Cyber-Attacks Costing Large Indian Firms Over $10 Million in Losses Each Year

Cyber-Attacks Costing Large Indian Firms Over $10 Million in Losses Each Year: Microsoft

A large-sized enterprise in India loses an average of $10.3 million (roughly Rs. 72 crores) owing to cyber-attacks and a mid-sized organisation an average of $11,000 (roughly Rs. 7.75 lakhs) annually, a Microsoft-led study said on Wednesday.

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

“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.

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-sised organizations (more than 500 employees).

To calculate the cost of cybercrime, Frost & Sullivan created an economic-loss model based on macro-economic data and insights shared by the survey respondents.

The study also examined the current cyber-security 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 cyber-security 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 cyber-security was an afterthought. About 59 percent (three in five) respondents said the fear of cyber-attacks has hindered digital transformation projects,” the study noted.

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, it added.

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