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Nearly two-thirds of India Inc fears their management of cyber risks is ‘inadequate’: Deloitte Survey

, ET Bureau|
Sep 11, 2018, 09.54 PM IST
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Respondents include 100 companies, many of which are constituents of Nifty 50
Nearly two thirds of Indian companies fear their management of cyber security risks is inadequate, a survey by consulting firm Deloitte has revealed. The companies found themselves to be less prepared to face these risks due to lack of trained professionals or budgetary constraints, according to the survey.

Cyber security was rated amongst the top three risks by the corporates surveyed. Regulatory risk and technology disruption were the two other risks identified by the survey’s respondents.

“The new data privacy laws place the onus on companies to prevent any leaks. This makes cyber security even more relevant”, Deloitte’s president of risk advisory, Rohit Mahajan said.

The survey also noted that involvement of board level executives in risk management was on the rise.

“Board members are actively investing time to monitor risk management as the companies act places more accountability on them by making them personally liable for any mishaps”, Mahajan told ET.

61 per cent of the respondents to the survey, that includes Nifty 50 companies, had executives in a chief risk officer role who in many cases reported to the company’s boards, Deloitte found.

The survey noted that while cyber attacks were causing more obvious damage in the form of loss of important intellectual property to organizations and loss of customer data, they also had longer term underlying implications that could extend to the reputation of the company and its ability to raise funds.

The survey covered 100 companies across sectors such as consumer goods, financial services, lifesciences, media and telecom. More than 40 per cent of the companies surveyed had turnovers in excess of Rs. 7500 crore.
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