Today Cyber Threats are no longer confined to a company’s communications and IT domains, just technical controls to prevent online attacks and shield the business from impending risks and breaches, a new report said on Monday.
The joint report of the Confederation of Indian Industry (CII) and KPMG,cyber security states that today grips numerous units of an organisation like human resource, supply chain, administration and infrastructure. Therefore, a governance at the highest levels is required to maintain the functionality of the units.
“It is vital to keep pace with the changing regulatory and technology landscape to safeguard and advance business objectives. Working backwards by identifying and understanding future risks, predicting risks and acting ahead of competition, can make a company more robust,” said Richard Rekhy, chief executive officer, KPMG in India.
At the second CII National Risk Summit 2016 in Mumbai, the paper launched Titled ‘De-risking India in the new age of technology,’ proposed that cyber-security has started earning prominence at the top level and is now a vital part of boardroom discussions.
Cyber Threats : What CII and KPMG Reports Say?
“Well-orchestrated risk management practices help organisations deliver sustainable results by keeping pace with changes in client behavior, staying ahead of competition, identifying emerging technology trends and business model changes early,” added Suresh Senapaty, chairman, CII National Risk Summit 2016.
Board members and senior executives of a company are gradually being held accountable for cyber-security of their company by the Regulators. Along with accountability, comes stiff penalties, heavy fines and legal consequences in cases of ignorance.
Therefore, it’s extremely important for the leadership level to be conscious of the internal and external cyberthreats and of the incidents that can or are affecting their organisations, the report added.
“This white paper is our first step to de-risk India. We explore the challenges that organisations face and then suggest the better risk management practices that can be followed in an accelerated environment of cognitive technologies to harness an organisation’s potential to the fullest to balance the risks and opportunities,” added Mritunjay Kapur, partner and head, Risk Consulting, KPMG in India.
According to the paper, an establishment cannot rely merely on technical controls in order to divert a cyber-incident. It requires an efficient and effective combination of the right people, processes and technology to prevent such incidents from occurring.
“Robotics and cognitive technologies not only support in managing the risks for an organisation, but can help eliminate potential operational risks. The new-age disruptive technologies bring much needed controls within an organisation,” it added.