90% firms see social media as a big risk area for cyber crime: EY report
Over 90% of Indian businesses identified social media as a ‘precarious platform spurring new-age cyber threats’, according to the report
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New Delhi: Over 90% of Indian businesses identified social media as a “precarious platform spurring new-age cyber threats”, according to a report by consulting firm EY Fraud Investigation and Dispute Services.
According to the report titled “responding to cyber crime incidents in India”, employees are the second-largest source of risk after unknown hackers.
“Employees post extensive details regarding their work profile on social networking websites. These social media platforms act as a gold mine for cyber criminals to identify and target key individuals for a successful breach,” it said.
The report quoted a McAfee study to say that India is estimated to be losing 0.21% of its gross domestic product (GDP) to cyber crime and the numbers of incidents were increasing each year.
About two-thirds of businesses were unable to detect a cyber incident in real time due to insufficient understanding of the motive behind the attack. While 55% of respondents said that cyber security laws need to be strengthened, 34% said regulations in the cyber law space need to be clearer, the report revealed.
The report is based on more than 160 interviews with senior and middle management executives. Over 50% of the respondents are employed in listed companies.
A majority of 72% of the respondents believe their company’s IT security teams lack specialists to deal with cyber crime incidents, while just 40% believe their techniques around proactive monitoring of cyber crime are adequate.
40% of respondents plan to spend more on investigation and forensic capabilities in their organisations.
The report identifies five key sectors affected by cyber crime—technology, media and telecommunication (26%), financial services (24%), automotive and transportation (8%), government and public sector units (8%) and real estate, construction and hospitality (8%).