New Delhi: Nearly half of all organisations in India have said that they have fallen victim to cyber fraud during and after the Covid-19 pandemic.
According to the ‘Financial and Cyber Fraud Report 2024’ by Grant Thornton Bharat, Technology, media and communication, financial services, and manufacturing are the sectors which were most affected by the menace of cyber fraud, reported Business Standard.
The report highlights that multiple sectors were duped by fraudsters. In recent years, cyber crimes have emerged as a major challenge for businesses as well as to law enforcement agencies, as traditional methods of policing often fail to nab the accused.
It has been seen most often that cyber fraud is done by organised gangs, which sometimes operate from abroad and use latest technology, which makes tracking them even more difficult.
The Business Standard report said that one of the reasons for cyber frauds is limited investments in governance and anti-fraud protocols. More than one-third of the affected organisations are unsure if their anti-fraud and cybersecurity programmes have made any difference and have reduced fraud.
The findings of the report highlight the vulnerability of large organisations to the risk of cyber fraud, which at times can result in substantial losses for the business.
The report is based on a survey of 250 senior executives across various industries.
