Cyberattacks cost large Indian firms an average of $10 mn in losses: Study

Cybersecurity threats can cost large organisations in India an average of $10.3 million in economic losses, revealed a latest Frost and Sullivan study commissioned by Microsoft.

Cybersecurity attacks have led to job losses in more than three in five (64 per cent) organisations over the last year, and nine in ten (92 per cent) Indian companies surveyed are looking to leverage Artificial Intelligence to enhance their cybersecurity strategy, it added.

The study also found that cybersecurity concerns lead to delay in digital transformation plans.

"...a large-sized organization in India incurs an average of $10.3 million of economic loss from cyberattacks whereas a mid-sized organisation incurs an average of $11,000.

"Cybersecurity attacks have also resulted in job losses across different functions in more than three in five (64 per cent) organisations that have experienced an incident during the survey period," said the study, titled 'Understanding the Cybersecurity Threat Landscape in Asia Pacific'.

The study entailed a survey of 1,300 business and IT decision makers ranging from mid-sized organisations (having 250 to 499 employees) to large-sized firms (with over than 500 employees).

It found that more than three in five organisations (62 per cent) polled in India have either experienced a cybersecurity incident or are unsure if they had one in absence of proper forensics or data breach assessment.