Information and cyber insecurity is second most risk factor in Indian industries: FICCI

NEW DELHI: 'Information & Cyber Insecurity' has been ranked as the second biggest threat to businesses in India, for two consecutive years.

The high rating points to the fact that it is a persistent risk for both private and government sectors in a high-technology driven global economy, where a growing trend is the rise in cyber-aided hacking. Information insecurity along with infringement of intellectual property and corporate fraud remain some of the crucial concerns in business strategy, across sectors and geographies.

A study of FICCI shows that information and cyber insecurity stands at 9.71 per cent out of an overall rating of 15 per cent, only next to strikes and labour unrest.

Interestingly, strikes and closures, crime, and workplace violence and sexual harassment are the top three threats in the media and entertainment sector.

The India Risk Survey 2016 shows that information and cyber insecurity is the third most risk factor in south India, while Intellectual Property Theft is the second largest risk factor in east India.

But among sixteen sectors surveyed, it is the top most risk factor in government and public service undertakings, financial service, IT/ITES (where intellectual property theft is the second biggest risk factor), and telecom, and the second most risk factor in education.

The National Crime Records Bureau (NCRB) recorded a total of 7,201 cases under the IT Act in 2014, showing a 65 per cent rise from 2013. Symantec estimated one million web attacks every day in 2015. A SophosLabs research ranked India at No. 5 among the countries with the highest percentage of endpoints exposed to a malware attack. The spear-phishing campaigns targeting employees has increased by 55 per cent in 2015.

‘Information & Cyber Insecurity’ is a persistent business risk in a high-technology driven globalised economy. Indian companies are increasingly being targeted, which is reflected in the high-risk rating given by the Government & PSU and Telecom sectors to risk of ‘Information & Cyber Insecurity’. With increase in the number of people.accessing the internet through any mode, computers or hand-held devices, and the growth of revolutionary financial transaction platforms for online shopping and payments, this risk is definitely going to increase further.

Government data sourced from the NCRB shows a total of 7,201 cases were registered in 2014 under the IT Act,16 which registered a 65.3 per cent rise in cyberrelated cases as compared to 2013. Greed or financial gain accounted for the maximum 18 per cent of the cyber-crime cases. In real terms, it stood at 1,736 out of 9,622 cases.

Latest Reads

IoT is risk to networks; Netflix, PayPal, Twitter and Amazon temporarily shut in cyber attack

MUMBAI: Nobody is safe until everybody is safe, it is said. The most hyped and happening currency in the world of communication as well as the best weaponry in the wireless world -- the Internet -- was under attack. Cyber attackers can DDoS (Distributed denial of service) for a range of purposes,...

iWorld e-commerce
Interconnect tussle: Vodafone, Airtel, Idea may move court against proposed Rs 3,000-cr penalty

MUMBAI: The Telecom Regulatory Authority of India (TRAI) plans to impose a heavy penalty on three major telecom operators for failing to provide adequate interconnectivity to RJio even as operators attempted to comply with the rules. Jio had written to the TRAI seeking action against incumbent...

iWorld Telecom
How broadcasters can use Facebook better?

MUMBAI: Facebook’s daily active user base in India clocked a whopping 22 per cent growth rate by the second quarter of 2016, which is much higher than the 17 per cent growth rate the social media giant enjoys globally. Naturally, addressing its India-only usage and the issues concerning it is of...

iWorld Social Media
How to make your content viral?

MUMBAI: How often do we hear the term ‘viral’? From the germination of an idea to its execution, the only target people want to achieve is making it go viral. Be it a concept or a new initiative, grabbing the maximum number of eyeballs or reaching out to the masses remains the crucial part.

iWorld Social Media
Culture Machine launches digital channel Om Bhajan Bhakti

Culture Machine has launched its new digital brand on devotion and spirituality, titled "Om Bhajan Bhakti". The channel explores the spiritual and devotional space by providing unique experiences and learning to viewers.

iWorld Video On Demand
Welcome offer lands Reliance Jio in 4G speed soup

Even as Reliance Retail today launched 4G F1, the first device under the LYF brand outside the four elements branding, Reliance Jio seems to have received a setback with TRAI declaring its speed to be the poorest among five telecom operators. LYF F1 has been launched with advanced 4G for Reliance...

iWorld Telecom
Vodafone India announces roaming free from Diwali

Vodafone India, one of India’s leading telecom service providers, has announced free incoming calls while roaming nationally for all its customers. Starting this Diwali, all Vodafone India customers, travelling anywhere in the country, can continue to talk worry free without having to cut short...

iWorld Telecom
Facebook updates architecture for India's next billion coming online

GURGAON:  "We (Facebook) are now launching a new architecture so you can see less grey boxes, and more relevant stories quickly, regardless of your network connection. This new architecture of News Feed allows stories to be ranked on the client after being sent from the server. We avoid spinners...

iWorld Social Media
Q2-17: Reliance: Jio busts records, organised retail grows 63 percent

The Mukesh D Ambani led Reliance Industries Limited (RIL) organized retail segment - Reliance Retail, continued its growth momentum and profitability in the quarter ended 30 September 2016 (Q2-17, current quarter), while its digital services offering Jio has broken all records in terms of...

iWorld Telecom

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories