New Delhi, February 8 (IANS). About 51 percent of Indian companies believe that cyber security breach (cyber attack) is the biggest threat to their company’s performance. This has been said in the ‘Risk Survey’ report of FICCI and EY released on Sunday.
According to this report, 49 percent of companies said that changing customer needs and expectations are a major risk, while 48 percent of companies said that global political events (such as war or international tension) are a major risk.
This report is based on the opinion of senior officials from different sectors. It highlights the factors affecting pricing, supply chains, staffing strategies and technology investments, showing that risk management has become increasingly important for companies.
Rajiv Sharma, Chairman, Corporate Security and Disaster Risk Committee, FICCI, said that in today’s uncertain business environment, understanding, anticipating and adapting to risks is essential for long-term growth. Now companies are not considering risk as an occasional problem, but are including it in their strategy and future plans.
In the survey, 61 percent people said that rapid technological changes and digital transformation are affecting their competitiveness, while the same number of 61 percent people believe that cyber attacks and data theft can cause both financial loss and bad reputation to the companies.
According to the report, 57 percent of companies fear data theft and fraud from within the company.
47 percent of companies admitted that it is becoming difficult for them to deal with the increasing and complex cyber threats.
Two types of threats are also emerging regarding Artificial Intelligence (AI).
60 percent of the people in the survey said that if new technologies like AI are not adopted properly, work will be adversely affected. At the same time, 54 percent people believe that the ethical and regulatory risks related to AI are not being handled properly.
Sudhakar Rajendran, Risk Consulting Leader, EY India, said that today companies are going through a phase where many types of risks are emerging simultaneously, and not separately.
He said that inflation, cyber threats, AI regulations, climate related risks and government regulations – all these together are affecting the strength and performance of companies. Therefore, now the company’s board needs to be more cautious, pay attention to better information and include the strategy to deal with risk in the master plan.
–IANS
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