Abstract: This study explores COVID-19’s impact and learnings from it. It also attempts to cognise various risks and responses by industry across India. Qualitative methodology is used with open ended questions for primary data collection. Content analysis of interviews of concerned managers is conducted to capture opportunities from pandemic and how they build resilience and what practices were used to reduce severity of crisis. Findings revealed that crisis resulted in many prominent risks besides those researched by Jedynak and Bąk (2021). The unique aspect of non-damage business interruption and cyber threat is emerging; learnings include updating and revising predictive models (Hartwig et al., 2020). Going beyond data, qualitative aspect in estimating and modelling is needed (Rozell, 2019). However, capacity building is key response to financial stability (Kandel et al., 2020) it must be wholistic. Industry needs to evolve as per new normal, post COVID (Nielsen, 2020).