Cybercrimes major threat to businesses: KPMG report

Cybercrime has emerged as a major threat for businesses across the country as acknowledged by an overwhelming 89 percent of executives surveyed, a KPMG report here Monday said.

Over the past few years, the global cybercrime landscape has changed dramatically, with criminals employing more sophisticated technology and greater knowledge of cyber security. "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," the report, 'Cybercrime Survey 2014' by KPMG in India stated.

"With rise in the cybercrime, businesses are increasingly facing impacts not only on the financial front but also irreversible damage to their brands and market reputations. As a result of this growing threat, there is a significant need for corporates to recognize cyber threats and craft cyber response plans," Mritunjay Kapur, partner and head of risk consulting practice, KPMG in India said.

The 'Cybercrime Survey 2014' had over 170 top professional participants across India.

Around 58 percent of the survey respondents perceive financial services sector as more likely to be prone to cybercrime while 11 percent feel communications, entertainment and infrastructure sectors are also prone.

In the financial sector, attacks on internet banking and brokerage are common. Phishing attacks of online banking accounts or cloning of ATM or debit cards are also of common occurrences.

The increasing use of mobiles for online banking and financial transactions has also increased the vulnerabilities to a great extent, some of the respondents felt.

"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. Through this survey we have summarized trends surrounding key aspects linked to cybercrime with the objective of providing inputs to businesses in shaping their cyber risk management policies," Sandeep Dhupia, partner and head forensic services, KPMG in India said.