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Indian execs more wary of Cyber-crimes: IBM Report

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CIOL Bureau
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NEW DELHI: Indian IT executives believe more strongly than their global peers that cyber-crime is more costly to their organizations than physical crime, reports a recent IBM survey.

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Sixty-seven percent of local IT executives who took part in the survey perceived cyber-crime as more costly compared to a global benchmark of fifty-eight percent.

The cost of cyber-crime, these Indian businesses report, stem primarily from the lost of revenue; lost of market capitalization; damage to their brand; and loss of current customers.

The global survey, conducted among over 3,000 CIOs or other individuals qualified to answer questions about their company's IT practices, includes 150 respondents from India. The respondents were drawn from the healthcare, financial, retail and manufacturing industries.

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The report also says that the threat of cyber-crime now comes from a number of different places. Ninety-one percent of Indian IT executives, compared to 84 percent of their global counterparts, believe that organized criminal groups possessing technical sophistication are replacing lone hackers in the world of cyber-crime.

Alarmingly, more than three-quarters (78%), compared to 66 percent of global businesses, perceive that threats to corporate security are now coming from inside the organization.

In light of the growing cyber crime threat, 69 percent of Indian businesses believe they are adequately safeguarded against organized cyber crime (compared to 59% of global businesses). When asked which two initiatives were the most important to undertake over the course of the next year, Indian IT executives indicated: Upgrading their firewall (62% versus 28% of global businesses) as their top priority; Implementing vulnerability/patch management systems on the network (31% versus 19% of global businesses).

© CyberMedia News

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