Tuesday November 12, 2019
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Indian companies more prone to cyber attacks

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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)

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Cyber Threat Landscape To Worsen In 2020

90% organisations believe that cyber threat landscape will worsen in 2020

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Cyber crime
90 per cent of organisations believe the cyber threat landscape will stay the same or worsen in 2020. Pixabay

With the perpetually shifting threat landscape, over 90 per cent of organisations believe the cyber threat landscape will stay the same or worsen in 2020 while 51 per cent of organisations do not believe they are ready for or would respond well to a cyber attack or breach, a new report by US-based cyber security firm FireEye said on Tuesday.

FireEye’s “Cyber Trendscape” report surveyed over 800 Chief Information Security Officers (CISOs) and other senior executives across North America, Europe and Asia to uncover attitudes towards some of cyber security’s most prevalent topics.

“Our new ‘Cyber Trendscape’ report highlights the overall beliefs and perceptions of senior leaders regarding top cyber security priorities for 2020 and beyond as well areas where they differ across the globe,” Eric Ouellet, Global Security Strategist at FireEye, said in a statement.

“These critical data points will help organisations to bring focus and clarity to their cyber security programmes, while helping to expand the dialogue with senior leadership and the board,” Oullet added.

Cyber attack
The cyber threat landscape will worse in 2020. Pixabay

According to the report, 29 per cent of organisations with cyber attack and breach response plans in place have not tested or updated them in the last 12 months or more.

Globally, organisations allocated their cyber security budgets into four main categories with the largest allocations going to the areas of prevention (42 per cent) and detection (28 per cent), followed by containment and remediation.

However, Japan was the only country to break away from this order, expressing a greater emphasis on detection (40 per cent) and then prevention (35 per cent).

Notably, 44 per cent global respondents expressed having transitioned some of their environment to the Cloud, and that they were monitoring cautiously.

Read Also- Hiring Security Pros can Cut Cyber Attack Impact Cost, Says Study

Additionally, 35 per cent had transitioned some of their environment with plans to continue, and 17 per cent had completed a full Cloud deployment. US organisations reported being furthest along in adopting a Cloud-first approach with 37 per cent having finished a complete Cloud migration. (IANS)