Indian businesses consider tackling cyber risks a priority

According to the report, 79% organisations in India rank cyber security among the top five business risks. Furthermore, 69% of organisations are of the opinion that ransomware is a significant business risk and about 43% indicated that they have experienced ransomware attacks in 2016. Malware constitutes the biggest share of cyber-attacks faced by organisations as 73% of organisations indicated it to be a menace.

Also, financial information continues to be a key attack area. Almost 20% of the organisations have indicated that financial losses, up to USD 500,000, have occurred on account of cybercrimes.

73% of Law Enforcement Authorities (LEAs) indicated that ATM card theft was the most commonly reported cybercrime to the Cybercrime Investigation Cells, followed by phishing attacks (47%) and data theft (40%).

However, there is a steady increase in cybercrime incidents across industries, due to the dynamism of threat environment and ease of initiating cyber-attacks. The study showcases that 32% of organisations indicate that the adoption of emerging technology like cloud, Blockchain, mobility and digital enablement is exposing organisations to newer cyber risks. About 27% organisations attribute the incidents to lack of security culture. Of the surveyed organisations, 18% say they are prepared for a large-scale cyber-attack.

According to the 46% of end users, lack of awareness is the main reason of incidents not being reported by employees, while 34% said that on account of fear of penalties, they refrain from reporting the cyber incidents.

The KPMG Cybercrime survey report 2017 aims to provide a holistic perspective on cyber security and associated crime with a view on how organisations are gearing up against this threat. More than 300 individuals, including CIOs, CISOs, CIAs, COOs and security professionals, participated in the study. The survey also saw wide participation from top law enforcement officers and end users from all over India.