Indian Firms Wake Up To Cyber Security Dangers But Most Still Unwilling To Invest

Indian Firms Wake Up To Cyber Security Dangers But Most Still Unwilling To Invest

Technology

More than 75% of organizations polled recognize cyber security as one of the leading 5 risks in the business. But in spite of that most have those companies have budgets for cyber security that is less than 10% of total projected expenses. This data was received to the media from a KPMG study this week.

Indian Firms Wake Up To Cyber Security Dangers But Most Still Unwilling To Invest

“Almost 79% organizations recognized cyber security as one of the leading 5 risks in the business,” claimed KPMG in its report titles India’s Cybercrime Survey Report 2017. As per the report, almost 81% of the organizations have budgets for cyber security that is less than 10% of total projected budgets even though they identified it as a main risk for business. Out of the organizations studied, 69% were of the opinion that ransomware is a noteworthy risk to them and 43% of the companies represented that they have undergone ransomware assaults in the last year.

“The study report unveils various dilemmas related to the altering regulatory landscape as up to 67% of the law organizations feel that there are not sufficient regulations to address issued associated to cybercrime detection, prevention, as well as investigation,” the report claimed. This data was also backed by some of the industry sources. The data was offered by the sources on the sole condition of being unnamed.

Almost 40% of end consumers felt that participation of cross-country jurisdictions plays a role of an obstruction when lodging a grievance with the cyber cells. “Not astonishing then that only a 3% of the organizations have posted cyber cases to a domestic law enforcement organization,” it claimed. KPMG claimed that more than 300 candidates, comprising chief operating officers, chief information officers, top law enforcement officers, security professionals, as well as end consumers from all over the country, were fraction of the study conducted this week.

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