Friday, April 23, 2021

Indian companies vulnerable to frauds by staff, data theft, bribery

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Indian companies are concerned about frauds by employees, followed by data theft and cyber fraud, as per a survey conducted among Indian companies by industry body Confederation of Indian Industry (CII) and risk consulting firm Kroll Thursday.

As per the survey, 50 percent of the respondents termed frauds by employees as most prevalent in India followed by data theft and bribery by 31 percent respondents.

About 35 percent of the respondents indicated that they have terminated services of their employees after fraud incidents while 15 percent of the respondents have approached law enforcement agencies to take the matter forward.

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Loss of reputation is considered as the most serious concern after the fraud is detected as per 26 percent of the respondents, followed by loss of confidential data and financial impact by 23 percent and 21 percent respondents respectively.

The survey concluded that Corporate India was worried about the pace and quantum of frauds as companies are increasingly becoming vulnerable to new risks of digitization and information security-related risks.

As per India’s central bank, the Reserve Bank of India, 53,334 cases of frauds were reported in the banking sector in the past 11 years involving 29.9 billion U.S. dollars.

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