Fighting against cyber crime threats, India Inc scores low

May 05, 2017 | 6:45 pm

Published by | Chandan Singh

India has encountered increasing cases of cyber criminal offense, but incident response system to tackle these dangers remains low finds a written report.

According to EY’s Scams Investigation and Dispute Solutions report, 89 percent of respondents impressed after the necessity to bolster cyber laws and regulations – 55% for strengthening and thirty-four percent to get more clearness.

“Corporate India’s contact with internet crime risks has amplified significantly over a previous couple of years, with attacks becoming exceedingly complex, targeted and globalized, ” said Arpinder Singh, Partner, and Countrywide Leader, Fraud Investigation and Dispute Services, EY India.

The report said a mobile workforce, increased posting of private and professional information on social media, and gaps in safeguarding this information could develop as a significant internet hazard.

“The shift to an electronic|searching for the economy has also uncovered vulnerabilities in many organizations and highlighted the need to build strong cyber strategies. The capability to foresee and remediate future threats will split the better-prepared company from the remainder, ” Singh added.

Less than 50 % of the participants surveyed are planning to increase cyber security usually spends, indicating that incident response is still not on the priority list.

Firms need to understand that the quantum of deficits suffered due to a cyber breach will always escalate in future, and there is a higher need to make opportunities in building robust internet diagnostic programs, provide remediation approach, cyber threat cleverness, and incident response.

The report by EY’s team was prepared for one hundred sixty interviews with senior and mid-management and over 50% of the respondents are from outlined companies.