A growing dependency on data and digitization efforts have increased the risks of cyberattacks in India, says the report 14 Shades of Risk In Asia-Pacific: Evolving Risk Concerns in Asia-Pacific by Marsh & McLennan Companies’ Asia-Pacific Risk Center.
According to a Symantec security survey, India ranked second after the United States in the list of countries with the highest number of reported targeted cyberattacks between 2015 and 2017. Cyber risks can have wide-ranging implications in terms of threats to infrastructure and the financial economy. It is estimated that more than 50 percent of the reported cyberattacks in India caused upwards of USD 500,000 in financial damages resulting from lost revenue, customers and opportunities, as well as out-of-pocket costs.
(1) In response to the ever-growing threats, senior figures in India are calling for enhancements to the country’s capabilities in terms of conducting regular threat assessments and increasing the country’s ability to respond effectively. (2) Many corporations as well as governmental organizations are starting to employ a complex mix of products to protect against cyber risks.
1. Cybersecurity: Indian companies lost $500,000 to cyberattacks in 1.5 years: CISCO. The Economic Times (2018)
2. Sandhu, K. K. India vulnerable to cyberattacks but doesn’t have capacity to deal with it: Home Secretary. India Today (2018)