Cyber-attacks are most serious economic, national security threat: E&Y

The survey is based on responses from 1,735 global C-suite executives (senior corporate executives), including 124 CXOs from India

pratap

Pratap Vikram Singh | January 12, 2017


#Cyber Security   #Online Harassment   #Facebook   #Twitter   #Crime   #Cyber Crime  

(Illustration: Ashish Asthana)

Cyber security will cost the world $2 trillion in the next three years, and India, given the incidents of 2016, will continue to be the target, said Nitin Bhatt, national head and partner, risk advisory, Ernst & Young. Bhatt was speaking at the launch of the India report, part of the larger Global Information Security Survey 2016-17.

Bhatt said that India would a victim of cyber-attack, especially because of the “rapid stride it is making in the digital transaction, leveraging the internet to improve the critical infrastructure, and enhance citizen services through programmes like Smart Cities and Digital India”.
“Indeed the growing number of cyber-attacks on our network has indeed become the most serious economic and national security threat that India faces today,” he said.

The business continuity of organisations is under threat, he said. “In some cases it is lone wolf, insiders, hacktivists, while others show sign of cyber terrorism including those with the involvement of the state actors. The situation is grave,” Bhatt said.

The report, titled ‘Path to cyber resilience: Sense, Resist, React: EY’s 19th Global Information Security Survey 2016-17’, was released on Wednesday by Gulshan Rai, national cyber security coordinator, national security council, prime minister’s office.

Now in its 19th year, the E&Y survey is based on responses from 1,735 global C-suite executives (senior corporate executives), including 124 CXOs from India. “69% of Indian respondents reported an increase in their cyber security budgets over the last 12 months and almost three-fourths expect budgets to increase further in the next year. Despite the increased investments, 75% of the Indian respondents say that their cyber security function does not fully meet the organization’s needs,” the report said.

These findings are in line with the global trend where more than half of the respondents reported increased budgets on cyber security, but 86% are still not confident of their cyber security function.

The report also states that 61% of Indian organizations placed outdated information security architecture and controls as the most important reason for increasing exposure to risk. Around 55% respondents were concerned about poor user awareness of mobile devices.  58% of respondents fear that the next attack will be due to carelessness of employees, whiles 38% say that boards are not fully knowledgeable about cyber risks.

Comments

 

Other News

India ranks below Bangladesh, Nepal in inclusive development index

India has fared worse than its neighbours: Nepal, Bangladesh, Pakistan and China, in an inclusive development index. World Economic Forum’s Inclusive Growth and Development Report 2017 said that India, with a score of only 3.38, ranks 60th among the 79 developing economies on the IDI (inclu

Steel policy to boost steel production to 300 million tonnes by 2030-31

Minister of steel Chaudhary Birender Singh chaired a meeting of the parliamentary consultative committee attached to the ministry of steel in New Delhi on initiatives taken by the steel ministry to enhance demand and production of steel in the country and status of completion of projects by the PSUs. 

Manufacturing growth has underpinned India’s economic performance: ILO

Manufacturing growth has underpinned India’s recent economic performance, which may help buffer demand for the region’s commodity exporters, said an International Labour Organisation (ILO) report. The report “World Employment Social Outlook - Trends 2017” said that ec

Demonetisation expected to temporarily dampen India’s oil appetite: Analysts

The dramatic rise in India`s oil demand shows no signs of faltering, leading analysts say that the country will remain a driver of Asian growth in 2017.  Consumption is expected to rise by 7-8% this year, outpacing China`s demand growth for the third consecutive year, said Platts Analytics i

Railway Budget: A new track

This time of the year, the corridors of Rail Bhawan on Delhi’s Raisina Road, would normally have been abuzz with activity as officials would be at work tightening the nuts and bolts of the railway budget. The exercise was so time consuming, officials would have to sometimes go without sleep. The effo

Troll charge on information highway

Narendra Modi, the prime minister of India, is a great fan of Twitter and other social-media forums. As chief minister, this gave him a tech-savvy image, helping to connect with youngsters. As prime minister, he has taken his love for social media to new heights, asking the ministers and ministries to incr

Video

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter