The results from the Global Fraud & Risk Report say that among the various fraud risks, theft of enterprise data and information is the one that is most reported by Indian enterprises. This is followed by internal financial fraud, IP theft, theft of stock, etc. Indian businesses report much higher vulnerabilities compared to average global businesses. 87 percent of Indian respondents reported risk of information theft compared to only 57 percent globally. Similarly, the risk of internal financial fraud is detailed to be 85 percent in India compared to an average of 52 percent at the global level, according to Kroll.
Coming to risks involving the use of IT, 80 percent of Indian respondents were reported to be vulnerable email-based phishing attacks whereas only 57 percent of respondents reported vulnerability to this risk on a global average. Vulnerability related to other cyber risks like data deletion by employees, virus/worms and Dos attacks was also considerably higher among Indian respondents in comparison to the global average, the survey found.
Among the most common targets of financial fraud, customer records, employee records and trade secrets related to information such as intellectual property and R&D were found to be the most reported. According to the report, 40 percent of global respondents list trade secrets as one of the main target of fraud in comparison to 55 percent of Indian respondents who report the same. Reporting of customer and employee records as a target of fraud was also found higher among Indian respondents.
The results from the report also reveal that India has one the world’s highest number of cases of theft of physical assets or stock, with 40% of Indian respondents reporting them. This is shown to be considerably higher when compared to 27% of such theft reports by global respondents. When it comes to reported intellectual property theft and piracy, India again stands ahead in comparison to average global enterprises.