Financial Services More Prone To Cybercrime: KPMG

Cybercrime has emerged as a major threat with 58 percent of a KPMG survey respondents perceiving financial services sector as more likely to be prone to cybercrime. About 51 percent perceive themselves to be an easy target for cyber-attacks due to the nature of their business and about 68 percent of the respondents indicated that they assigned less than 20 percent of their IT security budget for preventing cybercrime.
 
Over the past few years, the global cybercrime landscape has changed dramatically, with criminals employing more sophisticated technology and greater knowledge of cyber security says ‘Cybercrime Survey 2014’ released Monday.
 
According to a statement cybercrime continues to remain a tough challenge for organisations. “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. KPMG has released the cybercrime survey report, with a view of providing insights to senior level management/board of Directors and guidance to policy makers on various aspects of managing cybercrime,” said Mritunjay Kapur, Partner and Head of Risk Consulting practice, KPMG in India.
 
The Cybercrime Survey 2014 had over 170 participants from the likes of CIOs, CISOs and related professionals from across India. Cybercrime has emerged as a major threat as acknowledged by an overwhelming 89 percent of the survey respondents.
 
Distinctly, about 51 percent perceive themselves to be an easy target for cyber-attacks due to the nature of their business. Out of these 51 percent, about 68 percent respondents claim that they monitor their cybercrime threats on a daily basis. Although 37 percent of the respondents feel risk of cyber-attacks comes from an external source, it is imperative that organisations keep a track of insiders with malicious intent or professional intruders constantly seeking access to sensitive information.
 
The survey also highlights key sectors prone to cyber-attacks. A staggering 58 percent of the survey respondents perceive financial services sector as more likely to be prone to cybercrime. Whereas 11 percent feel communications, entertainment and infrastructure sectors are prone too. In financial sector the value to the attacker would be internet banking and brokerage. Phishing attacks of online banking accounts or cloning of ATM / Debit cards are common occurrences. The increasing use of mobiles for online banking & financial transactions has also increased the vulnerabilities to a great extent.
 
According to the survey, the root cause of most cyber-attacks is monetary gain and attacks have gradually evolved into cybercrime syndicates siphoning off money through illegal cyber channels. Cyber-attackers can be classified based on various aspects such as their qualifications, skill levels, age group and motivations.
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Courtesy: Economic Times
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