Cyber security, accidents among top threats for industry: Ficci report

A seminar on 'New Age Risks' was organised by Ficci to discuss and debate the trend of traditional risk parameters and emerging risks that may impact the industry

Intellectual property theft, information, cyber security threats, and accidents are the top threats faced by industries in India, found the Federation of Indian Chambers of Commerce and Industry (Ficci) in a survey.

The survey report titled 'India Risk Survey 2022 Report', which was released by Ficci on Wednesday, highlights that among sectors, logistics, and construction segments have seen accidents and intellectual property theft as major risks facing them, reported Press Trust of India.

The annual survey conducted by Ficci aims to identify "potential risks in the context of a changing global environment, allowing business leaders to assess their circumspection for disruptive events like rapid digitalization, accidents, and business espionage, in the future and to ameliorate risk mitigation techniques."

'Threat to women's safety' risk has jumped down from 12th place in 2021 to 5th place in the 2022 survey. The report also urged companies to take measures to ensure the safety of their women employees.

According to the report, "India's retail industry has ranked accidents, intellectual property theft, and natural hazards among its prime issues, whereas the Media and Entertainment (M&E) industry has marked information and cyber insecurity, business espionage, and fire incidents as major threats."

For the information & technology (IT) and manufacturing industry intellectual property theft is one of the top risks. Meanwhile, the consulting sector has placed business espionage in the second spot after cyber insecurity.

Other sectors which posed issues like accidents, intellectual property theft, and business espionage among others as major risks are real estate, education, security services, financial services, and hospitality.

(With inputs from agencies)