Crisis management, cyber resilience prompt corporates to take pre-emptive actions: PwC India

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% of businesses to elevate their cyber resilience blueprints.

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

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

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

"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% in 2019 to 98% 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, Partner and Leader of Forensic Services, PwC India.

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

"Leadership's role is pivotal. Nearly 36% 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.

About 67% of business leaders in India are rallying behind the integration of technology to bolster resilience strategies, harnessing data across business units.