As artificial intelligence and technological advancements continue to sweep the world, a recent study has revealed that cyber-attacks and threats are the biggest risk facing organizations in India today.
According to PwC’s 2023 Global Risk Survey – India Edition, 38% of all survey respondents feel their company is highly exposed to cyber threats. When compared to the 2022 Global Risk Survey, cybersecurity has moved up two places on the risk radar, from third to first, according to the data.
According to PwC, the study’s final results were based on 3,910 survey responses from business and risk management leaders (CEOs, boards of directors, risk management, operations, technology, finance, audit) across 67 regions and He stated that his views on the current situation and direction of the issue were expressed. their organization. 163 Indian organizations participated in the study.
To mitigate these risks, many organizations in India have invested huge amounts of money in cybersecurity, including AI and machine learning.
Survey results show that more than half of respondents plan to invest in cybersecurity tools (55 percent) and AI, machine learning, and automation technologies (55 percent) within the next one to three years.
Additionally, 61 per cent of global and 71 per cent of Indian companies collect and analyze cybersecurity and IT data for risk management and opportunity identification to reduce the threat of cyber attacks.
Cyberattacks against public and private organizations
The latest cyberattack in India was against Madhya Pradesh’s e-Nagarpalika portal, where data of people living in 413 cities was compromised. This cyberattack revealed that a small government portal held insecure but highly sensitive data.
Recently, US real estate giant First American also suffered a large-scale cyber attack and was forced to suspend some operations due to a data breach.
Indian businesses see technology disruptors as an opportunity, with 69% of Indian executives seeing generative AI as an opportunity (versus 60% globally).
With input from PTI