Social media poses high risk and India Inc not equipped to deal with it: Survey
How prepared is India Inc to deal with rising cyber attacks? A survey conducted shows that India Inc is hardly prepared to deal with such attacks and a majority of the respondents who took the survey said that social media is the biggest risk.
A survey conducted by Ernst & Young's Fraud Investigation and Dispute Services department found that employees are one of the weakest link in the company's defence mechanism against data theft. Nearly 90 per cent of the respondents said that social media is the biggest risk.
The survey said that a mobile workforce, increased sharing of personal and professional information on social media channels, and gaps in protecting this information could evolve as a significant cyber hazard. Emerging techniques such as phishing or spoofing can make unsuspecting employees even more vulnerable.
According to the survey just 22 per cent of the respondents said they were able to detect incidents of cyber attack effectively. One-fifth of the respondents said that employees are the weakest links in the company's defence mechanism. Several companies are still focusing more on mitigating attacks from unknown hackers highlighting the need for a more balanced effort in addressing both the internal as well as external threats.
The survey further noted that attacks are becoming exceedingly complex, targeted and globalised. Arpinder Singh, partner and national leader, fraud investigation & dispute services, EY India said the shift to a digital economy has also uncovered vulnerabilities in many organizations and highlighted the need to build strong cyber strategies. The ability to foresee and remediate future threats will separate the better prepared organization from the rest
Not enough specialists:
72 per cent of the respondents believe their company's IT security teams do not have enough specialists to deal with cybercrime incidents. Less than half of the respondents surveyed are planning to increase cyber security spends, indicating that incident response is still not on the priority list.
The survey further noted that organisations need to understand that the quantum of losses suffered because of a cyber breach will continue to escalate in the future, and there is a heightened need to make investments in building robust cyber diagnostic programs, provide remediation approach, cyber threat intelligence and incident response.