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. "While we anticipate that the revenue impact related to this issue will be largely resolved by the middle of the quarter, we do anticipate the revenue and