Large scale cyber-attacks have emerged as the top risk for corporations across India for the second year running, according to a joint study conducted by Marsh and RIMS.
According to the report, Excellence in Risk Management – State of Risk Management in India 2019, around 62% of the 179 survey respondents – including c-suite executives and senior risk professionals across 23 industries – identified cyber attacks as the top risk facing their organizations. Extreme weather events (17%), data fraud or theft (10%), and fiscal crises (9%) were highlighted among the other top risks for Indian businesses.
This year’s Excellence in Risk Management report also examines the maturity of the risk management function across the country’s leading organizations. Survey findings show that while firms have been slow to change their cybersecurity strategies and make further investments, an increasing number recognize the importance of implementing a comprehensive risk management framework and the potential for good risk management to be a competitive advantage.
More than 68% of the respondents listed integrating risk management into strategic planning as the top investment priority when it comes to strengthening the risk management function in 2020.
Another 15% ranked upgrading risk management technology as a key investment goal. However, approximately 11% of respondents indicated that building risk management capabilities is not a significant investment focus for their organization.
“India, like other countries, has been susceptible to malicious cyber attacks and there is growing awareness among corporates of the need to ensure they have appropriate cybersecurity controls,” said Sanjay Kedia, Country Head and CEO, Marsh India