Wall Street & Technology: Blog: How Secure is India?

How Secure is India?

One of India's first surveys on security across the country's financial institutions has found that 30% of banks reported to have been victims of identity theft during the last year.

The study, carried out by Singapore-based software company ReadiMinds, also found that over 57% of banks do not have a dedicated budget for online security, which is still considered part of the overall IT budget.

Only one third of respondent banks have a formal plan in place for creating customer awareness against online identity theft and financial frauds.

Meanwhile, the survey also found that man-in-the-middle attacks have reached Indian shores, with 10% of banks reporting attacks in 2007. Thirty percent of banks reported being victims of phishing.

Survey respondents represented a cross section of India's top 40 banks.

Posted by Melanie Rodier at 08:46 AM

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