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Indian firms lost $500,000 to cyber attacks in past 18 months

Cyber attacks in the country caused financial damages of about USD 500,000 to Indian companies in the past 12-18 months. The security is getting more complex and scope of breaches is expanding.

According to a CISCO survey, the annual report 2018 says that more than half of all the cyber attacks resulted in financial damages of about USD 500,000 of Indian companies and rest of those results in lost revenue, customers, opportunities, and out-of-pocket costs.

“Defenders are implementing a complex mix of products from a cross-section of vendors to protect against breaches. This complexity and growth in breaches have many downstream effects on organizations ability to defend against attacks, such as increased risk of losses,” the survey report said.

 

 

The supply chain attacks are increasing rapidly so there is a need for cybersecurity awareness in the organizations. The report also says that that encrypted web traffic rose to 50% as of October 2017.

The survey was carried out around 200 organizations across the country including financial services, manufacturing, and government. The government bodies include defense, telecommunication, retail, healthcare, pharmaceuticals, and education.

 

OUTCOME OF THE SURVEY:

  1. The 30 % of the security professionals used products from 25 to 50 vendors whereas 54% of breaches affected more than half of these systems in 2017.
  2. The 67 percent of the security professionals said that the behavioral analytic tools are working better than traditional network analysis in locating the malicious actors in networks.
  3. The 50 per cent of organizations in India are dependable on automation. The 53 per cent are dependable on machine learning and 51 percent are highly dependable on artificial intelligence.

 

(Vishak Raman, Senior Regional Director, India & SAARC)

“In today’s  world, where data is everywhere, defenders need to relook at cyber security from the strategic point of view. It is important that security adopts new tools like Artificial Intelligence, Machine learning and incorporate best strategies to mitigate risks,” Vishak Raman, Senior Regional Director, India & SAARC said.
 

CYBER ATTACKS REPORT GUIDELINES:

  1. The cyber attacks can impact computers on an enormous scale and can carry on for months or even years. There were two such attacks took place in India in 2017. They were named as Nyetya and Ccleaner which infected users by attacking trusted software.
  2. To reduce the supply chain attacks the defenders should reassessment the ability testing of the third party of security technologies.
  3. Defenders should be aware of the potential risk of using software or hardware. They should be aware of  that their system do not appear to have a responsible security posture.

 

A good security awareness program should be provided to educate the employees about the corporate policies and procedures for working with information technology. And the regular training is essential for the employees in these organizations to secure their personal data.

Every organization should have their own cyber security expert and there are many sources out there to learn ethical hacking which is must now days to secure their confidential data. For proper training of the students as per their career perspective, they must join an ethical hacking course from a training center. There is some more information about ethical hacking, to read more click here.

 

 

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