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Indian firms increase cyber security budgets: Report

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New Delhi: To combat the increasing threats of cyber attacks, Indian companies have stepped up their budgets on cyber security solutions multiple times, according to a study released here on Tuesday.

“Cybersecurity is indispensable. Organisations in India are looking towards innovative cybersecurity solutions, and we have seen a 25 percent compound annual growth rate (CAGR) in security budgets over the past five years, which support this trend,” Sivarama Krishnan, leader-cybersecurity, PricewaterhouseCoopers (PwC) India said.

According to PwC Global State of Information Security Survey 2016, done by PwC, CIO and CSO the average number of information security incidents in India detected by respondents increased by 117 percent over the previous year, increasing from 2,895 last year to 6,284 this year.

Attacks on industrial control systems (ICSs) and consumer technologies showed a marked increase. Losses as a result of incidents also surged by 135 percent over the previous year and the average cost per incident increased by close to 8 percent.

Connected to the emergence of cloud-based systems, Big Data and Internet of Things (IoT) are ascendant technologies that present a host of cyber challenges and opportunities.

In the case of Big Data, often considered a cyber liability, 49 percent of respondents are leveraging data-powered analytics to enhance security by shifting it away from perimeter-based defences and enable organisations to put real-time information to use in ways that create real value.

“Not only are leaders adopting innovative solutions, but even fundamental security technologies and practices have seen wider acceptance, and organisations have evolved to master the basics. This has improved security postures of organisations throughout the country,” Krishnan said.

Over 70 percent of respondents employ cloud-based security solutions, which have emerged as an effective way for organisations to efficiently combat cyber threats.

“Organisations are also deploying Big Data analytics to manage insider threats; almost 28 percent have plans to employ Big Data analytics for improving security in the next 12 months,” the report added.

(IANS)

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Big reforms made India fastest growing major economies globally: Garg

It also has enormous implications for emerging markets and developing countries

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The RBI building in Mumbai. Photo credit: AFP/Sajjad Hussain

The major reforms undertaken by the Indian government for raising economic growth and maintaining macroeconomic stability have made the country one of the fastest growing major economies in the world, said Subhash Chandra Garg, Secretary, Department of Economic Affairs (DEA).

Garg was addressing the Special Event hosted by US-India Strategic Partnership Forum on ‘Indian Economy: Prospect and Challenges’ in Washington D.C on Friday.

Indian economy needs big reform.

He said the launch of the Goods and Services Tax (GST) represented an “historic economic and political achievement, unprecedented in Indian tax and economic reforms, which has rekindled optimism on structural reforms.” He further emphasized that India carried-out such major reforms when the global economy was slow.

“With the cyclical recovery in global growth amid supportive monetary conditions and the transient impact of the major structural reforms over, India will continue to perform robustly,” Garg said.

During his meetings, Garg highlighted that the digital age technologies have profound implications for policies concerning every aspects of the economy. It also has enormous implications for emerging markets and developing countries.

Also Read: Biggest Bank Frauds Which Shook The Indian Economy

He expressed that the response to such a transformation will have to shift from ‘catch up’ growth to adoption/adaption of digital technologies for development and growth.

Garg also informed that India has started adopting policies and programmes for transforming systems of delivery of services using digital technologies and connecting every Indian with digital technologies and access through Aadhaar and other such means.

Indian economy should be on rise. www.mapsofindia.com

While citing the example of expanding mobile data access, he mentioned that India is now the largest consumer of mobile data in the world with 11 gigabytes mobile data consumption per month. He informed that India is investing in digital technologies, encouraging private sector to adapt these technologies and also addressing the taxation related issues by introducing equalisation levy.

Garg is currently on an official tour to Washington D.C. to attend the Spring Meetings of the International Monetary Fund and the World Bank and other associated meetings. He is accompanied by Urjit Patel, Governor, Reserve Bank of India and other senior officials. IANS

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