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India and Australia on Thursday inked a landmark agreement for reciprocal access to military bases for logistics support besides firming up six more pacts to further broadbase ties after Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> and his Australian counterpart <keyword id="826044" type="PERSON" weightage="20" keywordseo="Scott-Morrison">Scott Morrison</keyword> held an online summit. The Mutual Logistics Support Agreement (MLSA) will allow militaries of the two countries to use each other's bases for repair and replenishment of supplies besides facilitating scaling up of overall defence cooperation. India has already signed similar agreements with the US, France and Singapore. The other pacts will provide for bilateral cooperation in areas of cyber and cyber-enabled critical technology, mining and minerals, military technology, vocational education and water resources management. In the talks, the two sides also deliberated on a host of key issues including dealing with growing threat of terrorism, maritime security challenges in the Indo-Pacific region, reform in the World Trade Organisation and ways to deal with the coronavirus crisis. According to a joint statement issued after the Modi-Morrison talks, both sides discussed the issue of taxation of offshore income of Indian firms through the use of the India-Australia Double Taxation Avoidance Agreement (DTAA) and sought early resolution of the issue. It said both sides also decided to re-engage on a bilateral Comprehensive Economic Cooperation Agreement (CECA) while suitably considering earlier bilateral discussions where a mutually agreed way forward can be found. The two countries recognised that terrorism remains a threat to peace and stability in the region and strongly condemned the menace in all its forms and manifestations, stressing that there can be no justification for acts of terror on any grounds whatsoever. The joint statement said both sides support a comprehensive approach in combating terrorism, including by countering violent extremism, preventing radicalisation, disrupting financial support to terrorists and facilitating prosecution of those involved in acts of terror. The two sides also called for early adoption of a Comprehensive Convention on International Terrorism (CCIT). In his opening remarks, Modi also pitched for a coordinated and collaborative approach to come out of the adverse economic and social impact of the epidemic that has infected around 65 lakh people and killed 3.88 lakh globally. He said a process of comprehensive reforms covering almost all areas has been initiated in India as his government viewed the coronavirus crisis as an "opportunity". Referring to the virtual summit, the prime minister termed it "a new model of India-Australia partnership, a new model of conducting business". It was the first time that Modi held a "bilateral" virtual summit with a foreign leader. The prime minister described his talks with Morrison as "an outstanding discussion", covering the entire expanse of ties between the two strategic partners. "Our government has decided to view this crisis as an opportunity. In India, a process of comprehensive reforms has been initiated in almost all areas. It will soon see results at the ground level," the prime minister said. Modi also conveyed his appreciation to Morrison for taking care of the Indian community in Australia, especially the students during the "difficult time". In his remarks, Morrison complemented Modi for his "constructive and very positive" role including at the G-20 role in pushing for a concerted global approach in dealing with the coronavirus crisis. Modi said he believed that it is the "perfect time and perfect opportunity" to further strengthen the relationship between India and Australia. "We have immense possibilities to make our friendship stronger," Modi said, adding: "How our relations become a 'factor of stability' for our region and for the world, how we work together for global good, all these aspects need to be considered." The prime minister said India was committed to expand its relations with Australia on a wider and faster pace, noting that it is important not only for the two countries, but also for the Indo-Pacific region and the world. "The role of our comprehensive strategic partnership will be more important in this period of global epidemic. The world needs a coordinated and collaborative approach to get out of the economic and social side effects of this epidemic," he said. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/china-responds-to-prime-minister-narendra-modi-and-us-president-donald-trump-conversation/articleshow/76188158.cms">China responds to Modi-Trump conversation — ‘there is no need for any third party to intervene’</a> <a href="https://www.businessinsider.in/defense/news/india-china-border-standoff-reaches-lieutenant-general-level-military-negotiation/articleshow/76167405.cms">India-China border standoff reaches Lieutenant-General level military negotiation</a> <a href="https://www.businessinsider.in/defense/news/china-is-a-bully-says-us-representative-on-india-china-border-issue/articleshow/76147159.cms">China is a ‘bully’ says US Representative on India-China border issue</a>

India and Australia ink landmark defence pact after Modi-Morrison online summit

<ul><li>Wipro — the fourth largest IT services company in India — is planning to hire technical sales professionals with knowledge in cloud, cyber security and engineering services. </li><li>The company is looking for people who have prior experience in multiple service line deals worth over $10 million (nearly ₹699 million). </li><li>According to an ET report, the move is aimed at securing more and larger traditional deals.</li></ul>In the backdrop of the ongoing job crisis in India, the IT sector hiring appears to be rebounding, <a href="https://www.businessinsider.in/hiring-tcs-infosys-wipro-and-others-up-12-months-in-a-row/articleshow/69019342.cms">growing</a> in double digits over the past few months. Wipro — the fourth largest IT services company in India — is planning to boost its hiring efforts to <a href="https://economictimes.indiatimes.com/tech/ites/wipro-to-scale-up-sales-team-to-win-deals-and-influence-growth/articleshow/69243501.cms">expand the sales workforce</a> across geographies, ET reported. The IT major is reportedly looking for technical sales professionals in specific areas including cloud, engineering services and cyber security services that will cater to the markets in Australia, the US and the Middle East. “Wipro is…bringing in new blood and has tasked recruitment firms to look at bid and account managers,” ET reported. According to the jobs that Wipro advertised on its <a href="https://careers.wipro.com/">portal</a>, the company is looking for people who have a prior experience in multiple service line deals worth over $10 million (nearly ₹699 million). Earlier in January, the company <a href="https://www.businessinsider.in/wipro-campus-placements-to-double/articleshow/67719782.cms">reportedly doubled its campus hiring</a> along with salary hikes for graduates with digital expertise such as in big data and analytics. Wipro had been planning to hire fresh talent that can be trained with advanced digital skills. According to an ET report, the move is aimed at securing more traditional deals. The initiative comes as the IT company recovers from underperformance in the past years, fetching higher profits in the recent quarter. The IT sector faced a challenging time back in 2017, laying off nearly 56,000 professionals as automation took over the technical job market. According to the <a href="https://www.businessinsider.in/hiring-tcs-infosys-wipro-and-others-up-12-months-in-a-row/articleshow/69019342.cms">World Economic Forum (WEF)</a>, the growing demand for digitisation will take away nearly 75 million jobs by 2022. According to Peter Bendor-Samuel, chief executive officer of IT consultancy Everest Research, “Wipro, has clearly struggled when compared against its peer companies when it comes to sales. Investment in its sales force seems to be one of several steps which make sense,” ET reported. See also: <a href="https://www.businessinsider.in/hiring-tcs-infosys-wipro-and-others-up-12-months-in-a-row/articleshow/69019342.cms">Hiring by Indian IT companies has grown 12 months in a row, up over three-fold</a> <a href="https://www.businessinsider.in/wipro-campus-placements-to-double/articleshow/67719782.cms">Indian IT major Wipro is on a hiring spree, plans to double campus offers and hike pay</a>

Indian IT major Wipro is hiring ‘new blood’ to expand its sales workforce across geographies

This is a very bad news for<a href="http://www.businessinsider.in/technology-eating-jobs/articleshow/51979541.cms"> netizens</a>. Cyber criminals have devised what is now called ‘fake technical support’ model to steal <a href="http://www.businessinsider.in/Flipkart-Amazon-may-not-meet-new-guidelines-for-marketplaces-this-year-Heres-why/articleshow/51976969.cms">consumer </a>data. According to a report by security software firm <keyword id="111839" type="CITY" weightage="20" keywordseo="Symantec">Symantec</keyword>, <a href="http://www.businessinsider.in/VVIP-helicopter-scam-hidden-facts/articleshow/51976339.cms">scams </a>involving fake technical support saw a whopping 200% increase in 2015 across the world. 
	 "With close to 5 lakh attacks last year, India ranked 11 amongst countries targeted the most by tech support <keyword id="385583" type="UNKNOWN" weightage="20" keywordseo="scams">scams</keyword>... The countries targeted the most by tech support scams were the US, the UK, France, Australia and Germany," Symantec director solution product management Asia Pacific and Japan Tarun Kaura told PTI. 
	 
	It should be noted that the countries that had most reported tech support scams were the US, UK, France, Australia and Germany. In total, Symantec blocked more than 100 million tech support scams last year (globally)," he added. 
	 
	Kaura noted that sophisticated cyber criminal groups are duplicating the skill sets of nation-state attackers. 
	 
	Representational Image

You are not safe. Cyber attacks to steal consumer data rose by 200% in 2015

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Australian companies have been the target of a fresh wave of China-originated cyberattacks this year as part of a "constant, significant effort" to plunder corporate assets and intellectual property, according to a report released Tuesday.</li><li>Beijing has rejected the claims that China's top security agency planned and directed a surge in cyber attacks on Australian companies.</li><li>The report alleges the coordinated attacks also broke a personal agreement struck between China's Premier Li Keqiang and the former Australian Prime Minister Malcolm Turnbull that both countries would put a stop to the theft of each other's commercial secrets.</li><li>A foreign ministry spokesperson provided China's stock responses to accusations of hacking: "groundless, speculative, unprofessional and irresponsible."</li></ul>SYDNEY, Australia - China's foreign ministry has recorded its usual annoyance following an investigation into Chinese corporate hacking in Australia that comes only days after US Vice President Mike Pence pointed the finger at Beijing for its overwhelming "intellectual property theft".China's peak security agency has been overseeing a surge in cyberattacks on Australian companies over the past year, in an operation dubbed "Operation Cloud Hopper," and at the behest of China's Ministry of State Security according to a report by Fairfax Media and broadcaster Channel Nine.The Cloud Hopper cyber-espionage campaign was first uncovered by security researchers at PwC, BAE Systems, and the UK's National Cyber Security Centre.Those researchers concluded in 2017 that the campaign was the work of the China-based, People's Liberation Army connected APT10 hacking group.In 2016, US security firm Mandiant released the report "APT1 Exposing One of China's Espionage Units," describing the term as Advanced Persistent Threat 1, "a single organization of operators that has conducted a cyber-espionage campaign against a broad range of victims since at least 2006."On Tuesday, unnamed senior Australian officials are cited in the Fairfax report as saying this recent surge of attacks targeting sectors across the Australian economy from "industry to corporate and military" were confirmed by the "Five Eyes" intelligence alliance.Five Eyes is the name given to an intelligence-sharing network made up of the US, Britain, Canada, Australia, and New Zealand, as part of the same campaign.The senior Australian government source told Fairfax the activity was "a constant, significant effort to steal our intellectual property," and that China's Ministry of State Security was responsible for Operation Cloud Hopper.Australian universities and network providers have attracted criticism for lax security measures.The massive uptick in activity was also backed up by the vice president of the US cybersecurity company CrowdStrike, Mike Sentonas.Following a deal struck between the Chinese premier and Australian prime minister earlier in 2017, Sentonas said that from the beginning of this year, he had "noticed a significant increase in attacks.""The activity is mainly from China and it's targeting all sectors," he told Fairfax."There's no doubt the gloves are off."Read more: <a href="https://www.businessinsider.com.au/australia-top-spy-on-chinese-tech-and-key-infrastructure-in-canberra-2018-10">Australia's top cyber spy says China's tech is too good to be allowed near key infrastructure</a>One senior Australian government source said China's mission was "a constant, significant effort to steal our intellectual property."The cyber theft places intense pressure on Australian Prime Minister Scott Morrison to respond as the cyber security pact signed between the two countries only last year appears to be in question.In response the Chinese foreign ministry rolled out its standard response to what is now a well-practiced routine.Ministry spokesman Geng Shuang told the regular press briefing in Beijing that the accusations were groundless or "without factual basis.""The speculative report without factual basis is irresponsible and unprofessional," (没有事实根据的臆测报道是不负责任、不专业的), Geng said.**In 2013 a foreign ministry spokesman Hong Lei made the same observation at his regular press briefing when asked to comment on a report then released by the US security company Mandiant, that singled out the People's Liberation Army (PLA) for conducting cyber espionage against Western countries for years. "The speculative report without factual basis and groundless criticism is irresponsible and unprofessional." he said.Two years earlier Lei called a very blunt report on China's role foreign cyber spying submitted to the US Congress in November, 2011, as speculative and both unprofessional and irresponsible."And remember when North Korea successfully Sony Pictures in 2014?"This kind of speculative report without factual basis is irresponsible and unprofessional," then foreign ministry spokesmen Hua Chunying said.**China has a rich legacy of infuriating Western governments that have routinely accused it of plundering industrial, corporate and military secrets.Last year, sensitive data about Australia's F-35 stealth fighter and P-8 surveillance aircraft programmes were stolen when a defence subcontractor was hacked with a tool widely used by Chinese cyber criminals.The Australian Federal Police and Australian Security Intelligence Organisation (ASIO) have reportedly intensified their cooperation to respond to the threat.However, a senior police source said in the report that they are many months behind the US.Without enforcement, there was no effective deterrence, the report said, citing one national security source.The Australian Signals Directorate (ASD) the country's top cyber enforcement agency has detected attacks against several Western businesses, although the names of the affected firms have not been made public.Meanwhile, the systems of Australian <keyword id="6354810" type="UNKNOWN" weightage="100" keywordseo="defense">defense</keyword> contractor Austal were also breached last month as part of a subsequent extortion attempt.The source of the attack has not yet been confirmed, but officials say that this time the attack may have came out of the Middle East with Iran the most likely culprit, according to the Australian Cyber Security Centre.

China's top security agency is accused of directing a wave of cyberattacks against Australia

New Delhi, Dec 5 () Software major Wipro Ltd on Thursday announced the launch of its cyber defence centre in Melbourne, Australia.
 The Indian IT giant also has plans to come up with more such centres in other cities in Australia, which will offer resilience and digital protection to large government organisations.
 "Wipro Limited...announced the launch of its NextGen Cyber Defence Centre
(CDC) in Melbourne, Australia," the company said in a filing to the BSE.
 With the launch of this centre, Wipro aims to make substantial investments to upskill its employees, hire more local resources and generate more than 100 jobs in Melbourne for cyber security specialists.
 According to Wipro's recently released State of Cybersecuritv Report 2019 (in which 10 per cent of the global organisations surveyed were from Australia), 55 per cent of the respondents highlighted digital lockdowns due to ransomware attacks are their top cyber risk. 
 "The worldwide breach rate i.e. number of records stolen per sec has gone up to 232 records per second from the previous year's average of 88 records/sec," the company said.
 ln the same report, only 25 per cent of respondents said that they are carrying
out security assessments in every build cycle before pushing applications out to the internet.
 The cyber defence centre is the first local shared security operations centre for Wipro in Australia and will provide customers with the ability to rapidly expand capacity and run their security operations in compliance with the local data requirements. 
 "Wipro's NextGen...Security Operations Centre will assist customers to actively manage their cyber risks by leveraging managed services around threat intelligence, security monitoring and analytics, vulnerability management, incident response and regulatory compliance," it said. 
 Shares of the company were trading at Rs 243.80 apiece on the BSE. SID MKJ

Wipro launches cyber defence centre in Melbourne, Australia

<ul class="summary-list"><li>The UK wants to create a new global alliance to reduce <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s dominance of emerging 5G technology.</li><li><keyword id="6380867" type="PERSON" weightage="60" keywordseo="boris-johnson">Boris Johnson</keyword> wants the group to include the G7 countries, India, Australia, and South Korea.</li><li>Prime Minister Johnson is under growing pressure from within his own Conservative party to loosen ties with Beijing and scrap the UK's 5G deal with Chinese telecomms firm <keyword id="6357456" type="ORGANIZATION" weightage="60" keywordseo="huawei">Huawei</keyword>.</li><li>China's plan to enforce new laws on Hong Kong is putting more strain on the UK-China relationship.</li></ul>The UK government wants to form a new alliance with the United States and other major democracies, to share 5G and other technologies with one another and reduce their reliance on China.Johnson is seeking to reduce China's role in developing Britain's infrastructure after striking a controversial agreement with Chinese telecomms firm Huawei to help develop its 5G earlier this year.The agreement angered Members of Parliament in Johnson's own Conservative party and also the Trump administration, with the President hanging up on Prime Minister Johnson <a href="https://www.businessinsider.com/donald-trump-apoplectic-at-boris-johnson-phone-call-huawei-deal-2020-2?r=US&amp;IR=TIR=T" target="_blank" rel="noopener">in an "apoplectic" phone call. </a>The US has warned the UK that the current deal with Huawei would give China a back door into western intelligence sharing.Johnson is now trying to shrink UK's reliance on Chinese technology, amid fury towards Beijing's handling of the coronavirus outbreak.The UK has asked the US about potentially forming a group of ten democracies to rival China when it comes to developing technology, <a href="https://www.thetimes.co.uk/edition/news/downing-street-plans-new-5g-club-of-democracies-bfnd5wj57?utm_source=POLITICO.EU&amp;utm_campaign=4e0a5a44ef-EMAIL_CAMPAIGN_2020_05_29_05_59&amp;utm_medium=email&amp;utm_term=0_10959edeb5-4e0a5a44ef-190121793ef-190121793" target="_blank" rel="noopener">The Times of London newspaper reports.</a>The newspaper says the UK envisages the group to include all G7 countries as well as India, Australia, and South Korea, and focus on pouring investment into technology firms in those countries.The UK prime minister is under growing pressure to loosen Britain's ties with China and Huawei in particular.Opposition to the deal with Huawei within Johnson's party has swelled since a parliamentary vote on the agreement in March, when nearly 40 Conservative MPs rebelled to vote against the UK government.Asked about the reports, a spokesperson for Johnson said on Friday that it was true that "we are seeking to diversify the market and are talking to our allies about it, including the United States."<a href="https://www.businessinsider.com/coronavirus-boris-johnson-urged-conservative-mps-to-reset-ties-with-china-scrap-huawei-deal-2020-4?r=US&amp;IR=TIR=T" target="_blank" rel="noopener">Business Insider reported last month</a> that a number of influential Conservative MPs set up a new parliamentary bloc called the "China Research Group," whose members want Johnson to revise the agreement with Huawei.Several Conservative MPs are angry with how Beijing has approached the COVID-19 outbreak — particularly the accuracy with which it has reported the number of cases and deaths in China.Last week, <a href="https://www.businessinsider.com/reports-uk-to-reduce-huaweis-role-due-to-china-coronavirus-2020-5?r=US&amp;IR=TIR=T" target="_blank" rel="noopener">it was reported</a> that Prime Minister Johnson plans to scrap the agreement with Huawei and write a new one which seeks to eliminate the company's UK market share by 2023.Under the current deal, Huawei's role in the UK network will be reduced to 35% by the year 2023.The UK's National Cyber Security Centre <a href="https://www.businessinsider.com/uk-is-reviewing-huawei-role-5g-network-2020-5?r=US&amp;IR=TIR=T" target="_blank" rel="noopener">last week announced</a> it would conduct a review into Huawei's role in Britain's 5G network, after London's close ally the US imposed new sanctions on the Chinese telecomms firm.<div type="image" title="Dominic Raab" height="600" width="1200" msid="76092197" hostid="261"></div>China's plan to impose new security laws on Hong Kong is putting even more strain on UK-China ties.On Thursday the UK, US, Australia, and Canada <a href="https://www.gov.uk/government/news/joint-statement-from-the-uk-australia-canada-and-united-states-on-hong-kong" target="_blank" rel="noopener">released a joint statement</a> which said Beijing's plan would "curtail the Hong Kong people's liberties" and be in "direct conflict with its <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international">international</keyword> obligations."UK Foreign Secretary of State Dominic Raab added that if China did not change course then the UK would tweak the law to make it easier for British National (Overseas) passport holders in Hong Kong to secure UK citizenship.Currently, there is a six-month limit on British National (Overseas) passport holders in Hong Kong visiting the UK without a visa.However, Raab said the UK government would bin this rule, and let them come to the UK for an extendable period of up to 12 months, which could be a pathway to full UK citizenship.Read the original article on <a href="https://www.businessinsider.com/uk-wants-trump-to-form-five-g-alliance-shut-out-china-2020-5">Business Insider</a>

The UK wants to join with Trump to form a new global alliance to end China's grip on 5G

At a time when the world is preparing for possible <keyword id="154740" type="UNKNOWN" weightage="20" keywordseo="Cyber-warfare">cyber warfare</keyword>, India is not fully prepared for cyber attacks in defense and security. According to studies done by various research organizations, cyber attacks on Indian government organizations rose by an alarming rate of 136% last year. 
	 
	“India is way behind the international standards of defence against cyber attacks practiced across the world,” said Ashish Soni, founder and CEO of Orkash Services Pvt Ltd, a high technology, market intelligence and operational risk management services company, at the 10th Indo-US Economic Summit organized by Indo America Chamber of Commerce (<keyword id="77185" type="ORGANIZATION" weightage="20" keywordseo="IACC">IACC</keyword>). 
	 
	On the other hand, market reports suggested that the cyber attacks on financial services organizations surged by 126% last year. “According to reports, sophisticated cyber assaults like ransomware and spear-phishing has cost Indian individuals and companies some $4 billion,” said Asoke K Laha, National President of IACC. 
	 
	He added that the most common form of cyber threats includes malware and Internet attacks among others. “Last year brought a marked increase in the frequency of cyber attacks on Indian assets, with government and private infrastructure equally affected”, noted Laha. 
	 However, it should be noted that currently India has four agencies to deal with cyber threats and provide security in the Internet space. CERT-In, a national nodal agency for responding to computer security systems was set up in 2004. It is primarily responsible for collection, analysis and alert of <keyword id="137092" type="UNKNOWN" weightage="20" keywordseo="cyber-security">cyber security</keyword> among other. Another such agency is NCIIPC whose primary function is to protect critical information infrastructure against cyber terrorism, warfare and other threats. 
	 
	“National Technical Research Organisation (NTRO) is a technical intelligence agency which falls under National Security Adviser in the Prime Minister’s Office while National Cyber Coordination Centre is supposed to scan through the entire cyber traffic and alert government organization against plausible cyber threats and attacks,” stated Laha. 
	 
	Interestingly, India and the US have collaborated to cyber terrorism and had set up India US Cyber Security Forum in 2001. In 2010, a new India-US Counter Terrorism Cooperation Initiative was signed between the two countries to provide cyber security and critical infrastructural protection.

India Unprepared For Cyber Warfare

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Flickr/HackNY</div></div></div>The Thanksgiving holiday might be over, but the deals didn't end on Black Friday.Besides Singles Day, Cyber Monday is easily the biggest online shopping holiday of the year, especially in the US. Here, you'll find all the best Cyber Monday deals for tech products like gadgets, computers, smartphones, and more.We'll be updating this list throughout the day so be sure to check back to this page all day Monday for more deals.

The best Cyber Monday deals in tech

<div class="KonaFilter image-container float_right click-to-enlarge"><div class="image"><a title_source="Flickr/HackNY" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/5478ccf5eab8ea5a49c46f19-960/laptops-students-7.jpg"></a><a href="https://www.flickr.com/photos/hackny/6890140478">Flickr/HackNY</a></div></div>If you decided to stay in and avoid the crazy crowds on Black Friday, the good news is there are plenty of deals to choose from on Cyber Monday, too.
A bunch of retailers including Wal-Mart and Amazon will be offering discounts that you can take advantage of without having to leave your home.
Most stores like Best Buy and Target aren't announcing deals until Dec. 1, but we've rounded up the best discounts we've come across so far.
From giant HD TVs to gaming console bundles, here are some of the best Cyber Monday deals in tech.Disclosure: Jeff Bezos is an investor in Business Insider through his personal investment company Bezos Expeditions.

The Best Cyber Monday Deals In Tech

<ul><li>Analysts expect the growth momentum in the IT services sector to continue on account of large deal wins and demand for digital transformation. </li><li>Infosys, TCS, Tech Mahindra and HCL Tech are expected to report a revenue growth anywhere between 3.5% to 5.5% for the period of April-June 2021.</li><li>However, Wipro’s topline is likely to stand out among the top-tier software exporters from India, thanks to the Capco acquisition</li></ul>India’s top software exporters like TCS, Infosys and HCL Technologies are likely to see their dream run continue in the first quarter of the financial year 2022. However, Wipro, one of the top five players in the sector may have had it better than the rest. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Growth estimate* </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Share price change since Feb end 2021 to June 2021 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.3% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">26% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">9.5% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">33% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.60% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.50% </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">19% </td></tr></tbody></table>*Source: Axis securities A big reason for Wipro’s outperformance may be the $1.45 billion acquisition of Capco, the largest ever buyout by the Bengaluru-based company. The shares of Wipro have led the IT pack ever since the new chief executive officer (CEO) Thierry Delaporte took charge in June last year. The company made about $2 billion last year from IT services and if Capco delivers the same amount of revenue as it did last year, it could add another $700 million to Wipro’s topline. That’s a 35% bump up a year straight away. Expectations are built up in the stock that has gained about 30% since the Capco deal was announced in early March, and closed in April. <div type="image" title="Wirpo stock price chart" height="900" width="1200" msid="84201479" hostid="261"></div> There is also a lot of apprehension. “The execution risk is further aggravated by a weak growth performance from Capco over the last two years – even after adjusting for the drag due to COVID-19,” said Motilal Oswal in its report dated March 4. “We’re guiding revenue growth of 2% to 4% in the first quarter, outside of Capco and Ampion,” Delaporte had said during the earnings call in April. Wipro has acquired Ampion, an Australia-based provider of cyber security, devops and quality engineering services. The move will strengthen its commitment towards clients and stakeholders in Australia and New Zealand (ANZ). The acquisition will close in the quarter ending June 30, 2021. It’s boom time for all tech companies For the rest of the top five IT services majors, the growth is likely to continue on the same trend seen since the pandemic broke out. “IT spending from North America and Europe has gained momentum and demand for digital transformation has increased exponentially,” Axis Securities said in a report dated July 6. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">New deals from April to June 2021 </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Proximus, Ericsson, Virgin Atlantic, Alcatel-Lucent, Commercial Bank of Kuwait </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ArcelorMittal Europe, Britvic, Archrock </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HCLT </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">UD Trucks Corporation, Hitachi ABB Power Grids, McLaren Health Care </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bristol Water, Transcell Oncologics, Levi Strauss &amp; Co </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Pret A Manger </td></tr></tbody></table> However, wage hike and rising attrition since the start of the year may dent operating margins of IT companies. Several IT companies have given second salary hikes to eligible employees in a calendar year 2020 as initially promotions had been deferred on account of the pandemic and business downturn. In the last one year, Nifty IT (the index of tech stocks) showed gains of 81% as compared to the benchmark Nifty50’s 46%. These are the estimates for topline growth for the sector. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Broking firm </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Apr-June average growth estimate for tier-I IT companies </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.10% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Institutional Research </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Maybank Kim Eng </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">5.30% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">BOB Capital Markets </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4.20% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Securities </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3%-7% </td></tr></tbody></table>Growth estimates are in comparison to the earnings for the quarter ended June 2020. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/clean-science-and-technology-ipo-maximum-broking-house-recommending-this-ipo/articleshow/84193873.cms">Clean Science and Technology, an Indian supplier to Bayer, has opened its IPO ⁠— and ‘subscribe’ is the unanimous call from analysts | Business Insider India</a> <a href="https://www.businessinsider.in/stock-market/news/gr-infraprojects-ipo-good-ipo-bet-for-long-term-as-per-analysts/articleshow/84193656.cms">GR Infraprojects IPO is for long term investors, say analysts | Business Insider India</a>

TCS, Infosys and HCL Tech will show a good quarter but Wipro’s earnings will outshine them all ⁠— here’s why

<ul><li>The new entity will be an inter-services agency, not purely Army </li><li>The agency will have units or cells with dedicated officers looking at cyber security </li><li>Globally, <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> saw the second highest number of data breaches </li></ul> The three wings of the Indian defence—the Army, the Air Force, and the Navy—are coming together to set up a separate agency to protect against cyber threats. "It will be an inter-services agency, not purely Army, functioning under the integrated defence staff (IDS) and they will be looking after all the threats in the cyber domain," news agencies quoting Lieutenant General MM Naravane, the general officer commanding the Eastern Command, said. The IDS is responsible for fostering coordination and enabling prioritisation across the different branches of the <keyword id="112134" type="COMPANY" weightage="20" keywordseo="Indian-Armed-Forces">Indian Armed Forces</keyword>. "There will be units or cells or dedicated officers at every headquarter to deal with the aspect of cyber security," Naravane added. With the meteoric rise in use of technology and innovation, cyber security has assumed prominence in public debate. Time and again, hackers, activists, and rogue agents who are state-sponsored or otherwise have managed to bring critical infrastructure to a standstill. Cyber warfare has increasingly become a front for many international conflicts as well. The US Navy defense contractors and subcontractors, for instance, have reportedly suffered "more than a handful" of disconcerting security breaches at the hands of alleged Chinese hackers over the past year and a half. In one incident, failure to encrypt classified flash drives and the lack of physical locks on critical computer servers left the US vulnerable to deadly missile attacks, according to an NBC report late last year. India <a href="https://www.businessinsider.in/cyber-attacks-targeting-india-continue-to-rise-heres-why-its-worrying/articleshow/66589156.cms">saw</a> over 695,000 cyber attacks between January and June last year with most hackers originating from Russia, the US, and <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword>, said a <a href="https://economictimes.indiatimes.com/tech/internet/india-witnesses-over-4-36-lakh-cyberattacks-from-russia-us-others-in-jan-jun-f-secure/articleshow/66575477.cms">study</a> from cyber security firm F-secure. 944 data breaches that led to 3.2 billion data records being compromised worldwide in the first half of 2018, according to a <a href="https://timesofindia.indiatimes.com/business/india-business/data-breach-in-india-second-highest-after-us-in-h12018-gemalto/articleshow/66227056.cms">report</a> by digital security firm Gemalto. With agency inputs SEE MORE: <a href="https://www.businessinsider.in/cyber-attacks-targeting-india-continue-to-rise-heres-why-its-worrying/articleshow/66589156.cms">Cyber attacks targeting India continue to rise — here’s why it’s worrying</a> <a href="https://www.businessinsider.in/here-are-the-most-controversial-data-breaches-of-2018-that-affected-indian-users/articleshow/67148364.cms">Here are the most controversial data breaches of 2018 that affected Indian users</a>

India's armed forces are setting up a dedicated agency to fight cyber attacks

<ul><li>The Indian Railway Catering and Tourism Corp’s (<keyword id="65866" type="COMPANY" weightage="20" keywordseo="IRCTC">IRCTC</keyword>) website, used to book railways tickets digitally, exposed data of 200,000 users. </li><li>The railway department was unaware of the bug for the past two years in a massive <keyword id="608402" type="PERSON" weightage="20" keywordseo="data-breach">data breach</keyword>. </li><li>Although, the bug has been fixed but it is still not known if the information was stolen by any hackers.</li></ul> A potential <keyword id="755759" type="PERSON" weightage="20" keywordseo="security-bug">security bug</keyword> in the <keyword id="6355455" type="COMPANY" weightage="20" keywordseo="indian-railways">Indian Railways</keyword>’ website exposed the data of as many as 200,000 passengers who used its website to book train tickets in India, <a href="https://economictimes.indiatimes.com/industry/transportation/railways/irctc-wakes-up-after-2-years-fixes-its-security-bug/articleshow/66581292.cms">Economic Times</a> reported. The website glitch involving a free travel insurance policy of railways could have given hackers unauthorised access to personal information of the traveler including name, age, gender and insurance nominees, according to the report. The incident began in 2016 when Indian Railway Catering and Tourism Corp’s (IRCTC) launched a provision of free travel insurance for people who used its website or mobile application to book train tickets. The provision permitted users to avail insurance coverage through third-party insurers, risking their their personal details in return because of the bug. Neither the Railways nor any other government organisation was aware of the vulnerability until Avinash Jain, a security researcher, identified the bug and alerted IRCTC in August this year. According to <a href="https://economictimes.indiatimes.com/industry/transportation/railways/irctc-wakes-up-after-2-years-fixes-its-security-bug/articleshow/66581292.cms">Economic Times</a>, the issue was acknowledged and fixed by Indian Railways soon after the researcher warned the railways about the bug. Jain <a href="https://tech.economictimes.indiatimes.com/news/internet/irctc-wakes-up-after-2-years-to-fix-its-security-bug/66583861">claimed</a> that he was able to fetch data of around 1,000 passengers in just ten minutes. To be sure, it is unclear if the data risked by IRCTC has been improperly accessed or misused by any cyber attacker. The risks of digital? According to IRCTC’s <a href="http://www.irctc.com/annualReport_En.jsp">annual report</a> 2016-17, 62% of the reserved railways tickets in India are booked online. Additionally, more than 570,000 tickets are booked using the website or mobile application. Given the significant amount of passenger information IRCTC hold, the glitch would have resulted in a massive data breach. And while the rapidly-changing IT-infrastructure has eased many government operations but it has also, in some cases, resulted in higher cyber security threats. Cyber attacks have been on the rise in India and the Indian government is expecting a further increase in number of attacks in 2018, said a recent report by the <a href="https://www.hindustantimes.com/india-news/cyber-attacks-becoming-more-frequent-in-india/story-8Os6AtCrHzL6QCBinVQuSM.html">Hindustan Times</a>. The Computer Emergency Response Team (CERT) which monitors the cyber security incidents in India have reported 53,081 cases of cyber threats in India, reported<a href="https://economictimes.indiatimes.com/industry/transportation/railways/irctc-wakes-up-after-2-years-fixes-its-security-bug/articleshow/66581292.cms"> Economic Times</a>. According to CERT, In 2017, there were over 53,000 cyber attacks in India. Whereas, the cases reported in 2016 were around 50,000. A <a href="https://www.businessinsider.in/cyber-attacks-targeting-india-continue-to-rise-heres-why-its-worrying/articleshow/66589156.cms">recent study</a> by F-secure claimed that India witnessed over 695,000 cyber attacks in just six months. The Indian government, for its part, has said it is planning to revise its cyber security policy to deal with cyber attacks and protect sensitive information.

How a free travel insurance offer on the Indian Railways website left data of 200,000 passengers exposed to hackers for two years

The growing incidents of cybercrime have underlined the importance of having a dedicated team to tackle such incidents. The number of cyber incidents rose sharply in 2015, highlighting that more <keyword id="434303" type="UNKNOWN" weightage="20" keywordseo="cybercrimes">cybercrimes</keyword> were done with financial motives. 
 
A survey carried out by KPMG- Cybercrime Survey Report 2015- analysed the preparedness of organisations in India to deal with cybercrime and incidents by unearthing its modus operandi and its extent. 
 
Over 250 respondents from the likes of CIOs, CISOs, CAEs, CROs, COOs and related professionals from across India participated in the survey. 
 
As per the report, 94 per cent respondents indicated that cybercrime is a major threat faced by organisations, but surprisingly only 41 per cent indicated that it forms part of the board agenda. 
 
“It is critical for the citizens, both corporates and individuals, to be aware of cyber risks and not fall prey to the vishing/phishing scams. We are undertaking a drive to educate and create awareness among citizens with reference to cyberthreats,” said Ahmad Javed, Commissioner of Mumbai Police. 
 
Highlighting the current cybercrime scenario in India, the report shows that 74 per cent respondents believe that the BFSI sector is a top target for cybercrime with 63 per cent indicating these crimes more often than not amount to gross financial loss. 
 
It was also alarming to note that 54 per cent indicated that spend on cyber defences is less than 5 per cent of IT spend. 
 
“It is also important that the management realises that these are no longer a one-time phenomenon. The nature of cybercrime is constantly evolving, specifically with attackers having a solid arsenal of the ever evolving stealth attack,” said Mritunjay Kapur, Partner and Head, Risk Consulting, KPMG in India. 
 
“Cybercriminals have understood the potential of an illicit financial gain and have begun executing highly sophisticated technology-driven frauds. These cyberfrauds, by nature, are complex and difficult to detect. Organisations need to strengthen their cyber incident response process. Cyber forensics therefore is becoming a critical component of fraud investigations,” said Mohit Bahl, Partner and Head Forensics, KPMG in India 
 
The report also analyses the impact and complexity of cybercrime in India. As businesses throw their doors open to technology, they also expose themselves to cybercrime risks. 
 
While surveying the potential vulnerable system targets of cybercrime, 65 per cent respondents indicated that email servers are likely targets while 46 per cent stated end user systems. 
 
According to Atul Gupta, Partner at KPMG in India, “People and vendors are one of the many critical yet one of the weakest links in the cyber defence chain. Cyber investigations of large cybercrimes reveal that social engineering has predominantly been one of the preferred methods to extract critical information.” 
 
Cyber risk assessment is not a focus area for several enterprises across functions and people. Their emphasis is only on technology with 74 per cent respondents stating that a detailed annual IT and cyber risk assessment is not carried out. 
 
 
(Image: Thinkstock)

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