BFSI sector is a top target for cybercrime

As per the KPMG Cybercrime survey report 2015, 72 per cent of the Indian companies faced cyber attack in 2015. About 94 per cent respondents indicated that cybercrime is a major threat faced by organisations, but surprisingly only 41 per cent indicated that it forms part of the board agenda.

Further, 74 per cent respondents believe that the BFSI sector is a top target for cybercrime with 63 per cent indicating these crimes more often than not amount to gross financial loss. Moreover, 83 per cent respondents indicated that there is usually external involvement in cyber attacks with directors-management management being most vulnerable according to 64 per cent.
 

It was also alarming to note that 54 per cent indicated that spend on cyber defences is less than five per cent of IT spend. Atul Gupta partner at KPMG in India, says, "People and vendors are one of the many critical yet one of the weakest links in the cyber defence chain. Investigations of large cybercrimes reveal that social engineering has predominantly been one of the preferred methods to extract critical information. It is vital for CXOs to ensure that cyber risk awareness trainings are periodically imparted to employees and vendors."