Cyber threat biggest risk to business operations: study

Information and cyber Insecurity has become the biggest risk to businesses in India, according to the FICCI – Pinkerton India Risk Survey 2017.

The study has found that there has been an increase in incidences of cyber-attacks and potential espionage on cyber-security.

According to the report, “Information and cyber insecurity has become more pronounced due to the shift that the nation is undergoing towards digitisation of various assets and services being delivered via internet and mobile platforms; and the ever-present loopholes that hackers breach upon.”

In contrast to last year’s survey, Strikes, Closures & Unrest dropped six positions to rank seven on the survey. Industries dominated by blue-collar jobs that employ low-skilled labourers are faced with criticism regarding inadequate working conditions and unsatisfactory compensation.

Terrorism and Insurgency comes second in the list, rising two spots from its position last year. The report notes, “Left-Wing Extremism perpetrated by communist terrorist groups remains the most severe terrorist threat. The persistent risk posed by terrorism and insurgencies, creates a risk perception in the minds of investors with interest in the Indian market.”

Corruption, Bribery & Corporate Fraud ranks third as per the survey.

The report states that even though there is an overall sense of lowering corruption, “the nature of corruption is such that it refuses to be completely removed.”

‘Women’s safety at workplace’ ranked eleventh. There is a need to create stronger and wider awareness for women to feel comfortable to be safe while at the workplace and while commuting to and fro, stressed the report.

Risks such as natural hazards, fire, political and governance instability also constitute the list among others.

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