Industry

‘Cyberattacks surge as COVID spurs digital push’

Hand coming out of computer and taking money

Hand coming out of computer and taking money

The accelerating pace of digitalisation, fuelled by the COVID-19 pandemic, has led to a record-breaking year for cybercrime with ransomware attacks rising 151% in 2021, and an average of 270 cyberattacks per organisation being faced, a new study showed on Tuesday.

The World Economic Forum’s ‘Global Cybersecurity Outlook 2022’, released during its online Davos Agenda summit, further showed that each successful cyber breach cost a company $3.6 million (almost ₹27 crore) last year, while the average share price of the hacked company underperformed the NASDAQ index by close to 3% even six months after the event in case of the breach becoming public.

The WEF said the global digital economy had surged on the back of the COVID-19 pandemic, but so had cybercrime.

There is also a perception gap between business executives who think their firms are secure and security leaders who disagree. Some 92% of executives surveyed agreed cyberresilience was integrated into risk-management strategies, but only 55% of cyber leaders agreed.


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Printable version | May 29, 2022 3:16:26 pm | https://www.thehindu.com/business/Industry/cyberattacks-surge-as-covid-spurs-digital-push/article38289127.ece