Key Takeaways
- Cyber attacks are the #1 current business risk for Indian companies
- AI and climate change identified as major future threats by 2028
- 77.8% of firms reported losses from property damage
- Over 90% have mitigation plans for cyber attacks and property damage
Indian companies have identified cyber attacks and data breaches as their top immediate business concern, while artificial intelligence and climate change are emerging as significant future risks by 2028, according to a new report from global professional services firm Aon.
Current Risk Landscape
The survey reveals that Indian businesses face unique challenges compared to the rest of Asia. Property damage and exchange rate fluctuations are particularly pronounced, with 77.8% of respondents reporting losses from property damage and 63.6% impacted by currency fluctuations.
Nearly half of the companies also suffered losses due to talent challenges and cash flow or liquidity risks, highlighting the diverse threat environment.
Risk Management Matures
Indian firms are increasingly formalizing their risk management approaches. The biennial survey of nearly 3,000 risk managers and executives across 63 countries found that 70% of Indian respondents have established dedicated risk and insurance teams.
Additionally, 64.9% are now measuring the total cost of insurable risk, indicating more sophisticated risk assessment practices.
Strong Mitigation Efforts
Companies are taking proactive steps to address key threats. The report shows impressive mitigation rates:
- 92.9% have plans and formal reviews for cyber attacks
- 90.9% for property damage
- 55% addressing talent retention challenges
“Indian businesses are demonstrating remarkable agility in the face of digital disruption, talent adaptability and geopolitical shifts,” said Rishi Mehra, CEO of India for Aon.
India’s Cybersecurity Growth
India is rapidly emerging as a global cybersecurity hub, driven by more than 400 startups and a skilled workforce of over 6.5 lakh professionals. This talent pool powers a $20 billion cybersecurity industry, according to IT Ministry data.
CERT-In is building a robust and trusted cyber defence architecture aligned with the Digital India vision through research collaborations, public-private partnerships, and international forum participation.
