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COVID, cyber attacks, data fraud top threats for Indian corporates: Study

riskacademy — Wed, 09 Dec 2020 13:31:32 +0000

New Delhi, Dec 9 (PTI) The public health crisis due to the COVID-19 pandemic has emerged as the top threat for Indian corporates, while cyber attacks and data frauds loom equally large, according to a study.

The report, titled ”Excellence in Risk Management India 2020, Spotlight on Resilience: Risk Management During COVID-19”, has been published by global insurance broker Marsh and risk management society RIMS.

While there is great optimism about the ability of organisations to rebound and address future pandemic-related challenges, cyber attacks and data fraud continue to be paramount concerns for risk professionals in India, as per the survey.

Around 63 per cent of the 231 survey respondents — which included C-suite executives and senior risk professionals — identified the continued fallout of COVID-19 among the top three risks facing their organisations.

Cyber attacks (56 per cent), data fraud or theft (36 per cent), failure of critical infrastructure (33 per cent), fiscal crises (31 per cent) and extreme weather events (25 per cent) were highlighted among the other top risks for Indian businesses.

The majority of survey respondents (85 per cent) said the pandemic…

Banks need to hire experienced chief risk officers to deal with cyber attacks: Report

riskacademy — Sun, 06 Dec 2020 10:15:39 +0000

NEW DELHI :
The banking industry needs to upgrade its IT infrastructure and appoint experienced chief risk officers to effectively deal with incidence of cybercrimes, says a report by Deloitte India.

Observing that banks are the most targeted sector, the report said that nearly 22% of cybersecurity attacks which took place in India in 2018-19 were on the banking industry.

“…these (cyber) attacks are becoming complex day by day. To address these challenges, banks need to appoint experienced Chief Risk Officers who can take the responsibility of skilling the employees and lead investment in military-grade cybersecurity solutions to detect the most advanced attacks,” said the Deloitte report on “Digitizing the post COVID world: The ‘3I’ approach”.

Banking sector, the report added, has been fast to adapt to the changing demands by accelerating efforts toward contactless business operations and speeding up digital transition to enable employees to work from home post the lockdown.

As a result of the technology integration, the sector has been facing several challenges with respect to ensuring data security, the report said.

It noted…

Reputational risks from cyberattacks on rise as episodes become public: Moody’s

riskacademy — Sat, 12 Sep 2020 01:43:43 +0000

(MENAFN – IANS)

New Delhi, Sep 11 (IANS) The reputational risk from cyberattacks is rising for many companies globally, as episodes have become more publicised, Moody’s Investors Service said on Friday.

These episodes pose varying degrees of credit risks depending on the sector, size of the company and its relationship with the customers.

“Companies whose customers can easily switch to a competitor or whose business activities rely more heavily on trust are more exposed to reputational risk stemming from cyberattacks,” Moody’s said in a report.

“These risks are growing because of increased disclosure of attacks, both from cybercriminals, who are increasingly identifying the organisations they attack, and from more stringent disclosure requirements put in place around cyber events. Cyber resiliency planning and crisis management actions are essential components to mitigate the risks,” it said.

According to the report, increased disclosure is contributing to rising reputational concerns.

“In the past, many companies avoided disclosing cyber incidents, fearing such disclosures could invite further attacks or damage their reputation. However,…

The British U-turn on Huawei: Key takeaways for India

riskacademy — Sun, 16 Aug 2020 17:20:11 +0000

It is unclear how much longer New Delhi can delay a decision on Huawei’s role in India’s 5G network. Pressure from both Washington and Beijing has left India in an uncomfortable position whereby a decision will inevitably provoke fury from at least one global superpower, and as such has led New Delhi to kick the can down the road. But uncertainty is immensely disruptive to business. This is especially so in the telecoms sector for whom long-term investment cycles are currently on hold, delaying the roll out of 5G and the subsequent economic benefits India is forecasted to reap. It is, therefore, a decision that Modi will have to face head-on sooner or later. As he does so, he would be wise to draw upon lessons from the UK’s policy shift.

At its heart, the UK government’s decision was based on the fact that the sweeping US sanctions which ban Huawei from using software and technology that originated in the US would be ‘highly likely’ to disrupt Huawei’s basic ability to supply operators. The latest bout of US sanctions amount to a declaration of war on Huawei’s existence in the international market, with the UK’s National Cyber Security Centre (NCSC) assessment…

Amid COVID-19 disruption, companies rush up to buy cyber insurance: Here’s why

riskacademy — Tue, 14 Jul 2020 01:10:57 +0000

Amid COVID-19 disruption, companies rush up to buy cyber insurance: Here’s why | Photo Credit: BCCL

New Delhi: The dependency of businesses on internet-based systems has immensely increased in the last decade. Automation, process improvement, real-time analysis, and artificial intelligence have become the boardroom agenda in decision making and planning business strategies.

But, with the ever-increasing dependency on digital services amongst firms and individuals, the risk of potential cyber threats has grown at an exceptional rate.

However, what has driven demand for cyber insurance covers is the work from home culture that has been adopted across companies.

A Reuters report, citing a home ministry official, said there was an 86 per cent rise in cybercrime in four weeks across March and April.

Mr. Sanjay Datta, Chief, Underwritings, Claims, and Reinsurance, ICICI Lombard said: “Post COVID-19, organizations are adapting work from home model which increases the risk of the organisation getting hit with cyber-attack as employees are working on unsecured home networks. In the…

Government directed attacks, hacktivism, and designated propaganda outlets.

riskacademy — Tue, 23 Jun 2020 23:19:20 +0000

International conflict continues to breed attendant cyber offensive operations and apparent hacktivism. India, which has seen minor but lethal skirmishes with China along their disputed border, continues to warn its businesses, organizations, and government agencies to be alert for continued Chinese cyberattacks. The Outlook reports that New Delhi’s security agencies are distributing an alert from CERT-IN that many such attacks can be expected to take the form of COVID-19-themed phishing. Inc42 says that researchers at Cyfirma have been monitoring dark web chatter that appears to confirm such warnings.

Zscaler has taken a look at last week’s warning from the Australian Cyber Security Centre about “Copy-paste compromises” used against Australian networks. None of the reported exploits involve zero-days; all take advantage of known and patchable vulnerabilities. These and several other recent campaigns against Australian targets have been widely attributed to China, as the Sydney Morning Herald summarizes.

And one case of possible hacktivism (or possibly state-directed hacktivism) has appeared in Ethiopia. Addis-Ababa says, according to Borkena, that unspecified Ethiopian…

Pakistani cyber actors compromised 4 Indian Railways computers: Intelligence Bureau letter

riskacademy — Sun, 21 Jun 2020 16:06:51 +0000

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New Delhi: Last month, the Intelligence Bureau wrote to the Ministry of Railways, alerting it about computer systems being compromised by Pakistan-based “cyber actors”.

The letter written in May, which has been accessed by ThePrint, stated: “It is learnt that (04) Internet connected computers in use at different offices of Indian Railways has (sic) been compromised by Pakistan based cyber actors (APT 36 Malware campaign). Data from the compromised computers are being constantly sent to servers abroad.”

The details of the computers have been attached separately, the IB’s letter added. A highly placed source told ThePrint that while three of the computers identified are located in the ministry, one is the personal computer of a top vigilance officer from the railways.

Asked for a comment by ThePrint, Ministry of Railways spokesperson D.J. Narain said the issue was “very old”, without specifying how old it was. He added: “We have nothing more to say on this. All we can say is we are all safe.”

Also read: Pakistan-linked hackers pose as Indian…

Covid impact much worse than 2008 crisis: Tech Mahindra

riskacademy — Tue, 09 Jun 2020 02:57:56 +0000

NEW DELHI: The $5-billionplus Tech Mahindra said that the coronavirus will bring down revenues of the Indian IT industry as international orders will slow down amid the pandemic. The crisis is “much worse from an economic impact” point of view compared to what the industry had suffered during the global financial meltdown of 2008-09.
Also, on-site personnel deployment outside India will come down and software teams will increasingly work out of India, Tech Mahindra MD & CEO C P Gurnani said. “There will clearly be a slowdown. The question is how long and how much? The slowdown is inevitable,” Gurnani told TOI Dialogues in a special series on the Indian IT industry and the impact of the coronavirus.
The Tech Mahindra boss said, “There will be a lag, and that lag will hit the economy. My belief is that it is already hurting us… So, there will be a drop in the revenues.”
Tech Mahindra has over 1.2 lakh employees and gets a large part of its business from markets across Europe and the US, apart from India.
Gurnani said that while the focus on network and services, and media and entertainment will keep the situation under control for Tech Mahindra, there are other…