GENERATED ON 17/12/2022

RISK EXPOSURE REPORT
Company Name: Raghnall
Industry Type: Business & Information Technology
Industry Sub Type: Industry Sub Type: Consultant
Industry Sub Type: Industry Sub Type: Consultant
Industry Sub Type: Industry Sub Type: Consultant
Industry Sub Type: Industry Sub Type: Consultant

The global tech market is expected to see a robust 6% growth in 2022 and 2023, significantly faster than pre-pandemic levels. India’s IT industry is expected to contribute 10% to India’s GDP by 2025. Some of the key trends to look out for in 2022 and beyond are:

Global delivery model - Indian software product industry is expected to reach US $ 100 billion by 2025. Indian companies are focusing on investing internationally to expand their global footprint and enhance their global delivery centres.

India to become the data annotation and labelling hub - The data annotation market in India stood at US$ 250 million in FY20, of which the US market contributed almost 60% to the overall value. The market is expected to reach US $ 7 billion by 2030 due to accelerated domestic demand for AI.

Taking cloud and everything-as-a-service to the next level - As more companies embrace cloud and service-based IT to drive innovation and transformation, and as XaaS providers multiply, more work will be needed to manage the technical and operational complexities of hybrid, multi-cloud approaches.

Taking cloud and everything-as-a-service to the next level - As technology companies continue to recover from pandemic-induced supply chain disruptions, they will start proactively preparing for future uncertainty and other systemic risks. To do it, they’ll build systems with better visibility and resiliency.

Taking cloud and everything-as-a-service to the next level - With more experience utilizing a hybrid workforce under their collective belts, tech companies will evolve their cultures, accelerate experimentation with collaboration solutions, and develop better approaches to managing tax implications.

Taking cloud and everything-as-a-service to the next level - Although the tech industry is working to address critical sustainability issues, growing pressure from stakeholders and potential changes to environmental, social, and governance (ESG) reporting rules will incite tech companies to heighten their focus on reducing and reversing environmental impact.
CYBER

Between November 2020 and October 2021, there were almost 24 thousand cyber security incidents worldwide. From this total, 2,065 incidents were detected in small companies. The professional and public administration sectors were the most targeted with 3,566 and 2,792 reported incidents respectively followed by IT sector with 2561 reported incidents.
CRIME

As per PwC’s Global Economic Crime and Fraud Survey (GECS) 2022, 52% of Indian organizations experienced fraud or economic crime within the last 24 months. Out of these, 17% of the companies lost between USD 1Mn - 50Mn. The major crime faced by the Business & IT sector was cyber fraud (50%) followed by customer fraud (35%) and procurement fraud (26%).
EMPLOYEE

2021 has been unparalleled when it comes to the talent exchange we are witnessing across sectors. The overall annualized attrition number for 2021 stands at an astounding 20% which is a record high since 2011. Technology takes a chunk of the big attrition stories in India with 24.4% attrition rate in the IT sector and a 20.5% attrition rate in e-commerce businesses. Professional services sector stood at the 2nd position with an attrition rate of 20.5%. Further, 84% of IT firms are also experiencing a shortage of skilled talent.
LIABILITY

Indian legal environment is changing very fast and the legal expenses of companies are also increasing each year. The legal requirement of industries varies from industry to industry. As per the analysis of various costs incurred by different industries over a period of 10 years (2010-2019), the legal cost incurred by the Business & Information industry was 7.29% of their total expenses and 0.81% of their 10 year average sales revenue.
We, at Raghnall, build partnerships with your organization that goes beyond pure risk transfer and offer a variety of additional services, like assessing your risk exposure, crisis management support or help with preventative measures. At Raghnall, we have specialized underwriters and product experts who take time to understand your business and procure protection from the most appropriate source according to your needs.

Raghnall Insurance Broking and Risk Management Pvt Ltd. A-702, Rustomjee Central Park, Andheri - Kurla Rd, Chakala, Andheri East, Mumbai 400093

For information, please visit - https://www.raghnall.co.in

Disclaimer

This assessment is provided for informational purposes only. Risk-related analyses and statements in this assessment are statements of opinion of possible risks to entities as on the date they are expressed, and not statements of current or historical fact as to the security of any entity. You should not rely upon the material or information in this report as a basis for making any business, legal, or any other decisions. Raghnall or MSME Accelerate shall not be liable for any damages arising in contract, tort or otherwise from the use or inability to use this report, or any action or decision taken as a result of using the report. Neither Raghnall nor MSME Accelerate warrant that (i) the assessment will meet all your requirement; (ii) the assessment will be uninterrupted, timely, secure or error-free; or (iii) that all the errors in the assessment will be corrected.