ISACA reveals key findings of IT Risk Survey

As connected devices, which together make up the “Internet of Things,” play a greater role in business and daily life, Indian consumers seem conflicted about the trade-offs among privacy, security and convenience factors. ISACA’s 2013 IT Risk/Reward Barometer survey shows that 88% of Indians are concerned that their information will be stolen online. Despite that, 50% reuse the same two to three passwords across multiple online accounts.

More than one-third (35%) of Indians have used a family member’s name as a password and 31% have used a significant date  all of which can be guessed easily and may create security issues as consumers begin using an increasing number of Internet connected devices.

Sunder Krishnan, EVP and Chief Risk Officer (CRO), Reliance Life Insurance Company Ltd (RLICL) and Chairman of the ISACA India Task Force said, The IT Risk/Reward survey reveals that with the rise of emerging technologies, enterprises today are embracing Internet-connected devices to deliver business benefits, but they need to have strong governance structures and processes in place, and keep consumers’ concerns at the forefront of their decisions. The survey highlighted mixed feelings on what consumers share on connected devices; thus, it has become imperative for enterprises to establish policies and communicate them openly in order to preserve trust in information.

The findings from the Indian consumer survey reveal some gaps between fears and actions as Indians try to manage privacy and security in an increasingly connected and censored world. However, Indians do take more precautions with their data than consumers in the other countries surveyed do.

In India, 75% of consumers believe they have control over who has access to their information, compared to 62% in the US, and 72% believe they have control over how websites use their information, compared to 50% in the US.

However, according to the consumer study, only 19% of consumers reported that as their biggest concern.