79 percent companies see cybersecurity as one of top five business risks: KPMG

NEW DELHI: Over three-fourths of organisations polled recognise cybersecurity as one of the top five business risks, but despite that most have cybersecurity budgets of less than 10 percent of total planned expenses, a KPMG survey stated today.

"79 percent organisations identified cybersecurity as one of the top five business risks," said KPMG in India's Cybercrime Survey Report 2017.

According to the report, close to 81 percent of the organisations have cybersecurity budgets of less than 10 percent of total planned budgets even though they recognised it as a key business risk.

Of the organisations surveyed, 69 percent were of the view that ransomware is a "significant risk" to them and 43 percent respondents indicated that they have experienced ransomware attacks in the past year.

"The survey report reveals several concerns pertaining to the changing regulatory landscape as almost two-thirds of the law agencies feel that there are not adequate laws to address matters related to cybercrime prevention, detection, and investigation," it noted.

Nearly 40 percent of end users felt that involvement of cross-country jurisdictions acts as a hindrance in lodging a complaint with the cyber cells.

"Not surprising then that a mere 3 percent of the organisations have reported cyber incidents to a local law enforcement agency," it said.

KPMG said more than 300 participants, including chief information officers, chief operating officers, security professionals, top law enforcement officers as well as end users from all over India, were part of the survey.