Since the start of the pandemic, India has been one of the most vulnerable countries to cyberattacks, with 68% of companies in the country experiencing some form of attack on their data.
Posted Date – Tue, 12/27/22 at 11:24am
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New Delhi: As companies become agile and expand hybrid work, prompting a revamp of their data security systems, the security risks to enterprises skyrocket.
Over the next few years, technological advancements will result in a significant increase in IT investments for businesses across all industries. Spending on digital transformation technologies is estimated to reach $1.8 trillion by 2022. If rapid growth brings new opportunities, doing business in a connected world also adds an element of risk. Cybercriminals are using new and advanced methods to cause considerable damage to the reputation of organizations, which can result in huge financial losses. For businesses, taking the right precautions and investing in security measures is just another part of doing business.
Since the start of the pandemic, India has been one of the most vulnerable countries to cyberattacks, with 68% of companies in the country experiencing some form of attack on their data. Furthermore, a report by cybersecurity firm Sophos mentioned that seven out of 10 Indian companies suffered a ransomware attack in the last year.
The Computer Emergency Response Team of India (CERT-IN) reported that there were more than 674,000 cybersecurity incidents in the country in the first half of 2022. According to PwC’s latest Global Digital Trust Insights, 82% of Indian business executives expect their cybersecurity budgets to increase by 2023. The survey also revealed that 65 percent of these executives believe cybercriminals will have more impact on their organizations in 2023 than they did in 2022.
Connect without borders
In an ever-evolving borderless world, the risks businesses face are more complex and complex than ever. More and more organizations are increasingly relying on cloud infrastructure, utilizing cloud applications and platforms. The additional task of security teams is to protect their companies from sophisticated ransomware attacks while managing their IoT device-centric environments. For companies adopting the cloud, users remain the primary source of potential risk. This may be due to changes to data access due to unexpected platform modifications. Insider threats have continued to be active over the past 12 months, with insiders leveraging cloud applications to access data via personal email and sharing platforms. The pandemic has led to a rapid increase in digital payments in India, which has become a target for cybercriminals. Businesses of all sizes have adopted digital payment methods that are convenient and contactless, and customers are responding well to their use.
Bigger cost, higher damage
IBM’s 2021 Cost of a Data Breach Report found that cybercrime has increased sixfold since the start of the pandemic. This also caused the average cost of a data breach to rise from $3.89 million to $4.96 million. With half of the workforce working remotely during this period, it took an additional 58 days to detect and contain security breaches. As a result, the cost of properly securing businesses is projected to reach $433 billion by 2030. As 5G becomes more widespread, data privacy could become a major concern. This could expose nodes to more expensive and damaging attacks due to increased data transfers. As companies work to increase accessibility, resilience, and agility, it opens up potentially more damaging opportunities for attackers.
As digital transformation becomes more important, companies must be aware of the rising risk of cyber-attacks. A strong cybersecurity framework such as Zero Trust can help protect valuable data and will be the basis for improving the overall state of cybersecurity in India.
