Microsoft: Indian Large Firms Loses Rs 72 Crores Each Year Due To Cyber-Attacks

Wednesday, as reported in a study led by Microsoft, cyber-attacks have caused many losses to India, regarding finance and jobs. The research conducted a survey among 1,300 companies and IT decision makers.

Accordingly, every year, an Indian large-scaled firm suffers from an average loss of $10.3 million (about Rs 72 crores), and a middle-scaled company loses $11,000 (about Rs 75 lakhs) on average due to cyber-attacks.

Besides, there are 64 percent of organizations across different industries have witnessed job losses in India, which is attributed to cyber-attacks.

Group Head and Assistant General Counsel Keshav Dhakad at CELA, Microsoft India, said that the advancements in the IT field have brought new targets to adversaries to attack. Just like in the previous breaches happening to high-profile companies, companies in India also face the risk of considerable losses in finance, customer satisfaction as well as market reputation.

According to the findings, of the Indian entities surveyed in this study, 30 percent have undergone an incident related to online security while 32 percent cannot tell precisely if they have suffered one because they haven’t done any proper tests on that.

The survey covered organizations from large scale with over 500 employees to middle size with 250 to 499 employees.

Using macroeconomic data as well as insights collected from the survey respondents, Frost & Sullivan generated an economic-loss model to calculate how much the damages caused by cyber-attacks.

Also, the study looked into how Indian organizations are planning to maintain their cybersecurity. The result is that 92 percent of all surveyed entities are considering using AI for improving cybersecurity. Notably, 22 percent have already seen AI’s competitive advantages in threat detection like speed and accuracy.

Since most organizations did not pay much attention to cybersecurity, many of them don’t have a strategy for cybersecurity. An approximately 59 percent of survey participants shared that the worries over cyber-attacks have prevented digital transformation projects.

Additionally, the study found that 37 percent did not consider cybersecurity strategy a business enabler, just for safeguarding entities against cyber-attacks only, while 18 percent think of cybersecurity as an enabler for digital transformation.