Cyberattacks to cost firms $5.2 trillion in next 5 years: Accenture

A new report from Accenture says that companies globally could incur $5.2 trillion in additional costs and lose revenue over the next five years due to cyberattacks, as dependency on complex internet-enabled business models outpaces the ability to introduce adequate safeguards that protect critical assets. The high-tech industry faces the highest risk with more than $753 billion hanging in the balance, followed by the life sciences and automotive industries with $642 billion and $505 billion at risk, respectively.

Accenture Research surveyed 1,711 C-level executives across 13 countries including India, the UK and the US. The average cost of cybercrime was calculated as a percentage of revenue for each industry, including the cost of facing a large cyberattack from analysis of 460 major incidents. The cost of cybercrime includes both the cost organisations incur when responding to cybercrime incidents as well as revenue losses.

Based on a survey of more than 100 respondents from large enterprises in India, the report explores the complexities of the internet-related challenges facing business and outlines imperatives for the CEO’s evolving role in technology, business architecture and governance.