IP theft top risk for manufacturing industry: FICCI Survey

New Delhi, Apr 20 (KNN) The top three treats faced by the industry in India are Intellectual Property (IP) theft, information and cyber security threats and accidents, as per a report by the Federation of Indian Chambers of Commerce & Industry (FICCI).

For information & technology (IT) and manufacturing industry intellectual property theft is one of the top risks, while the consulting sector has placed business espionage in the second spot after cyber insecurity.

According to the risk survey by the industry body 'threat to women safety' risk has jumped from 12th place in 2021 to 5th place in 2022.

It has urged companies to take measures to ensure the safety of their women employees.

Terrorism and insurgency are considered as the lowest risk, as per the respondents of the survey.

Among sectors, logistics and construction segments have highlighted accidents and intellectual property theft as major “risks” facing them.

“For the logistic sector, accidents are their second major concern as transportation is more prone to road accidents, while intellectual property theft has been placed at number one by the respondents. Likewise, the construction industry has voted accidents on the top position as the construction sites face a lot of challenges in combating accidents,” the 'India Risk Survey' of FICCI said.

The survey identifies 12 key areas of concern for businesses and five emerging risks that might seriously damage India's business ecosystem.

India's retail industry ranked accidents, intellectual property theft and natural hazards as its prime issues.  (KNN Bureau)