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72 pc Indian companies faced cyberattacks in 2014, BFSI sector tops list: KPMG report

The KPMG report attempts to highlight the cybercrime scenario in India and the various ways in which cyberattacks are carried out

By: Tech Desk | New Delhi |
December 1, 2015 4:34:57 pm
cybercrime, cybercrime India, cyberattack, cyberattack India, KPMG report India, India cybercrime, KPMG cybercrime report, KPMG cybercrime report 2015, cybercrime in India, technology, technology news Cybercrime Survey Report 2015 pointed out that 65 per cent believed that cybercriminals carry out attacks for financial gains while 46 per cent stated corporate espionage to be the motive.

Cybercrime is a major threat faced by organisations today, but only 41 per cent people said that it forms part of the board agenda, Cybercrime Survey Report 2015 released by KPMG indicated. The report also highlighted that 72 per cent of Indian companies have faced some sort of a cyber attack over the past year.

The KPMG report attempts to highlight the cybercrime scenario in India and the various ways in which cyberattacks are carried out. It aims to prepare organizations to take better steps towards handling cybercrime in the country. Over 250 professionals from CIOs, CAEs, CROs, etc participated in the survey.

kpmg cyber security report

According to the report, 74 per cent people said that Banking, Financial Services and Insurance (BFSI) sector is the top target for cyberattacks and that in 63 per cent of such cases lead to gross financial losses.

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“Cybercriminals have understood the potential of an illicit financial gain and have begun executing highly sophisticated technology – driven frauds. These cyberfrauds, by nature, are complex and difficult to detect. Organisations need to strengthen their cyber incident response process along with building strong prevention and detection systems,” Mohit Bahl, Partner and Head Forensics, KPMG in India said.

Cybercrime Survey Report 2015 pointed out that 65 per cent believed that cybercriminals carry out attacks for financial gains while 46 per cent stated corporate espionage to be the motive. The survey also highlighted that there is usually external involvement in cyber attacks with directors/management being most vulnerable. Close to 54 per cent people revealed that companies spend less than 5 per cent on cyber defences.

cyber security report kpmg

Further analysing the impact and complexity of cybercrime in India, it said that cybercrime can have far reaching damages ranging from financial, reputation, operational and in certain scenarios, also impact the physical safety of employees and assets. While 47 per cent cited the risk of disruption of business processes, 49 per cent said the attacks posses a reputational damage to the organisation.

E-mail servers are likely targets of cyber attacks, according to 65 per cent, while 46 per cent believe end user systems to be the potential targets. “Financial services and pharmaceuticals are still the favourite target for cyber attacks, but the year 2015 has witnessed attacks across industries. Critical infrastructure is being seen as an attractive target for cyber attacks,” the report said.

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First published on: 01-12-2015 at 04:34:57 pm
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