Cyber Threats and Talent Retention Emerge as Prime Business Risks in India

According to the latest findings from the 2023 Global Risk Management Survey, Indian businesses face significant challenges with cyber attacks and talent retention, which have ascended to the top of the risk hierarchy. The survey, engaging almost 3,000 professionals from diverse executive roles across 61 countries, underscores the critical nature of these issues as technology dependency in India escalates, driven by the rapid adoption of digital infrastructures like the Unified Payments Interface and Aadhaar.

Cyber threats, which have climbed from the seventh position in the 2021 survey to become the foremost concern in 2023, highlight the escalating intricacies and costs associated with digital breaches. These developments necessitate robust risk management strategies to mitigate potential impacts. Concurrently, the failure to attract or retain top talent is not only the third most significant risk nationally but also maintains a high ranking globally, anticipated to be among the top risks by 2026.

The survey also sheds light on the insurability of risks, indicating that currently, only a few among the top ten risks in India are insurable, reflecting a gap in the ability to safeguard against potential losses. Moreover, although climate change does not appear in the top ten risks, it influences other major risks like business interruptions and supply chain vulnerabilities through the increasing frequency and intensity of extreme weather events.