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Sunday, May 1, 2011

Customers stay despite high-profile data breaches (AP) : Technet

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Customers stay despite high-profile data breaches (AP) : Technet

Customers stay despite high-profile data breaches (AP)

Posted: 01 May 2011 12:13 PM PDT

By JORDAN ROBERTSON, AP Technology Writer Jordan Robertson, Ap Technology Writer – Sun May 1, 3:13 pm ET

SAN FRANCISCO – Week after week, thieves break into corporate computer systems to steal customer lists, email addresses and credit card numbers. Large data breaches get overshadowed by even larger ones.

Yet people are turning over personal information to online retailers, social networks and other services in growing numbers. The point at which people lose trust in the websites they deal with appears further away than ever before, if it exists at all, as shopping, socializing and gaming online becomes deeply embedded in modern life.

People have come to accept that sharing information is the price of a meaningful, connected life online — even if they don't like it.

"We are clearly schizophrenic about this technology," said Jim Dempsey, an expert on Internet privacy at the Center for Democracy & Technology. "We love it, we use it, we expect it to work, and we've woven it into our daily lives, professionally, socially and personally. But we really don't trust it, and we do get upset when our data is lost or stolen."

Companies collecting the personal details have little incentive to offer the best privacy protections. So far, people haven't demanded that companies do better by walking away from their gadgets, online retailers or social networks.

"I know I take the risk," said Lance Locurto, 44. "It's more convenient."

The South Florida banker said he buys almost everything online, despite the fact that hackers got into both his iTunes and Amazon accounts in the past few months.

Jim Pachetti, 47, a laid-off carpenter looking at an iPhone at an Apple store outside Buffalo, N.Y., said he's resigned to the fact that breaches happen.

"I've accepted the fact that all my information is out there and someone has it, and that's just the way it is," he said.

James McCartney, an identity theft expert, said his smartphone has become an integral part of his life and business, despite the security concerns.

"The velocity of business precludes me from going without it," he said. "It's the rules of the game. It's not something I can change."

It may take government regulation to force companies to do better.

The Federal Trade Commission is urging Web browser makers to build "Do Not Track" tools to let consumers stop advertisers from studying their online activity in order to target pitches. The Commerce Department has called on Congress to adopt ground rules for companies that collect consumer data online for marketing. Several lawmakers have introduced privacy bills.

"For many companies, it's easier and cheaper to deal with the repercussions of a data breach that's already occurred, rather than taking steps to prevent it," said Ioana Rusu, regulatory counsel for Consumers Union, publisher of Consumer Reports. "Companies need to be held accountable so they protect your data up front."

Information that distinguishes one faceless Internet surfer from another is so valuable that companies have been hurt when they limit what they collect.

Yahoo Inc., for example, will soon keep logs on people's searches for 18 months, the same amount of time as Google Inc. That's a reversal of its vow in late 2008 to strip out personally identifiable details after 90 days. In making an industry-leading privacy pledge, Yahoo said it became less competitive in offering personalized services enabled by long-term tracking.

Companies also face lawsuits and penalties by promising more than they can deliver. If companies are vague, their biggest risk is bad publicity when a hacking attack or a technical error exposes customers' information.

"The lack of meaningful liability for breaches reduces the incentive for making sure that they don't happen," said Susan Grant, director of consumer protection for the Consumer Federation of America.

Businesses only have to be as good as their competitors. They know customers have nowhere else to go as long as everyone sets the bar low.

"Choice becomes meaningless in this context," said Ashkan Soltani, a security researcher.

The number of records exposed in data breaches is staggering — more than half a billion in the past six years, according to the Privacy Rights Clearinghouse.

At the same time, people are sharing more online. More than half a billion people are on Facebook, and billions of people search Google and Yahoo each month and accept tracking data files known as cookies. The Pew Internet & American Life Project found that 61 percent of adult Internet users in the U.S. have used social networks, up from less than a third in 2008.

When they aren't sharing on social networks, they are leaving their marks with online gaming services, shopping sites and retail loyalty programs.

The dependence on technology explains why the reputations of technology companies are remarkably resilient, even after embarrassing breaches.

For example, hackers last year uncovered a security hole on AT&T Inc.'s website and exposed the email addresses of more than 100,000 iPad owners who had signed up for AT&T's wireless Internet service. At that point, Apple had sold more than 2 million iPads. Despite the breach, the company sold some 17 million more iPads since then.

Smartphones have added a new dimension to the debate about online privacy because they also record their owners' location.

Apple CEO Steve Jobs emerged Thursday from medical leave to try to quash a controversy over secret recordings of location information by iPhones. Apple denied directly tracking people, but said it is building a database of known Wi-Fi hot spots and cell towers to improve location-based services. Google Inc.'s Android phones do something similar.

To quiet privacy critics, Apple is changing the iPhone's software to keep data for a week instead of indefinitely. Google says its phones only store data for a short time.

Apple's disclosure came a day after Sony Corp. said a hacker may have stolen credit card numbers and other valuable information on the 77 million players using its PlayStation online gaming network. That would make it one of the biggest known credit card breaches.

A few weeks ago, a little-known company behind the email campaigns of Chase, Best Buy, Hilton, Walgreens and other big brands revealed that potentially millions of names and email addresses of consumers were stolen. Epsilon sends more than 40 billion emails a year on behalf of those brands for services such as customer loyalty programs.

Other big attacks included some 130 million card numbers stolen from payment processor Heartland Payment Systems in 2008 and as many as 100 million accounts lifted in a break-in at TJX Cos. in 2005 and 2006. Many smaller ones go unpublicized.

Consumers are at a disadvantage because companies often leave their privacy policies intentionally vague, yet lengthy with legalese.

In any case, few people bother to read them at all. Carnegie Mellon University researchers found it would take the average person 40 minutes per day to read through all the privacy policies that person encounters online.

"Sadly, the consumer can do absolutely nothing to protect themselves," said Bruce Schneier, a prominent security blogger and chief security technology officer at the British telecommunications operator BT. "When you give your data to someone else, you are forced to trust them."

If you say no, he said, "that'll mean living in a cave in the woods."

___

Associated Press Writers Kelli Kennedy in Plantation, Fla., Carolyn Thompson in Buffalo, N.Y., and Sarah Brumfield in Baltimore, AP Personal Finance Writer Dave Carpenter in Chicago and AP Technology Writer Joelle Tessler in Washington contributed to this report.

How Did You Hear About Osama Bin Laden's Death? [POLL] (Mashable)

Posted: 01 May 2011 05:11 PM PDT

Ben Parr Ben Parr – Sun May 1, 8:11 pm ET

Osama Bin Laden has been killed. Late Sunday night, President Barack Obama explained to the world how a team of U.S. forces conducted a strategic strike that took out the Al Qaeda leader somewhere in Pakistan. The U.S. government is in possession of his body. Tonight will be a moment that many people will remember for the rest of their lives. That's why we're asking about how you first learned of this historic news. Were you in front of your television set when an anchor broke the news? Were you browsing Twitter when the avalanche of tweets started to pour in? Or did a friend text you while you were somewhere else?

[More from Mashable: President Obama Delivers Statement on Death of Osama Bin Laden [LIVE VIDEO]]

Let us know how you heard about the news. Vote in our poll and let us know in the comments.


[More from Mashable: This Week in Politics & Digital: The Openness & Transparency Issue]

This story originally published on Mashable here.

Youth-led Internet campaigns step up before Canadian poll (AFP)

Posted: 01 May 2011 11:57 AM PDT

by Judi Rever Judi Rever – Sun May 1, 2:57 pm ET

MONTREAL (AFP) – Canada's election campaign has unleashed a flurry of online, youth-led political activity showing no signs of abating before national polls on Monday.

More young people are following the election thanks to a proliferation of "vote mobs" -- university student gatherings that are filmed and uploaded onto YouTube to encourage young people to vote.

The events are organized through Facebook and Twitter and are intended to tackle Canada's abysmal voter turnout among young people aged 18 to 24. In 2008, just a third of eligible voters in that bracket cast their ballots.

A vote mob staged this month on the bilingual campus of the University of Ottawa featured students boldly dressed in red and white -- Canada?s national colors -- cheering and waving posters extolling the virtues of the democratic process.

"Today I Realized People Are Dying For Democracy. I Am Voting For Mine," one placard read. The upbeat gathering was filmed and posted on YouTube, to the music of British pop singer Mika's "We Are Young."

Nearly 40 vote mobs have been staged across Canada and posted on sites like leadnow.ca, run by an independent, youth-led advocacy group.

Jamie Biggar, co-founder of leadnow.ca, said the online mobilization provides "ways for people to have their voices heard and to feel some ownership over this election and over our politics."

The online engagement preceding Monday's poll was nothing short of a phenomenon, said political activist Judy Rebick.

"There's been a massive citizens' campaign. I've never seen anything like it," the Ryerson University professor told AFP.

"Not since the 1988 election have I seen so much citizen action completely independent from the party. Young people are having fun. They're creative. It's inspiring."

Some of the online campaigns target Conservative Prime Minister Stephen Harper.

Project Democracy and Catch 22 Campaign are two anti-Conservative strategic voting sites that have caught on in recent weeks.

An Angus Reid poll released on April 27 found that more than a third of Canadians (37 percent) are considering voting strategically to reduce the chances of a specific party forming the government, even if it means casting a ballot for a candidate they dislike.

A wholly different anti-Harper website called shitharperdid.com went viral shortly after it launched on April 13.

An estimated 4.5 million pages have since been viewed on the website, which has registered more than 700,000 hits, according to Sean Devlin, a comedian and filmmaker who created the site that using humour to shake voters out of their apathy.

Another project, the non-partisan, Apathy is Boring, uses art, media and technology to encourage active citizenry on- and offline.

A commercial produced by the group has just aired on video channels MuchMusic, MTV and online, said founder Ilona Dougherty.

Dougherty said the commercial featuring Canadian musicians and celebrities urging young people to vote has had a "huge amount of circulation," especially on Twitter.

"We really want to engage first-time voters. That's really the focus of our campaign. We wanted to do something cheeky and fun. The reaction online has been really great so far," Dougherty said.

Location Tracking: Looking Past the Hype (PC World)

Posted: 01 May 2011 10:44 AM PDT

Liane Cassavoy Liane Cassavoy – Sun May 1, 1:44 pm ET

I sat down at my computer, prepared to sync my iPhone 4 with iTunes. But I looked at the simple white cord I use to connect the phone, and it suddenly seemed more ominous -- like it was some sort of spy transmitter, sending the private details of my life directly to Apple.

Maybe I should hold off on syncing, I thought. Maybe a little mindless Web surfing instead. So I fired up my browser and prepared to enter a query in my Google search toolbar. But, before I could search for "used wooden highchair," I hesitated again. What if that search query was stored along with my location, and I was forever to be bombarded with ads for local baby supply stores?

Hmmm. Maybe I should just turn off the computer and leave my smartphone behind for the day, I thought.

Or maybe I should get a grip.

With all of the headlines about location-tracking and online privacy violations, it's easy to live in fear. Fear that big companies like Apple and Google know too much about me and are somehow going to reveal my deepest, darkest secrets to the world. Or I could do some research and find out what kind of data these companies actually are collecting, and what they're doing with it. Because once you're informed, you'll find out that while some of the data- and location-collection practices might be a bit underhanded, but they're not as apocalyptic as some people might have us believe.

Phone Home?

The location-tracking brouhaha began when it was recently revealed that Apple's iPhones and iPads track and log users locations and store that data in a file that is easily accessible. The file is stored unencrypted on computers that have been synced with Apple's mobile devices, and can contain location data that goes back as far as a year.

Researchers also found that Apple's smartphones, as well as competing devices running Google's Android OS, regularly transmit location-based information to Apple and Google, respectively. So, too, do computers running Google's search toolbar and its Chrome browser.

And it's not just the manufacturer of these mobile devices and the software they run who are collecting information about users' locations: cellular carriers, too, are guilty of the same thing. Verizon Wireless, which says it will now put a sticker on new phones warning users that their location may be tracked, has said it holds personal data for up to seven years. AT&T may store data for a few days -- or five years. Sprint and T-Mobile both have similar policies.

Let's face it: if you're using any sort of mobile device, chances are that your location is being tracked. But that's not such a bad thing -- and it's not nearly as ominous as it sounds. Despite the use of the word "tracked," your every move is not being followed. And your location is not being transmitted onto a giant map in a secret room, where all of your movements can be followed with some sort of flashing beacon. That's not the case, not by a long shot.

The Benefits of Location Tracking

I agree that we should have a reasonable expectation of privacy. And I think that companies should be upfront and disclose what information they are collecting. And I definitely think that when you turn off the location-specific features of your mobile device, that device shouldn't be storing your location.

But I also know that a lot of the location data that's collected is used to deliver services that I want. I want my iPhone to know where I am -- and to find that location quickly -- when I turn on Google Maps to get directions. I want my Web browser to return local search results when I'm searching for the best pizza place. I want to be able to snap photos with my iPhone's camera and track where I took them.

I understand that the trade-off for these conveniences are the loss of some privacy. But isn't the same true every time I use a credit card? The only way to gain total anonymity would be to reject all the conveniences of modern society. I'm not willing to do that. Are you?

Sony shares up after it says PlayStation network to restart (Reuters)

Posted: 01 May 2011 08:48 PM PDT

– 50 mins ago

TOKYO (Reuters) – Shares of Sony rose on Monday, a day after the firm said it would resume some services on its PlayStation Network this week and offer customer incentives following the theft of personal information from 78 million user accounts.

Many PlayStation users around the world were frustrated that the first warning of one of the largest Internet security break-ins ever came a week after Sony detected a problem with the network on April 19.

Analysts said it was too early to say whether the measures the consumer electronics giant unveiled on Sunday would be enough to stop disgruntled gamers leaving the network and warned restoring faith in its security system would take time.

Sony has touted online services as a way of leveraging the synergies between its unique combination of hardware and content, including films and music as well as games.

"Damage has been done to Sony whatever the scale of the content giveaway at this point, and Sony is facing a prolonged effort to regain customer trust," said Jay Defibaugh, director of equities research at MF Global in Tokyo.

"Anything that undermines consumer willingness to divulge credit card details to Sony is a problem for the network strategy," he added.

Sony said on Sunday it would offer some free content, including 30 days of free membership to a premium service to existing users and in some regions pay credit card-renewal fees, but added compensation would only be paid if users suffered damage.

The news sparked thousands of comments on the official PlayStation fan page on Facebook, some of them from users who said they would switch to Microsoft's Xbox Live games network.

Shares in Sony were up 2 percent to 2,305 yen, after falling 4.5 percent on Thursday, ahead of a holiday on Friday. But analysts said concerns about the leak would weigh on investor sentiment.

"At minimum, having to suspend the service, fix its problems and deal with the aftermath, looks set to cost (Sony) tens of billions of yen," said analyst Nobuo Kurahashi of Mizuho Investors Securities.

"I don't think anyone knows where they will be able to absorb this loss, nor how much it will be, and that'll weigh on share prices going ahead," he added.

The incident has sparked legal action and investigations by authorities in North America and Europe, home to almost 90 percent of the users of the network, which enables gamers to download software and compete with other members.

Sony is the latest Japanese company to come under fire for how it has disclosed bad news.

Tokyo Electric Power Co was criticized for how it handled the nuclear crisis after the March 11 earthquake. Last year, Toyota Motor Corp was slammed for being less than forthright about problems over a massive vehicle recall.

(Reporting by James Topham and Isabel Reynolds; Editing by Edwina Gibbs and Joseph Radford)

Game Companies Choosing Android Over Apple (ContributorNetwork)

Posted: 01 May 2011 02:38 PM PDT

Jared Spurbeck Jared Spurbeck – Sun May 1, 5:38 pm ET
Contribute content like this. Start here.

Everyone knows the iPhone, iPad and iPod Touch are taking over the mobile gaming world -- even Nintendo knows that. So who in the world would think of Android as a great gaming platform, let alone better than Apple's?

Apparently, these companies do:

NVIDIA

NVIDIA's Tegra 2 processor sets the standard for Android gaming performance on both smartphones and tablets, enabling HD gaming for devices on most major wireless carriers in the United States. And unlike on the iPhone, compatible Android smartphone and tablets feature NVIDIA's Tegra Zone app, which lets you browse through HD games worthy of your machine's specs.

GameStop

The last remaining brick-and-mortar games store in much of the United States recently bought streaming game company Spawn Labs, and is in the process of buying Stardock's Impulse games store. The company is apparently planning to create a streaming game service to compete with OnLive, and has plans of bringing this service to Android.

OnLive

Speaking of streaming games, HTC's upcoming Flyer tablet is being developed in partnership with OnLive itself, and will offer PC- and console-quality games that can be played with a BlueTooth controller. Best Buy is already taking preorders for the unique, stylus-equipped tablet, which will also feature the HTC Watch movie store.

Sony

Apparently the PlayStation Portable wasn't good enough for Sony, as Sony Ericsson just released the Xperia Play, the first "PlayStation Phone." A couple of "PlayStation Tablets" are also in the works.

These Android devices are PlayStation-certified, letting them download PlayStation games (currently limited to a selection of PSOne titles) and log into the PlayStation Network. And the Xperia Play includes a PSP Go-style slide-out game controller, complete with shoulder buttons and dual analog touchpads.

Alienware

Alienware's parent company, Dell, already manufactures Android handsets and tablets. One of the company's senior vice presidents said that it's "looking at all form factors," in a conversation reported by IGN, and refused to deny that a gaming tablet was in the works.

Valve

A forum conversation with Valve president Gabe Newell suggests that Steam may be headed to Android soon. It may also be headed to iOS, although the recent controversy over in-app purchasing on the App Store might have dampened Valve's enthusiasm. Plus, it would have to compete with Apple's Game Center.

Why the interest?

Partly because there are things gaming companies can do with Android, which would be impossible or impractical to bring to Apple's devices. Sony is taking full advantage of this with the controller built into its "PlayStation Phone," for instance, and the multitouch screen on its upcoming NGP game console suggests that it might've learned a few things from Android as well.

Beyond that, though, some game developers are simply finding that they do better on Android than iOS. Game company Spacetime Studios has found that its Pocket Legends MMORPG makes much more money on Android than on iOS, even though its iOS version has been out longer.

It's true that some major game companies have been burned by Android. Gameloft refuses to sell most of its games in the Android Market, and Rovio's been nonplussed by it as well. Both companies are partnering with Amazon's Appstore for Android, though ... which shows that Android's open platform will find a way to accommodate even them.

The Upshot

Whether any of this turns into actual games, or a better gaming experience on Android, is anyone's guess. A lot of these things couldn't happen on iOS, though. So whether or not Android's the "best," the gaming world would be lessened without it.

Jared Spurbeck is an open-source software enthusiast, who uses an Android phone and an Ubuntu laptop PC. He has been writing about technology and electronics since 2008.

The way we break news now: Rumsfeld chief of staff scoops Bin Laden death on Twitter (The Cutline)

Posted: 01 May 2011 09:15 PM PDT

Sony Finds No Apparent Anonymous Link to PlayStation Attack (PC World)

Posted: 01 May 2011 07:40 AM PDT

Martyn Williams Martyn Williams – Sun May 1, 10:40 am ET

Sony said it has found no link between an attack on its PlayStation Network and Qriocity services and Internet activist group Anonymous, which had earlier targeted its systems.

The online gaming and entertainment services were taken offline on April 20 after a "very sophisticated" attack on Sony's data center in San Diego, said Kaz Hirai, CEO of Sony's games subsidiary, at a Tokyo news conference. They are due to return to service later this week.

Less than two weeks before the most recent attack, Anonymous members launched a denial of service attack against the PlayStation Network in protest at Sony's legal pursuit of hacker George Hotz. Hotz had modified the firmware of a PlayStation 3 so that it could run the Linux OS. Sony claimed the software violated the U.S. Digital Millennium Copyright Act, which prohibits the reverse-engineering of encryption protections.

"While there may be no relation to this attack, the Sony network has also been targeted by the Internet group Anonymous," said Hirai. "In addition, the personal information on Sony's top management, including the names of their children, the schools they attend, and the names of other family members, has been published on the Internet. They have also called for protests outside Sony stores around the world."

"These kinds of cyberattacks may not be limited to Sony. To protect personal information and the safety of the network environment, Sony will cooperate with law enforcement and network security organizations to continuously combat illegal intrusions," said Hirai.

Hirai said the company hadn't been able to find any link between Anonymous and the latest attack.

Source of Attack Unknown

The dispersed Internet-based group had already claimed it had nothing to do with the attack.

In a posting on a website titled "For Once We Didn't Do It," the group said its core had not targeted Sony or the PlayStation Network. But the denial left open the possibility that individuals from the group might have be en responsible.

"While it could be the case that other Anons have acted by themselves AnonOps was not related to this incident and takes no responsibility for it," the statement said.

Hotz, the hacker targeted by Sony, also denied any link with the attack.

"I'm not crazy, and would prefer to not have the FBI knocking on my door," he wrote in a blog post. "Running homebrew and exploring security on your devices is cool, hacking into someone else's server and stealing databases of user info is not cool."

At present, the identity of the hacker or hackers behind the attack remains a mystery.

Motive Unclear

Sony said there is a high possibility the hacker stole personal information on millions of registered uses, but it has found no evidence that a database of credit card numbers was accessed. If true, that appears to rule out a financial motive behind the attack.

When asked by a reporter for his opinion on a motive behind the attack, Hirai said he could not speculate on the motive.

For more information on the outage, check out PC World's PlayStation Network Hack Timeline. See also "PlayStation Network Security Breach: A Survival Guide."

Martyn Williams covers Japan and general technology breaking news for The IDG News Service. Follow Martyn on Twitter at @martyn_williams. Martyn's e-mail address is martyn_williams@idg.com

Hitpad — See What's Up: more reference tool than news app (Appolicious)

Posted: 01 May 2011 05:15 PM PDT

Being Square never seemed so cool (Appolicious)

Posted: 01 May 2011 06:00 AM PDT

Sony boss Kaz Hirai publicly addresses ongoing PSN and Qrirocity service outage (Digital Trends)

Posted: 01 May 2011 06:33 AM PDT

Adam Rosenberg Adam Rosenberg – Sun May 1, 9:33 am ET

sony-kaz-hirai-apology

Even if you don't own a Sony gaming device and don't subscribe to the company's music streaming service, you've still probably heard about the "external intrusion" (read: hacking) of PlayStation Network and Qrirocity that has left 77 million users without access to the services or their personal data stored there, which is known to have been compromised. Access to both networks was cut off on the company side late last Wednesday after it was learned that a hacker or hackers had broken through security. Many observers feel that Sony's response thus far has been inadequate, a growing sentiment which certainly at least in part prompted company CEO and president Kaz Hirai to publicly address the issue in a press conference held last night (in our time zone, that is).

In addition to detailing exactly what Sony intends to do to make up for this nightmare scenario — more on that later — Hirai also spoke (through a translator) to the incident itself, offering some new information that hadn't previously been revealed (via an Engadget liveblog). The presser started off with a rundown of events up to this point, starting with the April 20 shutdown of PSN and Qrirocity services. Hirai then stated that there's "no evidence that credit card numbers, expiration dates or billing addresses" were stolen, which contradicts earlier reports from the company that billing addresses had indeed been compromised.

He went on to say that there have been no confirmed cases of credit card fraud relating to this incident, even though a recent class action suit suggests otherwise. It is also worth noting that Hirai later urged all PSN and Qrirocity users to be vigilant about checking their credit card statements for fraudulent charges. A later update to the Engadget post notes that as many as 10 million credit card numbers may have been "exposed," but there's "no proof" that any have been compromised.

Moving forward, Sony will take a number of steps to secure itself against future attacks, starting with the appointment of a Chief Information Security Officer. The data center, formerly housed in San Diego, will be moved to a more secure location and the networks themselves will be boosted with added security features and some sort of added sign-on security (not detailed). Users will also likely be asked to change their passwords more frequently. Sony will also look into the possibility of covering associated charges if credit card fraud does turn out to be an issue and is already examining options for allowing disgruntled subscribers to cancel their service.

Hirai hopes to have a number of PSN and Qrirocity features restored "by the end of a week's time," with full functionality to return within the month.

Gears leads iPad Games of the Week (Appolicious)

Posted: 01 May 2011 03:00 PM PDT

Infosys eyes buys in Europe, Japan, and healthcare sector (Reuters)

Posted: 30 Apr 2011 11:04 PM PDT

– Sun May 1, 2:04 am ET

BANGALORE (Reuters) – Infosys Technologies Ltd, India's No. 2 software services exporter, is on the hunt for acquisitions in Europe and Japan and in industries including healthcare and public services, its chief executive said on Sunday.

Speaking to Reuters a day after the company announced changes in its top-level management, S. Gopalakrishnan said Infosys was also seeking acquisitions in new areas like cloud computing.

"Our philosophy has always been that you plan organic growth,"

said Gopalakrishnan, who is set to step down as chief executive and become co-chairman in August.

"You keep your eyes and ears open, you have a dedicated team looking at acquisitions," he said.

Infosys would make an acquisition when it found a target that was at the right price with the right strategic fit, he added.

"We do not want to set a target for acquisition because we are not doing acquisition for growth. We are doing acquisitions for strategic fit and adding capability at this point of time," he said at the company's sprawling headquarters campus on the outskirts of Bangalore, India's IT hub.

Gopalakrishnan said by investing in new industries and geographies, Infosys was looking to build multiple engines of growth over the next 3-5 years.

"There are multiple strategic requirements for acquisition so those are the things we are looking at. Typically a smaller acquisition rather than a large one," he said.

Infosys, which is also listed on Nasdaq, on Saturday announced top management changes linked to the retirement of its billionaire chairman and stuck to its practice of giving its founders a shot at running the firm.

(Reporting by Bharghavi Nagaraju; Editing by Tony Munroe)
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