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Cyber attacks cost India $10.4 million: report

Average economic cost of cyber attacks stand at $10.4 million for organisations across India including direct cost, indirect causes like jobs losses and macroeconomic factors, says a report.

In India, while the direct cost only accounts for about $0.9 million, indirect loss such as job losses and loss of reputation comes to about $3.1 million. Macroeconomic impact such as reduced customer and enterprise spending comes to about $6.3 million.

The study, ‘Understanding the Cyber security threat landscape in Asia Pacific: securing modern enterprise in the digital world’ by Microsoft and Frost and Sullivan reveals for mid-sized organisations it could account for about $11,000.

The study was based on a survey of 1,300 business and IT decision makers from mid-sized and large organisations across 13 Asia Pacific countries.

While manufacturing accounts for about 18 per cent of the total cyber attacks, financial services account for about 12 per cent and government account for about 11 per cent. Close to 62 per cent of the organisations witnessed incidents of cyber attacks in India. Only 38 per cent of the companies have done regular forensic or data breach assessment to ensure that there is no security threat in the country.

With companies moving digital, cyber security has become a boardroom conversation across most organisations. But the report reveals that cyber security figures only at the later stage of the digital transformation project rather than the beginning. Close to 20 per cent of the companies consider cyber security at the beginning of the project compared to over 40 per cent at the latter stages of the project.

In addition companies are often bogged down by the sheer number of products and services available in the market. The volumes of security control available rather than increasing the security had the opposite impact, the report revealed. The report revealed that organisations with more than 50 security solutions encountered more incidents than ones with less.

The solution the report says lie in integrating cybersecurity with the product and looking at it as an enabler for digital transformation process. Organisations should also leverage AI and automation in cyber security to achieve faster and accurate detection of threats.

Source: The Hindu