Chennai: Expanding horizons of internet banking and online trading have also increased the risk of cybercrime attack on the financial sector of the country. Cyber attacks, with a deliberate intention to siphon off money is the key threat perceived by most Indian corporate bigwigs and yet the focus and spend on cyber security continues to get a step-motherly treatment.
India has increasingly been a target of complex cyber-attacks and as cyber criminals continue to develop and advance their techniques, they are also shifting their targets focussing less on theft of financial information and more on business espionage and accessing government information, said a ‘Cybercrime Survey 2014’ by KPMG.
While over 89 per cent of CIOs and CISOs acknowledging the overwhelming threat from cyber crime, about 51 per cent of them perceive themselves as an easy target due to the nature of their business.
“With rise in cybercrime, businesses are increasingly facing impacts not only on the financial front but also irreversible damage to their brands and market reputations,” warned Mritunjay Kapur, partner and head of risk consulting practice, KPMG in India.