Corporate India is gung ho about the new economy. Boardrooms are abuzz with proposals for new dot.coms. But, wait a minute; have the boardrooms discussed the financial impact of security breaches? How will they cover expenses resulting from these breaches?Security violations in an organisation's network can result in destruction of critical information, theft of information assets, or claims alleging invasion of privacy.They can not only result in potential loss of business but might also entail shelling out huge sums of money. Copyrights ‘infringement on the Net are becoming commonplace, especially due to the Net's ability to move data around easily.
Nike.com estimates that more than 10 per cent of purchase requests it receives are attempts to defraud the company.
Cyber frauds are on the rise as they are that much more difficult to detect.
Are Indian corporates budgeting these into their contingency expense statements?