Mumbai: Cybercrime, terrorism, fire and corporate espionage are some of the biggest threats to businesses in the coming years, according to a recent study on physical security environment and preparedness among corporate India.
The report highlights the fact that while awareness about security issues is on the rise, there is a need to overhaul security standards and regulatory framework and that there is also a lack of confidence to face natural disasters like earthquakes and floods.
The PwC report titled Physical Security Environment Survey 2016 examined the recent trends and developments in the domain of physical security in India and assesses the key challenges and issues that security professionals are currently facing.
As high as 96 per cent of the respondents felt that there was an urgent need for most organisations to relook their business strategy to effectively respond to natural disasters while 73 per cent of the respondents felt that the number of security incidents had increased in the past two years and would continue over the next two years, as well.
According to data from the National Disaster Management Authority (NDMA), while more than 58.6 per cent of the country’s land mass is prone to earthquakes of moderate to very high intensity, over 40 million hectares (12 per cent) of its land is prone to floods and river erosion.
Further, close to 5,700 km out of its 7,516-km long coastline is prone to cyclones and tsunamis. Moreover, India is also vulnerable to chemical, biological, radiological and nuclear (CBRN) emergencies and other man-made disasters.
Incidentally, the report also highlights the fact that India ranks 143rd on the global peace index, lagging way behind the likes of Bhutan, Nepal, Sri Lanka and Bangladesh.
“While we have very little control over occurrences such as floods, earthquakes and terror attacks, we do have control over the ways we can safeguard our businesses and people against them... It’s high time that we pay attention to the potential physical security risks and do something about them,” says Dinesh Anand, Partner and Leader, Forensic Services, PwC India.
As per the report, 54 per cent of the respondents felt that the existing security standards, legal, regulatory and compliance frameworks were not adequate to support corporate security requirements. The survey findings suggest the requirement of a minimum baseline for security from the government.
On the positive side, the report says that respondents have acknowledged that there has been a paradigm shift in the leadership perspective towards security risks and more power has been given to physical security function.
According to the study, 71 per cent of the respondents felt that the leadership of their organisation considered security risks to be of strategic importance to their business.
Further, 46 per cent of the organisations surveyed in India conduct a physical security risk assessment once a year while 17 per cent of the organisations conduct it monthly, whereas two per cent have never conducted a physical security risk assessment, states the report.
Interestingly, 62 per cent of the respondents felt that the security function was treated at the same level as other business functions, such as human resources and facilities.
The survey, which includes views of security professionals from corporate India, was conducted by the consulting major in collaboration with the American Society for Industrial Security (ASIS) Mumbai Chapter.
