A string of corporate scandals and frauds have rattled India Inc. in recent times, resulting in decline in investor confidence and loss of shareholder value, and in extreme cases, liquidation of business.
Theft of physical assets was the most common fraud experienced in the past year, Vendor, supplier or procurement fraud (17%) and information theft (15%) are the next two most frequent types of fraud experienced. Majority of organizations believe that their organization has become more vulnerable to fraud in the past one year. One of the areas identified to be of particular concern, is information theft. Most senior executives believe that they are highly or moderately vulnerable to information theft risks such as cyber incidents. (Report)