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regular-article-logo Tuesday, 21 May 2024

Companies shifting attention to cyber crisis management, resilience: PwC India survey

According to India’s Crisis and Resilience Survey 2023, the looming spectre of unpredictable events, alongside escalating cyber threats like ransomware, has nudged 96 per cent of businesses to elevate their cyber resilience blueprints

Our Bureau And Agencies New Delhi Published 23.10.23, 11:05 AM
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Crisis management, cyber resilience and handling emergencies have taken centre stage, prompting corporates to take pre-emptive actions to deal with them, a PwC India survey said.

According to India’s Crisis and Resilience Survey 2023, the looming spectre of unpredictable events, alongside escalating cyber threats like ransomware, has nudged 96 per cent of businesses to elevate their cyber resilience blueprints.

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Moreover, 97 per cent of organisations are poised to significantly invest in crisis management, viewing unforeseeable events as tangible risks, it added.

“The survey indicates that crisis management, cyber resilience, and emergency management are taking the centre stage,” it said.

PwC India said 112 organisations from diverse industries, such as telecommunications, industrial products and manufacturing, financial services, banking and capital markets, automotive, education, healthcare, and pharmaceuticals, were surveyed for their study.

“The continuous and relentless waves of changes have pushed corporates, especially in India, to recognise and act upon the pressing need for strategic resilience,” the study said. With disruptions on the rise from 80 per cent in 2019 to 98 per cent in 2023, organisations have made resilience a strategic organisational priority, the survey said.

“The numbers from the 2023 survey aren’t just statistics — they’re a reflection of the urgent shift in mindset needed across the board. Resilience is no longer a buzzword; it’s a business imperative. And while challenges loom large, it’s heartening to see organisations prioritising crisis resilience as a key element in their strategic lexicon,” said Puneet Garkhel, who is partner and leader, for forensic services, PwC India.

The survey also revealed that 58 per cent are calibrating resilience based on specific competency areas, with others tailoring it around different business lines, functions, or geographies.

“Leadership’s role is pivotal. 36 per cent of resilience initiatives are propelled by the organisation’s CEO, reflecting top-tier involvement in these crucial endeavours,” it said.

Another finding is the growing emphasis on technologically driven resilience.

Sixty seven per cent of business leaders in India are rallying behind the integration of technology to bolster resilience strategies, and harnessing data across their business units.

Specialists

The emergence of dedicated roles, such as the Chief Resilience Officer, is still in its nascent stage with just 11 per cent of organisations making this role a mainstay.

The survey accentuates the need for businesses to adapt, bringing in teams with the right skills to steer resilience programmes.

PTI

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