According to EY's Fraud Investigation and Dispute Services report, 89 per cent of respondents impressed upon the need to bolster cyber laws - 55 per cent for strengthening and 34 per cent for more clarity.
"Corporate India's exposure to cyber crime risks has magnified significantly over the last few years, with attacks becoming exceedingly complex, targeted and globalised," said Arpinder Singh, Partner and National Leader, Fraud Investigation and Dispute Services, EY India.
The report said a mobile workforce, increased sharing of personal and professional information on social media, and gaps in protecting this information could evolve as a significant cyber hazard.
Less than half of the respondents surveyed are planning to increase cyber security spends, indicating that incident response is still not on the priority list.
Organisations need to understand that the quantum of losses suffered because of a cyber breach will continue to escalate in future, and there is a heightened need to make investments in building robust cyber diagnostic programmes, provide remediation approach, cyber threat intelligence and incident response.