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Indian Consumers Cautious of Data Misuse Through Technological Devices

Executives in the technology sector believe that their company's information security function is highly engaged with the organization's digital transformation agenda. 

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cyber security
"It's clear that organisations are still prioritising their bottomline ahead of consumer expectations and concerns, despite the opportunity to use effective cyber security strategy to build consumer confidence and engagement," says Akhilesh Tuteja, KPMG Global Co-Leader, Cyber Security. Pixabay

Nearly 86 per cent of the consumers in India are concerned about eavesdropping of their conversations or theft or misuse of their messages through their devices, a KPMG report said on Thursday.

According to KPMG’s “Consumer Loss Barometer” report, the focus of the organisations has to be on building trust with customers in the digital era through adequate cyber security to propel business growth.

Nearly 84 per cent of the consumers in India prefer mobile device usage over apps and cloud.

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While 51 per cent respondents in India believe that additional levels of privacy and security should be embedded within the design of new types of “connected” devices, 59 percent said that it is their own responsibility to ensure the devices you are using have been secured. Pixabay

However, more than 50 per cent of respondents have limited personal information stored on the Cloud primarily due to security and privacy concerns, the findings showed.

The report that surveyed more than 2,000 consumers and 1,800 Chief Information Security Officers (CISOs), identified a mismatch between the priorities of CISOs and consumers in the event of a breach.

“The proliferation of connected and IoT devices will have a cross-sector impact on areas around data security and privacy. In response to this, regulators will need to establish mandatory data security requirements,” said Atul Gupta, Leader-IT Advisory and Cyber Security Leader, KPMG in India.

Executives in the technology sector believe that their company’s information security function is highly engaged with the organization’s digital transformation agenda.

However, only 33 percent of the executives in the automotive sector believed so. A sizeable minority said executives were infrequently briefed on cyber security, with only one per cent of the total number of executives briefed on a monthly basis.

“Security leaders prioritise financial loss (60 per cent), costs of business disruption, recovery, and remediation (51 per cent) and reputational risk (31 per cent) over the impact relationship with consumers (21 per cent),” the report added.

cyber security
According to KPMG’s “Consumer Loss Barometer” report, the focus of the organisations has to be on building trust with customers in the digital era through adequate cyber security to propel business growth.  Pixabay

While 51 per cent respondents in India believe that additional levels of privacy and security should be embedded within the design of new types of “connected” devices, 59 percent said that it is their own responsibility to ensure the devices you are using have been secured.

Also Read: WhatsApp Designs Its Business Communication App for Apple Users

Around 87 percent of the consumers are concerned that retailers will misuse or improperly distribute their information.

“It’s clear that organisations are still prioritising their bottomline ahead of consumer expectations and concerns, despite the opportunity to use effective cyber security strategy to build consumer confidence and engagement,” says Akhilesh Tuteja, KPMG Global Co-Leader, Cyber Security. (IANS)

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Samsung in a Deal to Supply 4G and 5G Network Equipment to Canada

It marks the first time for Samsung Electronics to supply telecom equipment to Canada, Yonhap news agency reported

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Samsung
Samsung Electronics accounted for 11 per cent of the global market for telecom equipment in the third quarter, rising sharply from 5 per cent posted at end-2018, according to the data compiled by industry tracker IHS Markit. Wikimedia Commons

Samsung Electronics Co. said that it has won a deal to supply fourth-generation (4G) and fifth-generation (5G) network equipment to Videotron, a Canadian telecom firm.

“Starting in early 2020, Samsung will deliver 4G LTE-A solutions across Quebec and Ottawa,” the company said in a statement.

“Samsung will increase efficiency in accelerating the expansion of 5G service coverage to match the pace with Canada’s 5G commercial launch, which is expected to take place in late 2020,” it added.

It marks the first time for Samsung Electronics to supply telecom equipment to Canada, Yonhap news agency reported.

Samsung
Samsung Electronics Co. said that it has won a deal to supply fourth-generation (4G) and fifth-generation (5G) network equipment to Videotron, a Canadian telecom firm. Wikimedia Commons

Samsung Electronics accounted for 11 per cent of the global market for telecom equipment in the third quarter, rising sharply from 5 per cent posted at end-2018, according to the data compiled by industry tracker IHS Markit.

ALSO READ: Here’s Why Your Cellphones are Linked to Facial Injuries

The company is anticipated to post sales of 6.2 trillion won (or $5.29 billion) from the segment this year, marking a whopping 50 per cent growth from 4.2 trillion won recorded in 2018, market watchers said. (IANS)