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Risk Management

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How Secure is India?

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.

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.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. Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio

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