The AMCHAM Western Region, in collaboration with KPMG India, hosted a CXO’s Breakfast session titled “Navigating Cyber Incidents: Reality, Response and Readiness.” The event featured an expert panel comprising Vishal Salvi, CEO of Quick Heal; Manoj K. Vijai, Managing Partner at KPMG; Chandra Prakash Surwanshi, Partner at KPMG; and Manish Tembhurkar, Associate Partner at KPMG. The session focused on the ever-evolving landscape of cyber threats, the significance of regulatory impacts, reputation management, and the importance of rapid response and preparedness in the face of cyber incidents.

Key Discussion Points

Evolution of Cyber Threats:

○ Cyber threats are continuously evolving, becoming more sophisticated and frequent.

○ Notable incidents in India include cyber-attacks on major corporations and government institutions such as Oil India, a leading payment company, and AIIMS

○ The need for organizations to stay vigilant and adaptable to emerging threats was emphasized.

Impact of Regulations:

○ Various regulatory frameworks mandate timely reporting and management of cyber incidents, including CERT-IN, RBI, SEBI, IRDAI, TRAI, and UIDAI

○ Compliance with these regulations is critical to avoid legal and financial repercussions.

Reputation Preservation:

○ The session highlighted the significant impact of cyber incidents on an organization’s brand value and reputation.

○ Real-world cases were discussed where data breaches led to substantial financial losses and damage to customer trust

Rapid Response and Preparedness:

○ The panellists underscored the importance of having a robust incident response strategy in place.

○ Key elements of an effective cyber response include developing a crisis response plan, improving threat detection accuracy, establishing clear communication procedures, and regularly practicing and stress testing the response actions

Real-World Experiences and Insights:

○ The panellists shared their experiences in dealing with cyber incidents and the lessons learned from these encounters.

○ Insights were provided on the transformation of cyber response strategies and the building blocks of an anti-ransomware strategy.

Survey Insights

Attendees participated in an anonymous survey via Menti, sharing their views on various aspects of cybersecurity.

The survey revealed key challenges such as the high cost of achieving reasonable security, the complexity of cybersecurity issues, and the ever-growing attack surface

Top threats identified included phishing, ransomware, identity theft, and software vulnerabilities.

The ultimate responsibility for cybersecurity incident management was debated, with opinions varying between the board, CEO, CTO/CIO, and CISO

The CXO’s Breakfast session provided a comprehensive overview of the current cybersecurity landscape, offering valuable insights into the reality of cyber threats, the necessity of robust response strategies, and the critical role of preparedness. The collaboration between AMCHAM and KPMG India facilitated a platform for leaders to discuss, learn, and strategize on enhancing their organizations’ cybersecurity posture.