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Most Indian organizations see ransomware as biggest threat
Only 18 percent Indian organizations think that they are fully prepared to withstand and respond to large scale cyber-attacks.
With instances of cyber attacks on the rise, 69 percent of the organizations in India said that ransomware is a significant risk to them. Whereas 43 percent said they have experienced ransomware already in the past year, revealed a KPMG survey.
Around 79 per cent organizations consider cybersecurity as one of the top five business risks. However, 81 percent have cybersecurity budgets of less than 10 per cent of total planned budgets, as said by KPMG in India's cybercrime survey report 2017. Nearly 58 percent organizations have now included cyber risk as part of the boardroom agenda which has moved up from 41 percent as recorded in the 2015 KPMG survey.
"Cybercrime has moved from corporate espionage and theft of Intellectual Property to use of advanced technology and malicious software, with the intent of holding companies to ransom and the threat of sabotaging brand reputation with data security breaches," said Akhilesh Tuteja, Partner and Head-Risk Consulting for KPMG in India.
The survey's respondents include CIOs, CISOs, CIAs, COOs, security professionals, top law enforcement officers and end users from across India. The survey also pointed out that for 40 percent of end users, lodging a complaint with the cyber cells due to the involvement of cross-country jurisdictions.
"Not surprising then that a mere 3 percent of the organizations have reported cyber incidents to a local law enforcement agency," the report noted.
"Cyber breaches should no longer be looked upon as isolated incidents linked with IT or IT security. Organizations should consider it as an indicator to a potential cyber fraud and be vigilant online," added Sudesh Anand Shetty, Partner-Risk Consulting, KPMG in India.
On the bright side, organizations are increasingly taking up several measures to combat cybersecurity risks which include development of a thorough cybersecurity framework, risk assessment, cybersecurity awareness training, etc.
However, only 18 percent organizations think that they are fully prepared to withstand and respond to large scale cyber-attacks.
"Cyber-attacks are a reality in today's world and there is a need for an organization to have balance between the protect and response measures, currently the preparedness on response to cyber-attacks need to be enhanced significantly," said Atul Gupta, Partner IT Advisory and Leader-Cyber security, KPMG in India.