A leading business chamber on Friday ranked Information and Cyber Insecurity as the most significant threat to business perception and operations in the country. According to a Ficci report, in the recent past, there has been an increase in the incidences of cyber-attacks and potential espionage on cyber-security. “‘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 the internet and mobile platforms;, and the ever-present loopholes that hackers breach upon,” said Ficci-Pinkerton India Risk Survey 2017.
“The WannaCry malware incident has been, by far, the worst incident this year in which several systems were attacked, both of the public and the private sectors. The focus should be to create robust security mechanism to address cyber-security challenge.” The report ranked ‘Terrorism and Insurgency’ as the second biggest threat to businesses in India. “The persistent risk posed by ‘Terrorism and Insurgencies’, creates a risk perception in the minds of investors with interest in the Indian market,” the report said. “Although, India has invested heavily in its security capability to mount effective counter-terrorism and counterinsurgency operations this risk, however the effects of the perception of this risk continues to affect businesses especially with respect to foreign investment.”
As per the report, the third most grievous risk to business operations in India was ‘Corruption, Bribery and Corporate Frauds’. “There is an overall sense of lowering corruption via regulations such as GST, demonetisation, Make in India, the Digital India Program. However, the nature of corruption is such that it refuses to be completely removed,” the report said.