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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

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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).

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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)

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India can Lead in Setting Standards for Ethical use of AI: Microsoft Executive

Microsoft on Friday announced a partnership with the Indian School of Business (ISB) to equip business leaders with tools and strategies to make their organisations AI-driven

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FILE - A sign for Microsoft is seen on a building in Cambridge, Massachusetts, March 18, 2017. VOA

By Gokul Bhagabati

With the government focusing on the use of Artificial Intelligence (AI) and Machine Learning (ML) as people are increasingly adopting digital technologies, India can lead in setting standards for ethical use of AI, a top Microsoft executive said on Friday.

“The real application of AI needs to be to empower human ingenuity and to accelerate innovation for all kinds of work and thinking,” Anant Maheshwari, President, Microsoft India, told IANS.

In an earlier interview with IANS on the eve of 73rd Independence Day, Prime Minister Narendra Modi said that the government is trying to leverage technology like AI and ML to improve school education.

Finance Minister Nirmala Sitharaman in her maiden Budget speech in July announced that the government will lay focus on new-age skills like AI, Internet of Things, Big Data, 3D Printing, Virtual Reality and Robotics.

“About 91 per cent of organisations today plan to leverage AI within the next three years to drive their businesses and the biggest issue they point out for not using it right now is lack of skills,” Maheshwari said.

Artificial Intelligence Bot
Artificial Intelligence Bot. Pixabay

“India is among the top three geographies globally in terms of the supply of skills for AI and that bodes very well for India to lead and contribute significantly in the world of AI,” Maheshwari added.

“We can very much create use cases and the standards for ethical use of AI. I am quite optimistic on the role India will play in the emergence of AI and the principles of AI,” he noted.

Also Read: Smartphones Do Not Damage Mental Health Of Adolescents

Microsoft on Friday announced a partnership with the Indian School of Business (ISB) to equip business leaders with tools and strategies to make their organisations AI-driven.

“The initiative we are launching today between ISB and Microsoft really addresses not only the issue of creating right awareness around the skill set needed to drive the AI strategies, but also provide the tool sets to create the AI strategies, to create the discussion around what culture is needed inside an organisation to drive AI and also have the awareness of the ethics and principles around it,” Maheshwari emphasised. (IANS)