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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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Major Global Tech Firms Sign Cyber Security Tech Accord

34 global tech firms sign key accord against cyber attacks

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Global firms
Global Tech Firms. Pixabay

Top 34 global technology and securities firms, led by Microsoft and Facebook, have signed a “Cyber security Tech Accord” to defend people from malicious attacks by cyber criminals and nation-states.

The watershed agreement will prevent them help governments launch cyber attacks against innocent citizens and enterprises. It will also protect against tampering or exploitation of their products and services through every stage of technology development, design and distribution.

The agreement for Cyber security
Cyber security. Pixabay

“The devastating attacks from the past year demonstrate that cyber security is not just about what any single company can do but also about what we can all do together,” Microsoft President Brad Smith said in a statement on Tuesday.

The “Cybersecurity Tech Accord” is a public commitment among 34 global companies to protect and empower civilians online and to improve the security, stability and resilience of cyberspace.

“This tech sector accord will help us take a principled path towards more effective steps to work together and defend customers around the world,” added Smith who has been arguing for a “digital Geneva Convention” for years.

Also Read: McAfee unveils refreshed cyber security solutions portfolio

The companies made commitments in four areas — stronger defence, no offence, capacity building and collective action.

“The companies will do more to empower developers and the people and businesses that use their technology, helping them improve their capacity for protecting themselves,” said cybertechaccord.org.

This may include joint work on new security practices and new features the companies can deploy in their individual products and services.

The Tech Accord remains open to consideration of new private sector signatories, large or small and regardless of sector, who are trusted, have high cyber security standards and will adhere unreservedly to the Accord’s principles.

“The real world consequences of cyber threats have been repeatedly proven. As an industry, we must band together to fight cyber criminals and stop future attacks from causing even more damage,” said Kevin Simzer, Chief Operating Officer, Trend Micro.

Warning for Cyber attack.
Cyber Attacks. Pixabay

The victims of cyber attacks are businesses and organisations of all sizes, with economic losses expected to reach $8 trillion by 2022.

The cyber attacks in the past have caused small businesses to shutter their doors, hospitals to delay surgeries and governments to halt services, among other disruptions and safety risks.

“The Tech Accord will help to protect the integrity of the one trillion connected devices we expect to see deployed within the next 20 years,” said Carolyn Herzog, General Counsel, Arm.

Also Read: Parental Control Apps May Not Help in Shielding Teenagers From Cyber Threats

On Monday, Cyber security representatives from the US and Britain warned of Russian state-sponsored cyber-attacks that are targeting network infrastructure devices such as routers and firewalls, to compromise government and private sectors globally.

According to a US Computer Emergency Response Team (US-CERT), the Technical Alert provided information on the worldwide cyber exploitation by Russian state-sponsored cyber actors.  IANS