In Aon’s 2023 Global Risk Management Survey, the businesses surveyed listed cyberattacks or data breaches as their topmost concern, up from being at the seventh position in the company’s 2021 survey.
In its ninth edition in 2023, the biennial survey gathered inputs from some 3,000 risk managers, c-suite leaders, treasurers, talent professionals and other executives from 61 countries and territories to identify their most pressing business challenges.
Aon’s report said India’s dependency on technology is increasing as adoption of digital infrastructure like the Unified Payments Interface (UPI), Aadhaar and Open Network for Digital Commerce (ONDC) gets deeper. With increasing digitisation, cybercrimes are becoming rampant and the costs and complexities associated with such breaches are forcing organisations to look at risk mitigation and transfer mechanisms to better manage cyber risks.
The report ranks business interruption as the No.2 concern of enterprises globally. For India, however, only 16.7% of Indian companies have reported suffering a loss as compared with 32.2% globally. This shows the ability of Indian firms to deal with incidents in a manner that minimises the impact of business interruption losses.
The survey reveals that failure to attract or retain top talent is the third biggest risk facing organisations in India. Globally, it is ranked as No.4 on the list of critical risks and is expected to remain so till 2026.“As leaders look to the future of their businesses, the risk landscape