Cyber risks are cited as the biggest threat faced by Indian organizations with 38 per cent of respondents feeling highly or extremely exposed to it, says a survey. With this, cybersecurity has jumped two spots from numbe

Cyber risks are cited as the biggest threat faced by Indian organizations with 38 per cent of respondents feeling highly or extremely exposed to it, says a survey. With this, cybersecurity has jumped two spots from number three to number one on the risk radar when compared to the 2022 Global Risk Survey, the ABC's 2023 Global Risk Survey-India edition stated. ABC said the final results of the survey are based on 3,910 survey responses from Business and Risk Management leaders (CEO, board, risk management, operations, technology, finance, audit) across 67 territories providing their views on the status and direction of risk in their organization. 163 Indian organizations were a part of this survey. Other digital and technology risks are also top concerns for business leaders in India (at 35 per cent). To address the challenges, Indian organizations are making bold investments in cybersecurity with more than half of the respondents planning to invest in cybersecurity tools (55 per cent) and AI, machine learning and automation technologies (55 per cent) in the next 1-3 years, according to survey findings. To back these investments, 71 per cent of Indian organizations are gathering and analyzing cybersecurity and IT data for risk management and opportunity identification. Globally 61 per cent of the organizations are doing the same. 2023 Global Risk Survey shows that Indian business leaders are not only demonstrating an increased appetite for taking risks but are also doing a reasonable job of identifying opportunities presented by risks. Further, Indian businesses are seeing technology disruptors as opportunities, with 69 per cent of Indian executives seeing Generative AI as an opportunity (against 60 per cent globally). The survey also revealed how organizations are taking the help of emerging technologies such as GenAI for risk management, with 48 per cent of Indian enterprises having deployed AI and machine learning for automated risk assessment and response to a large extent. This is slightly lower than the global response of 50 per cent. To leverage the positives brought in by risks and disruptions, the survey said 88 per cent of Indian organizations are actively investing in building resilience in their ecosystem over the last 12 months. Globally, 77 per cent of the businesses are investing in the same. Based on the above facts answer the following questions : 'Cyber Risk is a critical issue demanding immediate action.' Discuss.