Cybercrime, a rising cause of concern for organizations has shown an increase in volume of attacks over the past year.
Cybercrime, a rising cause of concern for organizations has shown an increase in volume of attacks over the past year.
72 percent Indian companies have indicated that they have faced some sort of cyber-attack over the year, a report by KPMG, a leading audit firm says.
The report titled, Cybercrime Survey Report 2015 says that 63 percent organizations indicated that cybercrime amounted to financial losses while 55 percent also admitted to theft of sensitive information through the attack.
An attempt to analyse the preparedness of organisations in India to deal with cybercrime and incidents, the report highlights the lack of awareness and inaction against preventing it.
Although 94 per cent respondents indicated that cybercrime is a major threat faced by organisations, only 41 per cent admitted to dealing with cybercrime to be a part of the board agenda.
“The nature of cybercrime is constantly evolving, specifically with attackers having a solid arsenal of the ever evolving stealth attack,” said Mritunjay Kapur, partner and head of risk consulting at KPMG, India.
The report states that 74 per cent respondents believe that the Banking, Financial services and Insurance sector, is a top target for cybercrime.
Moreover, 83 per cent respondents indicated that there is usually external involvement in cyber-attacks with directors or management being most vulnerable according to 64 per cent. 54 per cent indicated that expenditure on cyber defense is less than 5 per cent of expenditure on Information Technology.
While surveying the potential vulnerable system targets of cybercrime, 65 per cent respondents indicated that email servers are likely targets while 46 per cent stated end user systems as more likely targets.
In the case of industries, though financial services and pharmaceuticals remain most vulnerable to cyber-attacks, the year 2015 has witnessed attacks across industries. Critical infrastructure is being seen as an attractive target for cyber-attacks.
