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Cyberattacks Cost Indian Firms $10.3 mn On An Average: Study

By Lawstreet News Network      Dec 06, 2018      0 Comments      247 Views

Cyberattacks on large-sized organisation in India incurs an average of $10.3 million in economic losses, revealed Frost and Sullivan study commissioned by Microsoft.

Whereas cyberattacks on mid-sized organization incurs an average of $11,000 in economic losses, the study revealed.

Moreover, cybersecurity attacks have also resulted in job losses across different functions in more than three in five (64%) organisations that have experienced an incident during the survey period.

The study ‘Understanding the Cybersecurity Threat Landscape in Asia Pacific: Securing the Modern Enterprise in a Digital World’ surveyed 1,300 business and IT decision makers ranging from mid-sized organisations (250 to 499 employees) to large-sized organisations (more than 500 employees) from 13 markets, including India.

During the study, it was found that more than three in five organisations (62%) surveyed in India have either experienced a cybersecurity incident (30%) or were not sure if they had one as they had not performed proper forensics or data breach assessment (32%).

Keshav Dhakad, group head and assistant general counsel, Corporate, External & Legal Affairs at Microsoft India said, “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.”

The nation has experienced a swift growth in cyberattacks after Prime Minister Narendra Modi’s demonetization drive to make India a cashless economy. This has led data-rich companies and startups in India to closely review their security protocols, scrutinize potential cyber threats and deploy methods that can mitigate risk.

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