Large Indian firms lose about $10 million to cyber attacks each year: Microsoft report

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.

Cyber security attacks have also resulted in job losses across different functions in more than three in five (64%) 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 organisations (62%) 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-sised organisations (more than 500 employees). ALSO READ: Cyber attacks becoming more frequent in India

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%) Indian organisations are looking to leverage Artificial Intelligence (AI) to enhance their cyber security strategy. Additionally, more than one in five (22% 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. ALSO READ: India witnessed over 4.36 lakh cyberattacks from Russia, US, others

While 37% see cybersecurity strategy only as a means to safeguard the organisation against cyberattacks rather than a strategic business enabler, a mere 18% seeing cybersecurity as a digital transformation enabler, it added.