79% of organizations indicated that cybersecurity was amongst the top business risks: KPMG

According to a Cybercrime Survey Report 2017, 79 percent of organizations indicated that cybersecurity was amongst the top business risks.

The report said that close to 81 percent of the organizations have cybersecurity budgets of less than 10 percent of their total planned budgets against risks arising from the adoption of these technologies.

The report further says that several concerns pertaining to the changing regulatory landscape as almost two-thirds of the law agencies feel that there are not adequate laws to address matters related to cybercrime prevention, detection, and investigation.

Nearly 40 percent of end users felt that involvement of cross-country jurisdictions acts as a hindrance in lodging a complaint with the cyber cells.

Commenting on this finding Sudesh Anand Shetty, Partner - Risk Consulting, KPMG in India said, "Cyber breaches should no longer be looked upon as isolated incidents linked with IT or IT security. Organisations should consider it as an indicator of a potential cyber fraud and be vigilant online. Security awareness is key and we encourage organizations to report matters as observed to be potentially investigated."

Cybersecurity is among the top challenges being faced by many organizations in the country; coupled with the digital transformation journey, which several companies are either undergoing or plan to undergo. As businesses expose themselves to evolving technology and digital ecosystems, they need to ensure that the risk exposure due to cyber is managed.

Cyber attacks in the current era have become more specialized and concentrated in nature, targeting specific organizations and individuals. With the attack pattern becoming more directed, the impact due to incidents has made alarming damages spanning financial losses, disruption of operational services, erosion of shareholder value and trust. There is a need to understand this threat comprehensively, given the threat is constantly evolving, and create an effective cyber resilient environment to withstand these testing times.

KPMG in India conducted a survey and gathered responses from more than 300 participants from the likes of CIOs.