India Inc. faces threats from cybercrime, terror, says study

There is a need to overhaul security standards and regulatory framework with cybercrime, terrorism, fire and corporate espionage emerging as some of the biggest threats to businesses in the coming years, according to a recent study.

“While we have very little control over occurrences such as floods, earthquakes and terror attacks, we do have control over the ways in which we can safeguard our businesses and people against them… It’s high time that we pay attention to the potential physical security risks and do something about them,” says Dinesh Anand, Partner and Leader, Forensic Services, PwC India.

The report highlights the fact that while awareness about security issues is on the rise, there is a need to overhaul security standards and regulatory framework. Besides, there is also lack of confidence in facing natural disasters like earthquakes and floods. The PwC report titled ‘Physical Security Environment Survey 2016’ examined the recent trends and developments in the domain of physical security in India and assessed the key challenges and issues that security professionals are currently facing.

In the study, it was found that 96 per cent of the respondents felt there was an urgent need for most organisations to rethink their business strategy to effectively respond to natural disasters while 73 per cent of the respondents felt that the number of security incidents had increased over the past two years and would continue over the next two years as well.