Banking, govt, critical infrastructure most targeted by cybercriminals in 2018-19: Cisco

Banking and finance, government and critical infrastructure were among the most targeted sectors in India by cybercriminals in 2018-19, according to tech major Cisco. 

Also, about 26 percent of these overall attacks cost organisations in the country upwards of $5 million each.

"The hackers are persistent, and their campaigns are very targeted. We have found that sectors like banking and finance (20.1 percent), government (19.6 percent) and critical infrastructure (15.1 percent) were among those that continue to face the highest threat of cyberattacks," Cisco India and SAARC Director (Security Business) Vishak Raman told PTI.

He added that cybercriminals are also increasingly targeting sectors like defence (15.1 percent), IT, telecom and healthcare. 

"They are using a host of mechanisms like point of sale attacks to target sectors like retail, hospitality, entertainment and e-commerce. Ransomware are used to attack public sector entities, transportation as well as banking and finance verticals," he said.

Raman cited an Asia-Pacific Security Capabilities Benchmark Study conducted by Cisco that found 21 percent respondents saying cost of breach for them was between $5 million-$9.9 million, while another 5 percent said it was more than $10 million for them.

The cost of breach included loss of revenue, customers, and other costs related to the event. About 27 percent said the cost of less than $100,000 -- an indication that while the amount involved may be small but the volume of such attacks is growing.

"Companies are now spending on not just protection but also increasingly on proactive threat hunting, more forensics," he said.

A joint study last year by cybersecurity software giant McAfee and the Center for Strategic and International Studies (CSIS) reveals that cybercrime takes a $600 billion toll on the global economy. The report titled 'Economic Impact of Cybercrime – No Slowing Down' states cyber attacks cost 0.8 percent of the global GDP.

(Edited by Evelyn Ratnakumar)

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