Black Hats Haemorrhaging Indian Firms like Parasites

Microsoft recently confirmed that hackers are draining Indian firms every year on an average of 10 million $. There is a, or we can say a deceleration in the job sector resulting out of the cybersecurity attacks. Microsoft commissions the Frost and Sullivan study which revealed that around 3 out of 5 organizations are prone to cyber attacks.

Microsoft recently held a study a week before that cybersecurity attacks are hollowing the large-sized as well as the medium-sized companies or organizations. The study highlighted that the big organizations are losing around 10million$ and a medium sized company getting drained with a significant sum of 11,000 $ every year. If there is anything that could be seen at fault is the cybersecurity.

Black Hats Haemorrhaging Indian Firms like Parasites
Black Hats Haemorrhaging Indian Firms like Parasites

The traditional IT companies have started vanishing making the grounds clear for the cybersecurity foes to take down the organizations by a storm. Companies become prone to face not only significant financial loss but at the same time are dealing with the crash of their market reputation and are facing the damaging risk of customer satisfaction. The fact has been confirmed by KeshavDhakad, Group Head and Assistant General Counsel, Corporate, External & Legal Affairs (CELA), Microsoft India.

There was a study conducted under the title “ Cybersecurity Threat Landscape in the Asia Pacific: Securing the Modern Enterprise in a Digital World.” The study was a survey that involved around 1500 companies and their IT decision makers. This survey indicated that about 62% of the companies were either experiencing an average cybersecurity incident or were completely unaware of their companies getting cyber attacks due to not performing proper forensics or data assessment.

To know the value of cybercrime, Frost and Sullivan designed an economic loss model which was based on macroeconomic data and insights shared by survey respondents. At the same time, this survey scanned the existing cybersecurity strategies of different organizations in India.

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The study revealed that every 9 in 10 (92%) Indian organizations are now financing Artificial Intelligence (AI) which would supplement their cybersecurity strategy. Furthermore, more than one in five (22 %) of Indian organizations have experienced the boons of using AI to attain faster and more accurate identification of threats. The study further verified that most organizations are having a scarcity of cybersecurity strategy. About 59 % (three in five) respondents said the terror of cyber attacks had inhibited digital transformation projects.

Around 37 %organizations refer cybersecurity strategy, a mode of shielding the organization against cyber attacks rather than a strategic business enhancer.