72 percent of companies in India suffered a cyberattack in 2014

According to a report released by KPMG indicated, 72% of Indian companies have faced some sort of a cyber-attack in 2014.

According to the report, 74% people said that the banking, financial services and insurance sector is the top target for cyberattacks and that in 63% of such cases lead to gross financial losses.

The report points out that 65% believed that cybercriminals carry out attacks for financial gains while 46% stated corporate espionage to be the motive. The survey also highlighted that there is usually external involvement in cyber-attacks with directors/management being most vulnerable. Close to 54% people revealed that companies spend less than 5% on cyber defenses.

Cybercrime can have far reaching damages ranging from financial, reputation, operational and in certain scenarios, also impact the physical safety of employees and assets. While 47% cited the risk of disruption of business processes, 49% said the attacks create a reputational damage to the organisation. E-mail servers are likely targets of cyber-attacks, according to 65%, while 46% believe end user systems to be the potential targets.