cybersecurity: Globally companies can lose upto $5 trillion on cyberattacks: Report, Technology News, ETtech


Globally companies can lose upto $5 trillion on cyberattacks: Report Cyberattacks can cost companies globally upto $5.2 trillion along with revenue over the next five years, according to a report from Accenture. The threats are expected to range from business operations, innovation and growth, and the expansion into new products and services.

Based on a survey of more than 1,700 CEOs and other C-suite executives across 13 countries including large enterprises in India, the report found that the high-tech industry faces the highest risk, with more than $753 billion hanging in the balance, followed by the life sciences and automotive industries, with $642 billion and $505 billion at risk, respectively.

“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,” said Anindya Basu, Geographic Unit and Country Senior Managing Director, Accenture in India.

77 percent Indian respondents believe that digital economy will be severely hindered until internet security improves. 59% respondents are concerned that the internet is getting increasingly unstable from a cybersecurity standpoint and they are unsure how to react.

At the same time, 64 percent of Indian respondents believe that addressing cybersecurity challenges will require an organized group effort, as no single organization can solve the challenge on its own. With heightened concerns about internet security, seven out of 10 (69 percent) of executives would also welcome stricter business regulations imposed by a central organization or governing body.

82 percent of Indian respondents admit that their organization is adopting new and emerging technologies faster than they can address related cybersecurity issues. Further, 81 percent said protecting their companies from weaknesses in third parties is increasingly difficult. 70 percent of respondents believe that consumers can’t trust the safety of their online identities when their personal data is already available without restrictions.

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