Tuesday February 19, 2019
Home Lead Story Indian Firms ...

Indian Firms Losing $10 mn Every Year Because of Cyber Attacks: Microsoft Study

Additionally, more than one in five (22 per cent) of Indian organisations have witnessed benefits of using AI to achieve faster and more accurate detection of threats

0
//
Microsoft,
Microsoft currently has 54 Azure Cloud regions -- more than AWS and Google combined.

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 per cent) 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 organizations (62 per cent) 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-sized organizations (more than 500 employees).

Microsoft
Hackers bleeding large Indian firms by $10 mn on average each year: Microsoft. (Wikimedia commons)

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 per cent) Indian organisations are looking to leverage Artificial Intelligence (AI) to enhance their cyber security strategy.

Additionally, more than one in five (22 per cent) of Indian organisations have witnessed benefits of using AI to achieve faster and more accurate detection of threats.

Also Read- Employees at Facebook Looking For Better Opportunities in Future

“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.

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

Next Story

AI Helping Differently-abled to Become More Independent: Microsoft

The showcase will feature technology-based projects from non-profit organisations, assistive technologies developed by leading technology companies, Microsoft partners as well as Microsoft solutions, the company added

0
Microsoft, Taiwan AI
A man walks past a Microsoft sign set up for the Microsoft BUILD conference at Moscone Center in San Francisco, April 28, 2015. VOA

Cloud and Artificial Intelligence (AI) solutions are empowering differently-abled people with tools that support independence and productivity, a top Microsoft executive said here on Friday.

The software giant last year launched its five-year, $25 million “AI for Accessibility” programme that harnesses the power of AI to amplify human capability for the more than one billion people around the world with a disability.

“At Microsoft, we believe there are no limits to what people can achieve when technology reflects the diversity of everyone who uses it,” Sriram Rajamani, Managing Director, Microsoft Research India, said on the inaugural day of the two-day “Accessibility Summit – Empowering for Inclusion” here.

Real time speech-to-text transcription, computer vision capabilities and predictive text functionality are just a few examples of how AI is useful to people with disabilities.

Microsoft
Logo of Microsoft outside it’s office. Pixabay

Inaugurating the summit, Shakuntala Doley Gamlin, Secretary, Department of Empowerment of Persons with Disabilities at the Social Justice and Empowerment Ministry, said that a strong public-private partnership can go a long way in empowering the differently-abled with equal access and opportunity.

Microsoft hosted the summit in collaboration with the National Association of the Deaf and National Centre for Promotion of Employment of Disabled People (NCPEPD), a non-profit organisation.

Also Read- Hacker Who Stole Over 600 mn Account Details Strikes Again

The two-day conference will also combine a rich mix of master classes and access to Microsoft’s “AI for Accessibility” resources for the developer community with a showcase of inclusive technology, Microsoft said.

The showcase will feature technology-based projects from non-profit organisations, assistive technologies developed by leading technology companies, Microsoft partners as well as Microsoft solutions, the company added. (IANS)