Cyber Threats and Data Privacy Top Risk Agenda for Indian Companies in 2025: Aon Survey 

• “Property Damage” and “Exchange Rate Fluctuation” risks are more pronounced in India than rest of Asia
• “Artificial intelligence” (AI) emerges as a top future risk

The biennial survey, which gathered insights from nearly 3,000 risk managers, C-suite leaders and executives across 63 countries, highlights how risk priorities are evolving globally in response to technological, economic and geopolitical forces.

While “Cyber Attacks/Data Breach” remains the top risk for Indian businesses, “Data Privacy Requirements/Non-Compliance” has emerged as a top concern reflecting the growing influence of global and local regulatory frameworks. Talent attraction and retention challenges persist, while “Property Damage” and “Exchange Rate Fluctuation” are more pronounced in India than the rest of Asia.

2025 Top 10 Business Risks in India

1. Cyber Attacks/Data Breach
2. Economic Slowdown/Slow Recovery
3. Business Interruption
4. Data Privacy (including GDPR) Requirements/Non-Compliance
5. Failure to Attract or Retain Top Talent
6. Regulatory/Legislative Changes
7. Property Damage
8. Cash Flow/Liquidity Risk
9. Exchange Rate Fluctuation
10. Damage to Reputation/Brand

“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. “As cyber attacks and data privacy risks continue to rise, both in frequency and impact, organisations must not only strengthen their resilience but adapt quickly to these accelerated challenges. By investing in robust risk management strategies and fostering a forward-thinking mindset, Indian companies can better navigate today’s complex environment and position themselves for long-term success.”

Indian businesses have faced substantial losses from their most critical risks, with 77.8 percent of respondents reporting losses due to property damage and 46.2 percent due to business interruption, while 63.6 percent reported that they were impacted by exchange rate fluctuations. Talent challenges and cash flow/liquidity risks have also resulted in losses for nearly half of the respondents.

In response, Indian businesses are increasingly formalising their risk management strategies: 70 percent of respondents have established dedicated risk management and insurance departments while 64.9 percent actively measure the total cost of insurable risk — most noting rising costs. Mitigation efforts are robust, with 92.9 percent having plans and formal reviews for cyber attacks, 90.9 percent for property damage and more than half addressing talent retention (55 percent) and data privacy risks (64.7 percent). Organisations rely on a mix of expert advice, benchmarking and scenario planning, while a growing number (91.9 percent) are turning to captive insurance solutions to strengthen financial resilience and risk transfer capabilities.

Future Risks Reflect the Growing Influence of Interconnected Megatrends

Looking ahead, Indian businesses are bracing for a rapidly evolving risk landscape in the next three years that is expected to be shaped by technology and climate change. “Cyber Attacks/Data Breach” risks persist as the number one risk, while AI emerges as one of the top future risks, reflecting both its transformative potential and the uncertainties it brings to business operations and security. Alongside these, “Economic Slowdown” and “Business Interruption” remain persistent threats, demanding ongoing investment in resilience. Climate change is also a critical concern, with its impact on supply chains, infrastructure and regulatory requirements expected to intensify.

India’s Top Five Future Business Risks by 2028 

1. Cyber Attacks/Data Breach
2. AI
3. Economic Slowdown/Slow Recovery
4. Business Interruption
5. Climate Change

“In a world where disruption is the new normal, Indian businesses must invest in adaptive risk management - prioritising digital and climate resilience, scenario planning and ongoing employee training,” said Sushant Sarin, managing director and head of strategy and Commercial Risk Solutions for India at Aon. “Leveraging data-driven insights and benchmarking against industry peers will be key building resilience and sustaining competitive advantage.”

To access the full report and explore how Aon is helping clients navigate today's disruption dynamic, visit https://www.aon.com/grms.

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Media Contact
Jini Pillai
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The information contained in this document is solely for information purposes, for general guidance only and is not intended to address the circumstances of any particular individual or entity. Although Aon endeavours to provide accurate and timely information and uses sources that it considers reliable, the firm does not warrant, represent or guarantee the accuracy, adequacy, completeness or fitness for any purpose of any content of this document and can accept no liability for any loss incurred in any way by any person who may rely on it. There can be no guarantee that the information contained in this document will remain accurate as on the date it is received or that it will continue to be accurate in the future. No individual or entity should make decisions or act based solely on the information contained herein without appropriate professional advice and targeted research.