Malware constitutes the biggest share of cyber attacks faced by organisations, with 73 per cent of organisations indicating it as a menace, according to KPMG Cybercrime Survey 2017. Ransomware stood as the second largest source of cyber attacks with 43 per cent of organisations indicating that they have experienced ransomware attacks in the last year.
Modern malwares are programmed to attack a specific vulnerability in the systems of target companies which helps attackers spread malware and cause disruption in operation.
The survey had participation from CIOs, security professionals, law enforcement agencies and end users all over India. Almost two-third of the law agencies feel that there are not adequate laws to address matters related to cybercrime prevention, detection, and investigation. They are also in favour of increasing the number of cybercrime cells in the country as well as creating a central reporting mechanism that will enable an effective response to cyber crime.
About 79 per cent of organisations indicated that cyber security was among top five business risks. With the attack pattern becoming more directed, the impact due to incidents have made alarming damages spanning financial losses. Surprisingly, only 3 per cent of the organisations have reported a cyber crime incident to law enforcement agency.
Law enforcement agencies have observed ATM card theft as the most widely reported cyber crime followed by phishing and data theft. They also feel that only 30 per cent officers are skilled and experienced to deal with the crime.
According to the survey, 32 per cent organisations indicated that adoption of emerging technology like cloud, blockchain, mobility and digital enablement are exposing organisations to newer cyber risks. 27 per cent organisations attribute the incidents to lack of security culture.
"With an increased trend of attacks, the top management of organisations are now beginning to understand the need for cyber intelligence, cyber resilience, and measures to decrease the impact from cyber-attacks,” says the report.