Story image

Information & cyber 'insecurity' top risk in India for 2017

08 Nov 2017

Pinkerton’s India Risk Survey 2017 puts information and ‘cyber insecurity’ at the top of the list for risk ratings this year, topping out terrorism risk, business espionage, intellectual property theft and accidents.

The report says that the increasing number of cyber attacks and cyberespionage require stronger investment in the security of cyber infrastructure.

India is undergoing a phase of ‘information and cyber insecurity’ as it moves towards asset digitization and service delivery, the report says.

Information and cyber insecurity is not the top risk across all of India’s sectors, however. E-Commerce, hospitality, media & entertainment, NGOs and retail scored higher for risks such as natural hazards, terrorism and political governance & instability.

The report cites the WannaCry malware as the worst cyber incident this year. Systems across the private and public sectors were attacked.

“While the WannaCry ransomware was attempting to penetrate into the Indian cyber-domain, the country was put on highlight and official sources have declared that India was not as affected as reported. Several corporations, such as the Power Grid Corporation of India Limited (PGCIL), were ready to block the malware by setting up a precautionary firewall,” the report says.

If organisations were to focus more on creating robust security mechanisms, it would foster stronger trust between Indian firms and foreign industries.

It cites McAfee research that puts the global economic cost of cybercrime at more than US$40 billion. This is expected to reach $2.1 trillion by 2019.

“According to the NCRB1, a total of 8,045 cases were registered in 2015 as compared to 7201 cases in 2014 with a rise of 11.7 per cent in cyber related crime (under the IT Act),” the report says.

“NCRB data reveals that a majority of cyber-crimes were registered for greed and financial gain, which accounts for 33.3% (3,855 out of 11,592 cases).”

Although there are high costs associated with cybersecurity enhancement, the implications from weak security will be even higher. Information and cyber insecurity will also remain the top business risk for a number of years.

The report suggests that training sessions can reduce human error; and business and government cooperation can boost security.

Business espionage is also a risk because not only are critical business infrastructures sensitive, but also because it is becoming more covert and harder to detect.

“Therefore, business are advised to ensure recommended firewalls to safeguard from any hacking-activity. Organisational functioning and flow of information must be protected at all cost. More importantly, valuable assets and sensitive data must be secured,” the report says.

D-Link hooks up with Alexa and Assistant with new smart camera
The new camera is designed for outdoor use within a wireless smart home network.
Virtustream launches new services for cloud applications
The new suite of professional and managed services expands Virtustream’s enterprise application and services solutions.
Secureworks Magic Quadrant Leader for Security Services
This is the 11th time Secureworks has been positioned as a Leader in the Gartner Magic Quadrant for Managed Security Services, Worldwide.
Datto expands A/NZ presence with Sydney office
This investment will enable Datto and its partners to continue to grow and address the IT needs of small and medium businesses (SMBs) in the region.
Google puts Huawei on the Android naughty list
Google has apparently suspended Huawei’s licence to use the full Android platform, according to media reports.
Zoom Phone beta announced for local customers
Zoom is bringing its full Phone solution to Australia in July, but has launched a beta for us to try now.
AI driving 'unprecedented' M&A growth
Breakthroughs in artificial intelligence are causing ‘unprecedented’ growth for mergers and acquisitions, as companies grapple for their share of an AI market that will be worth $190 billion by 2025.
DimData: Fear finally setting in amongst vulnerable orgs
New data ranking the ‘cybermaturity’ of organisations reveals the most commonly targeted sectors are also the most prepared to deal with the ever-evolving threat landscape.