Tuesday October 17, 2017
Home Science & Technology Indian compan...

Indian companies more prone to cyber attacks

0
133

New Delhi: Threat of cybercrime looms large in India as nearly 72 per cent Indian companies facing cyber attacks in 2015 with financial gain or corporate espionage the main motives, professional services firm KPMG said on Monday.

To get a pulse of cyber crime in India and unearth its extent and modus operandi, KPMG, for its ‘The Cybercrime Survey Report 2015’, surveyed 250 top business executives in the capacities of CIO, CISO, CAE, CRO and COO and found 94 percent respondents indicating cybercrime to be a major threat.

“The last few years have seen a multi-fold increase in cyber crimes across regions and sectors. Given the proliferation of connected technologies, organisations today face a significant challenge to be resilient against cyber attacks and incidents,” said KPMG’s head, risk consulting, Mritunjay Kapur in a statement.

However, according to the survey, only 41 percent of the respondents said cyber crime figured in their organisation’s board agenda and the spend on cyber defence mechanism is less than five percent of the IT spend in Indian firms.

“Cyber risk assessment is not a focus area for several enterprises across functions and people. Their emphasis is only on technology with 74 per cent respondents stating that a detailed annual IT and cyber risk assessment is not carried out,” it said.

Banking Financial Services and Insurance (BFSI) sector is the top target for cyber crime in India as highlighted by 74 percent of the respondents followed by pharmaceutical industry while 63 percent respondents indicated that cyber crimes more often than not amount to gross financial loss.

Nearly 83 percent of the respondents believed in external involvement in cyber attacks while 64 percent respondents said directors and management are the most vulnerable targets.

Kapur also noted that the nature of cybercrime is “constantly evolving, specifically with attackers having a solid arsenal of the ever evolving stealth attack”.

KPMG India’s head, forensics, Mohit Bahl said, “Organisations need to strengthen their cyber incident response process along with building strong prevention and detection systems. Cyber forensics, therefore, is becoming a critical component of fraud investigations.”

Analysing the impact and complexity of cybercrime in India, the report said, “As businesses throw their doors open to technology, they also expose themselves to the risk of cybercrime that can have far-reaching damages ranging from financial, reputational, operational and in certain scenarios, can also impact the physical safety of employees and assets.”

According to 65 percent of the respondents, potentially vulnerable system targets include email servers while 46 percent respondents indicated end user systems.

“People and vendors are one of the many critical yet one of the weakest links in the cyber defence chain. Cyber investigations of large cybercrimes reveal that social engineering has predominantly been one of the preferred methods to extract critical information,” said KPMG India partner Atul Gupta.

(IANS)

(Picture credit:www.digitalmunition.me)

Next Story

Another Global Cyber Attack likely to hail on Monday after Ransomware

0
55
Pixabay

London, May 15, 2017: Another major cyber-attack is imminent after Friday’s global hit that infected more than 125,000 computer systems and could come on Monday, a security researcher warned on Sunday.

The UK security researcher “MalwareTech”, who helped to limit the ransomware attack, predicted “another one coming… quite likely on Monday”, the BBC reported.

The virus, which took control of users’ files, spread to 100 countries, including Spain, France and Russia.

In England, 48 National Health Service (NHS) trusts fell victim, as did 13 NHS bodies in Scotland.

NewsGram brings to you top news around the world today.

Some hospitals were forced to cancel procedures and appointments, as ambulances were directed to neighbouring hospitals free from the computer virus.

After taking computers over, the virus displayed messages demanding a payment of $300 in virtual currency Bitcoin to unlock files and return them to the user.

MalwareTech, who wants to remain anonymous, was hailed as an “accidental hero” after registering a domain name to track the spread of the virus, which actually ended up halting it.

“We have stopped this one, but there will be another one coming and it will not be stoppable by us,” the 22-year-old told the BBC on Sunday.

“So there’s a good chance they are going to do it… maybe not this weekend, but quite likely on Monday morning.”

He also warned hackers could upgrade the virus to remove the “kill switch” that helped to stop it.

Check out NewsGram for latest international news updates.

“Version 1 of WannaCrypt was stoppable but version 2.0 will likely remove the flaw. You’re only safe if you patch as soon as possible,” he tweeted.

Investigators are working to track down those responsible for the ransomware used on Friday, known as Wanna Decryptor or WannaCry.

Follow NewsGram on Twitter

The virus exploits a vulnerability in Microsoft Windows software, first identified by the US National Security Agency. IANS

Next Story

Indian firms increase cyber security budgets: Report

0
41

New Delhi: To combat the increasing threats of cyber attacks, Indian companies have stepped up their budgets on cyber security solutions multiple times, according to a study released here on Tuesday.

“Cybersecurity is indispensable. Organisations in India are looking towards innovative cybersecurity solutions, and we have seen a 25 percent compound annual growth rate (CAGR) in security budgets over the past five years, which support this trend,” Sivarama Krishnan, leader-cybersecurity, PricewaterhouseCoopers (PwC) India said.

According to PwC Global State of Information Security Survey 2016, done by PwC, CIO and CSO the average number of information security incidents in India detected by respondents increased by 117 percent over the previous year, increasing from 2,895 last year to 6,284 this year.

Attacks on industrial control systems (ICSs) and consumer technologies showed a marked increase. Losses as a result of incidents also surged by 135 percent over the previous year and the average cost per incident increased by close to 8 percent.

Connected to the emergence of cloud-based systems, Big Data and Internet of Things (IoT) are ascendant technologies that present a host of cyber challenges and opportunities.

In the case of Big Data, often considered a cyber liability, 49 percent of respondents are leveraging data-powered analytics to enhance security by shifting it away from perimeter-based defences and enable organisations to put real-time information to use in ways that create real value.

“Not only are leaders adopting innovative solutions, but even fundamental security technologies and practices have seen wider acceptance, and organisations have evolved to master the basics. This has improved security postures of organisations throughout the country,” Krishnan said.

Over 70 percent of respondents employ cloud-based security solutions, which have emerged as an effective way for organisations to efficiently combat cyber threats.

“Organisations are also deploying Big Data analytics to manage insider threats; almost 28 percent have plans to employ Big Data analytics for improving security in the next 12 months,” the report added.

(IANS)

Next Story

Cyber attack on US affected data of 21.5 mn people

0
86

Washington, A cyber-attack on the US government, allegedly by Chinese hackers, was more severe than initial reports, affecting “sensitive” information of millions of people, the Obama administration has said.

The Office of Personnel Management — victim of the attack that was exposed in June — reported on Thursday that “hackers” robbed personal data, including social security numbers and other information of 21.5 million people, according to Efe news agency.

attackOf these, 19.7 million are people who had applied for jobs in administration or the government and other individuals linked to the public sector, on which the government ran security checks.

The remaining 1.8 million are families of some of the above.

In addition to social security numbers, the hackers also accessed addresses, financial and health histories.

The 21.5 million affected also include people who were victims of another “separate, but related” cyber-attack, affecting 4.2 million current and former federal government employees.

The sum of all those affected by these attacks amount to around seven percent of the US population, making it one of the most damaging attacks ever recorded against the US administration, both in terms of the number affected and sensitivity of stolen data.

Although, there is no “scientific evidence”, voices from US media and politics suspect a Chinese hand.

According to The Washington Post, “China is building massive databases of Americans’ personal information”, for “recruiting spies or gaining more information on an adversary”. (IANS)

Leave a Reply

Your email address will not be published. Required fields are marked *