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  


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The report also states that 61% of Indian organizations placed outdated information security architecture and controls as the most important reason for increasing exposure to risk.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

3 out of 4 Covid-19 patients in 21-60 yrs age group

Contrary to the perception that the elderly are more at risk from Covid-19, in India as many as 41.88% of corona positive cases are between 21 to 40 years of age. Also, 32.82% positive cases are between 41 to 60 years, followed by 16.69% cases above the age of 60 years and 8.61% coronavirus positive cases

Why everyone should wear mask

In view of the increasing number of COVID -19 cases in the country, the ministry of health and family welfare (MoHFW) has now advised that everyone must voluntarily wear a mask and especially those living in densely populated areas.   Not just as a matter of maintaining personal hygiene

Fighting Covid-19, India has realized its collective strength: PM

In the face of the Covid-19 pandemic, people of India have realized their collective strength, prime minister Narendra Modi said in a short video message Friday morning. He also urged people to light lamps Sunday night as a gesture of this collectivity. “Today marks nine days of the na

COVID-19 demobilisation: Lessons for public governance

Demobilization, like its predecessor – demonetization, is another decision gone bad in implementation.  In both instances a careful public administrative action through its governance systems could have saved the magnitude of impact particularly on the most vulnerable sections of the society. Th

Don’t fear Corona, fight it

In a bid to break the “chain of transmission” of the deadly Covid-19, India, a country with more than 1.3 billion population, observed a voluntary ‘Janata Curfew’ on March 22. This has been followed by a 21-day, nationwide lockdown from March 24. Prime minister Narendra Modi also re

Sci-Tech Empowered Committee set up for COVID-19

To take speedy decisions on research and development for Sars-Cov-2 virus and COVID-19, the government has constituted a Science and Technology Empowered Committee. The committee, set up on March 29 and chaired by Niti Aayog member, professor Vinod Paul and professor K Vijay Raghavan, princi



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter