Cyber attack on large companies operating in the Asia Pacific could fetch $10.7 M loss

0

Large companies which are into manufacturing stream and are operating in the Asia Pacific(APAC) are said be on the verge of being cyber attacked says a survey conducted by Frost & Sullivan which was commissioned by Microsoft. And it is estimated that on an average the economic loss from such attacks could reach $38,000.

The survey also discovered that the manufacturing sector in the APAC region is extremely vulnerable to data breaches impacting the supply chain and eventually the consumers.

All these findings were reported in the study titled “Understanding the Cybersecurity Threat Landscape in APAC” launched in May’18.

The findings are aimed to provide businesses and IT decision makers of the manufacturing sector to be prepared for the on-coming future of the cyber landscape. And will surely help them fill the void in the company’s cybersecurity strategies.

Around 1300 businesses and respondents are reported to have participated in this survey and the study only involved those firms whose headcount was not more than 500 people.

Frost & Sullivan study revealed that only 26% of manufacturing firms are giving priority to consider cybersecurity strategies prior to set off a digital transformation project, while the rest are thinking to consider the security implementation only after the initiation of their digital transformation projects.

As AI plays a crucial role in automating the manufacturing sector to a large extent, it is also predicted to play a vital role in helping the companies mitigate their assets from cyber attacks.

Approximately 67% of companies surveyed say that they have or are considering implementing an AI-based approach to strengthen their cybersecurity skills.

A great move isn’t it…!