Press Release

Cyber Fraud being an organizational problem requires early detection: Dr. Ashwathnarayan C. N.

New Delhi, 21st March 2022: As part of its annual summit session, ASSOCHAM, an apex body, hosted the 12th Global Summit on Fraud and Forensics- "Emerging Trends and Combating Challenges," with the goal of raising awareness among industrialists about the need for cyber security systems and the rising cases of online frauds and cases. Cybersecurity is important because it protects all categories of data from theft and damage. This includes sensitive data, personally identifiable information (PII), personal information, intellectual property data, and governmental or industry information systems. 

The Chief Guest, Dr. Ashwathnarayan C. N. Hon'ble Minister of Higher Education; Minister of Electronics, Information and Biotechnology and Science & Technology; Minister of Skill Development, Entrepreneurship and Livelihood; & Former Deputy Chief Minister, Government of Karnataka delivered a special address during the session, outlining the growing trends of digitization and their regulatory policies for a safe working ecosystem. He went on to say that implementing cyber security policies, surveilling data collection, and mitigation are all strategies to avoid such instances in the business.  

He mentioned about businesses doing great with innovative technologies and advanced internet platform while adapting to the complexity of the same for regulatory purposes. He said, ''Before evaluating any fraud case, consider digital transformation, technological solutions, risk management models, compliance, and monitoring''.  

In her special address Ms. Arti C. Srivastava Chief Vigilance Officer Securities and Exchange Board of India focused on growing white-collar frauds and how to overcome its challenges. She said ‘’no sector or domain is left with these frauds with rising tech use that leads to trust deficit in employees’’. A few essential criterias to identify any misleading conduct or fraud are protecting, preventing, reporting, and detecting. With a clear code of conduct, she said, recognising ethical quotient at work is the need of the hour. 

Mr. Dhruv Phophalia Managing Director and India Leader – Disputes and Investigations Alvarez & Marsa shared that the advancement of tech is growing tremendously and now is the good time for greater corporate governance with the right regulations or legislations. There is a rise in greater partnership of industry and government in the recent times, he said. A proper fraud framework should be channelized by revaluating practices and forefront response.   

He continued by saying updation of tools is required constantly. Reporting analytics and workflow automation should be incorporated to balance system leakage and give investors complete confidence in their funds. 

CA (Dr.) Ashok Haldia Chairman, Indian Institute Of Insolvency Professionals Of ICAI (IIIPI); & ASSOCHAM Task Force Chair for Accounting Standard stated the global increase of cyber-crimes and cases by 8 times compared to last five years and there were 1.8 Lakh crore loss in frauds in 2021 only marking 229 cases per day. The focus should be on internal culture of the organisation for proper regulation, ethos and open communication, he added.   

The global summit has participation of experts from diverse experience including accounting professionals, auditors, forensic experts, risk management professionals, authors, bureaucrats, police, legal,  administration as well as participants from regulators, law and enforcement bodies, fintech etc.   Speakers addressed at the first day of two days summit were including Mr. Basudev Mukherjee, Assistant Secretary General, ASSOCHAM, Mr. Shobhit Agarwal Chairman, ASSOCHAM National Council for Internal Audit and Risk Management & Partner Advisory, KPMG in India and Mr. Naveen Aggarwal Co-Chairman, ASSOCHAM National Council for Internal Audit and Risk Management & Partner, SS Kothari Mehta & Company.