89% executives say cybercrime major threat for businesses: KPMG

Jul 21 2014, 15:01 IST
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Cybercrime has emerged as a major threat for businesses across the country. (Reuters) Cybercrime has emerged as a major threat for businesses across the country. (Reuters)
SummaryIn financial sector, phishing attacks of online banking accounts or cloning of ATM / Debit cards are common occurrences.

Cybercrime has emerged as a major threat for businesses across the country, with an overwhelming 89 per cent of executives surveyed believing such attacks could hamper not only the financial dealings but also damage the brand value and market reputation, says a KPMG report.

Over the past few years, global cybercrime landscape has changed dramatically, with criminals deploying more sophisticated technology and having greater knowledge of cyber security. India has also been a target of such cyber-attacks.

According to the Cybercrime Survey 2014' that covered over 170 participants from across India, an overwhelming 89 per cent of respondents said cybercrime has emerged as a major threat.

About 51 per cent perceive themselves to be an easy target for cyber-attacks due to the nature of their business. Out of these 51 per cent, about 68 per cent respondents said that they monitor their cybercrime threats on a daily basis.

"Businesses have increasingly embraced the internet for seamless delivery of products, services and to help reduce costs. However, with the leverage of technology comes the risk of cybercrime," Sandeep Dhupia, Partner and Head Forensic services, KPMG in India said.

The report noted that although 37 per cent of respondents feel risk of cyber-attacks comes from an external source, it is imperative that organisations keep a track of any insiders with malicious intent or professional intruders constantly seeking access to sensitive information.

A sector wise analysis shows 58 per cent of respondents perceive financial services sector as more likely to be prone to cybercrime, while 11 per cent feel communications, entertainment and infrastructure sectors are also vulnerable.

In financial sector, phishing attacks of online banking accounts or cloning of ATM / Debit cards are common occurrences. The increasing use of mobiles for online banking & financial transactions has also increased the vulnerabilities to a great extent, the report said.

Organisations could gain improved value and security by adopting a preventive approach to tackle cybercrime related risks, the report said.

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