Vantage point: Insights from cutting-edge research

With data breach, 36.6 million data records compromised in India in 2016

Gemalto, an international digital security company, has released the findings of the Breach Level Index. About 33 reported data breaches led to almost 36.6 million data records being compromised in India during 2016, an increase of 14 per cent compared to 2015. Identity theft and unauthorised access to financial data were the leading type of data breaches in 2016, accounting for 73 per cent of all data breaches. In addition, 61 per cent of the data breaches in 2016 did not disclose the number of compromised records at the time they were reported in India. “Hackers are casting a wider net and are using easily attainable account and identity information as a starting point for high-value targets. Fraudsters are also shifting from attacks targeted at financial firms to infiltrating large databases such as entertainment and social media sites. Fraudsters have been using encryption to make breached data unreadable, then hold it for ransom and decrypting once they are paid,” said Jason Hart, vice-president and chief technology officer, data protection, at Gemalto.

Business expansion and acquiring more fixed assets top goals for SMEs

Expansion of business and purchase of new assets or machinery is the top goal for SMEs (small and medium enterprise).   Further, Aviva Plan India Plan Survey 2017, by Aviva Life Insurance, reveals some interesting facts that are contrary to popular beliefs such as women catching up fast with men on financial planning. Women score 19 on Plan Index against 25 of men. People from Sec B are better informed about financial planning. Also, couples without kids are doing better financial planning compared to couples with kids. Couples without kids score 31 on Plan Index contrary to 21 of couples with kids. Interestingly, higher income doesn’t drive significantly better financial acumen. People earning more than Rs 100,000 a month are not better financial planners. They score 59 on the Dream Index compared to 61 of all India. Millennials are better dreamers and planners. Indians between the age group of 25 and 29 years are most aware about financial investments. Millennials score 31 on the Plan Index, compared to the all India score of 24.

Majority of Indian organisations planning to redesign structure

According to Mercer Global Talent Trends Study 2017, as the competition for talent continues to rise and business models are disrupted by technology and socio-demographic shifts, organisations are still taking an evolutionary approach to their talent strategies in the face of revolutionary changes.
 

According to the study, a majority of the organisations surveyed in India (83 per cent) reported that they were planning to redesign their structure in the next two years, yet only 11 per cent of business executives said that their organisation was “change agile” — although this is higher than the global average of just four per cent. In fact, the top priorities of HR leaders — specifically building skills across the workforce, identifying high potentials, developing leaders for succession, and attracting top talent externally — reflect the priority of evolving employee capabilities, but may not align with the executive’s goals for more substantial workplace changes.