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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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Survey Reveals How IT Managers Are Inundated With Cyber Attacks

Cyber criminals attack IT managers the most

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Cyber attack
IT Managers are most prone to cyber crimes and phishing emails. Pixabay

Phishing emails impacted one in two Indian organisations that were hit by a cyberattack and IT managers are inundated with cyber attacks coming from all directions as they struggle to keep up due to a lack of security expertise, budget and up-to-date technology, a new survey by global cybersecurity major Sophos said on Thursday.

The survey included 3,100 IT decision-makers from mid-sized businesses in India, the US, Canada, Mexico, Colombia, Brazil, the UK, France, Germany, Australia, Japan, and South Africa.

“Cyber criminals are evolving their attack methods and often use multiple payloads to maximise profits. Software exploits were the initial point of entry in 41 per cent of incidents, but they were also used in some fashion in 35 per cent of all attacks, demonstrating how exploits are used at multiple stages of the attack chain,” Sunil Sharma, Managing Director-sales, Sophos India & SAARC, said in a statement.

Cyber attack
Hackers and cyber criminals have IT managers on their target as per the survey. Pixabay

“Organisations that are only patching externally facing high-risk servers are left vulnerable internally and cyber criminals are taking advantage of this and other security lapses,” he added.

The wide range, multiple stages and scale of today’s attacks are proving effective. Fifty-four per cent of those who fell victim to a cyber-attack was hit by a phishing email, 39 per cent by ransomware and 48 per cent said they suffered a data breach.

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Based on the responses, it’s not surprising that 50 per cent of IT managers consider software exploits, unpatched vulnerabilities and/or zero-day threats as top security risks, while 43 per cent consider phishing as a security risk. (IANS)