Cybersecurity is no longer restricted to standard ICT domains and encompasses multiple areas of an organisation: CII-KPMG report

These observations are highlighted in CII-KPMG’s publication titled ‘De-risking India in the new age of technology’.

The paper launched today at the 2nd CII National Risk Summit 2016 - DeRisking India Inc for Global Competitiveness, suggests that cybersecurity has started gaining visibility at the top level and is now an essential part of the boardroom discussion.

Regulators are increasingly holding board members and senior executives of a company accountable for cybersecurity of their company, often with stiff penalties, including but not limited to, heavy fines and legal consequences.

The leadership level, therefore, needs to be aware of the internal and external cyber threats and incidents that can or are affecting their organisations.

The various chapters in the report highlight the potential of adopting stronger policies, implementing stricter controls, regulatory compliances, increasing employee awareness and taking the necessary actions to mitigate risk.

These refer to several challenges that India Inc. may encounter in the near future and proposing different ways in which the risks arising out of the business environment can be suitably managed.

Voicing his opinion on the white paper, Richard Rekhy, Chief Executive Officer, KPMG in India, said: "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. It would also help accentuate the growth with strong processes in place. Managing risks and aligning it with all key stakeholders must be on top of every board’s agenda.”

On the launch of the publication, Mritunjay Kapur, Partner and Head, Risk Consulting, KPMG in India, said, "From drones to smart offices, new age technologies have not only transformed the traditional way of doing business but have also given way to unforeseen risks that can lead to serious consequences, if they go unmanaged. It is imperative to understand the ramifications of such transformational technologies and design appropriate risk management strategies to de-risk our environment. This whitepaper 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.”

Suresh Senapaty, Chairman CII National Risk Summit 2016 said, “In this VUCA environment, proactive enterprise risk management plays a critical role on par with growth and profitability for value maximization. Well-orchestrated Risk Management practices help organizations deliver sustainable results by keeping pace with changes in client behavior, staying ahead of competition, identifying emerging technology trends and business model changes early. While this function has not received enough attention so far, most progressive corporates are beginning to realize the value it offers and recognizes that engagement in this area is of utmost importance."