Banking, Government, Infrastructure Most Targeted By Cybercriminals In 2018-19, Says Cisco
Cisco Systems Inc. signage stands at the company’s headquarters in San Jose, California, U.S. (Photographer: David Paul Morris/Bloomberg)

Banking, Government, Infrastructure Most Targeted By Cybercriminals In 2018-19, Says Cisco

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

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

“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 said cybercriminals are 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,” he said. “Ransomware is used to attack public sector entities, transportation as well as banking and finance verticals.”

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 $5-9.9 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.

Also read: Cybersecurity Tips From a Master of Deception Turned Consultant

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