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The report also states that 61% of Indian organizations placed outdated information security architecture and controls as the most important reason for increasing exposure to risk.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

India’s forest cover increases by 5,516 sq km in four years

The Dehradun-based Forest Survey of India (FSI), an organization under the Ministry of Environment, Forests and Climate Change, carries out the assessment of forest cover biennially since 1987 and the findings are published in the India State of Forest Report (ISFR). As per the latest ISFR 2021, there is a

Steps taken to meet higher power demand of April-May

While the average growth of energy requirement in the country for 2023-24 viz-a-viz 2022-23 has been estimated as 4.9%, the months of April and May have been projected as high demand period. During the current year, the peak demand is expected to be around 229 GW during the summer period. The government ha

Millets to make comeback in army ration after half a century

As the UN has declared 2023 as the International Year of Millets, the Indian Army has steered introduction of millets flour in the rations of soldiers. This landmark decision will ensure troops are supplied with native and traditional grains after over half a century, when these were discontinued in favour

Central Bank Digital Currency has game-changing potential

When discussing digital currency, you might think of one or two well-known varieties. There is the digital representation of currency that you access with mobile and online banking services. This currency is the liability of a commercial bank. There is also cryptocurrency, a digital medium of exchange issu

An Insider’s Account of the Zail Singh Years: The Endgame

The Indian President: An Insider’s Account of the Zail Singh Years By K.C. Singh HarperCollins, 312 pages, Rs.699  

‘My Father Was a Simple Man’: Remembering Gen. Rawat

Bipin: The Man Behind the Uniform By Rachna Bisht Rawat Penguin, 207 pages, Rs 599 On the morning of 8 December 202

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter