Over three-fourths of organizations polled recognize cybersecurity as one of the top five business risks, but despite that most have cybersecurity budgets of less than 10 per cent of total planned expenses, a KPMG survey stated today.
"79 per cent organizations 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 per cent of the organizations have cybersecurity budgets of less than 10 per cent of total planned budgets even though they recognized it as a key business risk. Of the organizations surveyed, 69 per cent were of the view that ransomware is a "significant risk" to them and 43 per cent respondents indicated that they have experienced ransomware attacks in the past year. Ten Most Valuable Brands In The World In 2017
"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 per cent 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 per cent of the organizations 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. Apple, Google, Tesla: World's Most Innovative Companies