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, a Microsoft-led study said on Wednesday.
Cybersecurity attacks have also resulted in job losses across different functions in more than three in five (64 per cent) 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 per cent) surveyed in India have either experienced a cybersecurity incident (30 per cent) or are not sure if they had one as they have not performed proper forensics or data breach assessment (32 per cent),” 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 & 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 per cent) Indian organisations are looking to leverage Artificial Intelligence (AI) to enhance their cybersecurity strategy.
Additionally, more than one in five (22 per cent) 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 per cent (three in five) respondents said the fear of cyber attacks has hindered digital transformation projects,” the study noted.
While 37 per cent see cybersecurity strategy only as a means to safeguard the organisation against cyber attacks rather than a strategic business enabler, a mere 18 per cent see cybersecurity as a digital transformation enabler, it added.