Cyberattacks add to cost of companies already reeling under covid-19

NEW DELHI: At a time when revenues have dried up, Indian companies are seeing a significant rise in their expenditure owing to a massive wave of cyberattack as most of their employees work from home amid the covid-19 lockdown.

Many companies had witnessed a 100% increase in attacks between 17 and 20 March, PWC said in its an April report.

A case in point is the ransomware attack on IT major Cognizant last month which is expected to impact its revenue by $50-70 million for the second quarter, the company said in an earnings call last week. Cognizant has a large offshore presence in India.