‘One-third of Indian business hit by internal, external fraud’

Mumbai: Nearly a third of Indian businesses experienced frauds by internal as well as external parties in the last 12 months, with data theft being the top most fraud event, says a report.

According to Kroll's annual global fraud and risk report, 33% of Indian companies suffered reputational damage due to third parties, while the global figure stood at 29%.

The highest incidence of fraud was by way of data theft with nearly 41% of Indian firms affected by it in the last 12 months, compared to the global average of just 29%.

As per the report, the main areas of concern for India going forward will be the growing risk from data theft (84%), reputational damage due to third-party relationships (81%) and adversarial social media activity (81%).

These are ranked as the top three risk priorities that respondents are focusing on when developing a risk mitigation strategy for their organisations.

"We believe that the level of due diligence done by Indian corporates is improving, but it is still below the basic requirement when compared globally," said Tarun Bhatia, head of South Asia and managing director in the Business Intelligence and Investigations practice of Kroll.

Bhatia further said there has been a cultural shift as incidents of disclosure of frauds by firms have gone up in India.

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