light on a recent cyber attack against the e-Nagarpalika portal of Madhya Pradesh, where sensitive data of residents across 413 cities was compromised. This incident underscores the vulnerability of smaller government portals with low security measures but containing highly sensitive information.

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In a global context, the cyber threat landscape has not spared even industry giants. A case in point is the recent cyber attack on US real estate giant First American, leading to the organization temporarily shutting down some operations due to compromised data.

Despite the growing concerns, the survey highlighted that Indian businesses view technology disruptors as opportunities. A notable 69 percent of Indian executives see Generative AI as a prospect, surpassing the global average of 60 percent. This optimistic perspective indicates a willingness to embrace technological advancements, even in the face of increasing cybersecurity challenges.