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Report: Indian firms lose an average $10.3 million to cyber-attacks

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According to a Microsoft-led study that was published on Wednesday, a large-sized enterprise in India loses an average of $10.3 million owing to cyber-attacks and a mid-sized organisation an average of $11,000 annually.

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The Frost and Sullivan study commissioned by Microsoft further revealed that cybersecurity attacks have also resulted in job losses across different functions in more than three in five (64 percent) organisations that have experienced cyber-attacks.

“With traditional IT boundaries disappearing, the adversaries now have many new targets to attack. Companies face the risk of significant financial loss, damage to customer satisfaction and market reputation-as is evident from high-profile breaches this year,” said Keshav Dhakad, Group Head and Assistant General Counsel, Corporate, External & Legal Affairs (CELA), Microsoft India.

Notably, the study, titled “Understanding the Cybersecurity Threat Landscape in Asia Pacific: Securing the Modern Enterprise in a Digital World” involved a survey of 1,300 business and IT decision makers.

“More than three in five organizations (62 percent) surveyed in India have either experienced a cybersecurity incident (30 percent) or are not sure if they had one as they have not performed proper forensics or data breach assessment (32 percent),” the findings showed.

The survey ranged from mid-sized organisations (250 to 499 employees) to large-sized organizations (more than 500 employees). To calculate the cost of cybercrime, Frost and Sullivan created an economic-loss model based on macroeconomic data and insights shared by the survey respondents.

The study also examined the current cybersecurity strategy of organisations in India. It found that nine in 10 (92 percent) Indian organisations are looking to leverage Artificial Intelligence (AI) to enhance their cybersecurity strategy.

Additionally, more than one in five (22 percent) of Indian organisations have witnessed benefits of using AI to achieve faster and more accurate detection of threats.

“Most organisations lack a cybersecurity strategy, while for a large majority cybersecurity was an afterthought. About 59 percent (three in five) respondents said the fear of cyber-attacks has hindered digital transformation projects,” the study revealed.

While 37 percent see cybersecurity strategy only as a means to safeguard the organisation against cyber-attacks rather than a strategic business enabler, a mere 18 percent seeing cybersecurity as a digital transformation enabler, the study concluded.

Also Read: Nearly 50% of ATMs may shut down by March 2019, says reports

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