Home >technology >tech-news >2019 could be a tough year for Indian firms as cybercriminals turn to emerging technologies

New Delhi: Cyberattacks are hurting enterprises across the world. Large companies in India on an average lose $10.3 million, while a mid-sized enterprise incurs losses of $11,000 to cyberattacks, according to a Frost and Sullivan study commissioned by Microsoft, on December 2018. The recently published Quarterly Threat Report by Seqrite, the enterprise arm of cybersecurity firm Quick Heal Technologies, claims that Indian enterprises faced more than 26 million threats in the third quarter of 2018 alone.

While ransomware, potentially unwanted applications, adwares, and malwares, were the most popular vectors used by cybercriminals, the cases of cryptojacking are growing fast with more than 24,000 attacks every day. The report further draws attention to the fact that certain sectors such as IT/ITES face bigger risks with 40% of three attacks in the third quarter targeting them. Companies in manufacturing, hospitality and education also face higher risk.

The road ahead

Cybersecurity experts believe 2019 will be a tough year for enterprises as cybercriminals will up their game and come up with more sophisticated attacks. Experts at security firm Trend Micro point out that attackers will be turning to emerging technologies, such as artificial intelligence, to anticipate the movements of CEOs, or C-level employees reporting to them, so that they could be targeted with more convincing phishing messages. According to cloud-based email management company Mimecast Ltd’ last quarterly report, BEC (business email compromise) attacks against enterprises have increased by 80% worldwide.

With more firms moving their businesses on cloud, the attacks in cloud infrastructure such as containers is likely to snowball. Weak cloud security measures will result in exploitation of accounts for cryptojacking, warns Trend Micro. Experts feel spending on cybersecurity will be key, but companies also need to focus on educating employees so that they are better prepared against future cyberattacks.

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