A survey by consultant agency KPMG shows two-third of law enforcement agencies (LEAs) feel adequate laws are not in place to address concerns on cyber crime — the prevention, detection and investigation.

In the survey, 73 per cent of LEAs say they do not feel adequately equipped to handle cyber issues. Almost 67 per cent felt the laws were not adequate.

KPMG says it polled a little over 300 people — chief information officers, chief operating officers, security professionals, top law enforcement officers and end-users.

Around 79 per cent of organisations identified cyber security as one of the top five business risks. However, 81 per cent have cyber security budgets less than a tenth of total planned budgets.

Of the entities surveyed, 69 per cent said ransomware was a “significant risk” to them; 43 per cent that they experienced such attacks in the past year.

Nearly 40 per cent of end-users say cross-country jurisdictions were a hindrance in registered a complaint with cyber crime cells. “Not surprising, then, that a mere three per cent of organisations have reported cyber incidents to a local LEA,” noted the survey.

However, it adds, with the increased trend of attacks, the top management of organisations are beginning to understand the need for cyber intelligence, cyber resilience, and measures to decrease the impact from cyber attacks.

“Cyber crime has moved from corporate espionage and theft of Intellectual Property to use of advanced technology and malicious software, with the intent of holding companies to ransom and the threat of sabotaging brand reputation with data security breaches,” says Akhilesh Tuteja, partner at KPMG in India.