Information and cyber risk has been rated as the biggest threat to business operations in India, followed by terrorism and insurgency, according to the FICCI-Pinkerton India Risk Survey 2017.
Information and cyber risk has become more pronounced due to the shift towards digitisation of various assets and services being delivered via Internet and mobile platforms in the country.
The WannaCry malware incident that took place in May has been, by far, the worst incident this year in which several systems were attacked, both in the public and the private sectors, says the report.
The survey also describes left-wing extremism perpetrated by communist terrorist groups as the most severe terror threat.
"Although India has invested heavily in its security capability to mount effective counter-terrorism and counter-insurgency operations, the effects of the perception of this risk continue to affect businesses especially with respect to foreign investment," the report said.
Corruption, bribery and corporate fraud rank as the third biggest risk.
The survey ranks natural hazards as the fourth highest risk to businesses. India is considered at 'high risk' of natural hazards with flooding identified as the most significant risk to businesses and communities in the country. Fire risk is ranked fifth.
New risks have also been identified via the survey, and they include non-compliance risk, business investment risk and legal regulatory risk.
Established in 1927, FICCI (Federation of Indian Chambers of Commerce & Industry) is the largest and oldest apex business organisation in India.