Organisations to Incur US$ 5.2 Tn as Extra Cost Due to Cyber-Attacks: Report

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In India, 59 per cent of respondents said they are worried that the internet is getting increasingly becoming unstable from a cybersecurity point of view

Organisations worldwide could incur US$ 5.2 trillion in extra costs and lost revenues over the coming five years due to cyber-attacks, according to a latest report by global management consulting and professional services firm – Accenture.

This is due to the dependency on complex internet-enabled business models will outpace the capability to bring adequate safeguards for protecting critical assets.

The report is based on a survey of over 1,700 CEOs and other C-suite executives across the world including 100 respondents from big enterprises in India.

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In India, 77 per cent of the respondents believe that the development of digital economy will be severely hindered unless there is a dramatic improvement to the internet security. In addition, 59 per cent of respondents said they are worried that the internet is getting increasingly becoming unstable from a cybersecurity point of view and they are not sure how to react.

Simultaneously, nearly 64 per cent of respondents in India believe that to address the cybersecurity challenges, an organised group effort will be needed as no single organisation is able to solve the challenges on its own, the report mentions.

With increasing concerns regarding internet security, 69 per cent of executives said they would welcome imposition of severe business regulations by a central organisation or the governing body.

Complex problem to solve

Commenting on the findings, Anindya Basu, Geographic Unit and Country Senior Managing Director, Accenture in India, said, “Internet security is lagging behind the sophistication of cybercriminals, leading to an erosion of trust in the digital economy. Businesses need to drive industry-wide collaboration to improve governance; fine-tune their own business architecture including internal and external processes, and embrace technologies that enhance digital safety.”

“It’s a complex problem to solve, but inaction is not an option. Lack of trust can weigh heavily on the bottom line,” he added.

The rapidly emerging new technologies is creating additional challenges for the Indian businesses. About 82 per cent respondents acknowledged that they are adopting new and emerging technologies faster than they can address the challenges related to cybersecurity.

Around 68 per cent respondents said that issues related to cybersecurity have escaped their control due to technologies like internet of things (IoT) and industrial IoT.

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