Security & Fraud

Microsoft: India Cos Lose $10.3M From Cyberattacks Annually

A new study has revealed that a large-sized company in India loses an average of $10.3 million each year due to cyberattacks, while a mid-sized firm loses an average of $11,000 annually.

The study, “Understanding the Cybersecurity Threat Landscape in Asia Pacific: Securing the Modern Enterprise in a Digital World,” was conducted by Frost & Sullivan on behalf of Microsoft. It surveyed 1,300 business and IT decision-makers, ranging from mid-sized companies (250 to 499 employees) to large-sized firms (more than 500 employees).

The results found that 62 percent of organizations in India have either experienced a cybersecurity incident or do not know if one has happened because the proper forensics or data breach assessments have not been carried out. Even worse, the potential economic loss across all of Asia-Pacific due to cybersecurity breaches can hit $1.745 trillion — more than 7 percent of the region’s total gross domestic product (GDP) of $24.33 trillion.

In addition, cybersecurity attacks have resulted in job losses in 64 percent of organizations that have experienced breaches.

“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 of corporate, external and legal affairs (CELA) at Microsoft India, according to BGR India.

As for how Indian companies are boosting their security efforts, the study found that 92 percent of organizations are looking to leverage artificial intelligence (AI) to protect themselves from cyberattacks. In addition, 22 percent have seen the benefits of using AI to detect threats faster and more accurately.

“Most organizations lack a cybersecurity strategy, while, for a large majority, cybersecurity was an afterthought. About 59 percent (three in five) respondents said the fear of cyberattacks has hindered digital transformation projects,” the study noted.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.