The losses that India has incurred due to cyber attacks, currently stands in extra of Rs 25,000 crore ($4 billion), which comes as a result tomany discrepancies that pass undetected and unreported as well. The estimate is set to elevate with the rise in sophistication with which these crimes are committed. The losses spring from operational interference, a lacking in security of sensitive information and designs and faulty loopholes.
Various stakeholders, mainly Indian organizations and citizens, need to be better prepared to combat this threat and emerge with complete safety.
One of the gravest misconceptions the common knowledge harbours is that, cyberattacks are limited to the financial services and banking sector, when even the commercial corporations are equally affected. Hence, agencies in India require being proactive, while foster efficiency and efficacy in cybersecurity management. Also, this mandate has to be permeated from the top of the management, down to the employees. At first, organizations need to evaluate the belongings which are most at risk. It is of utmost essentiality to determine the maximum precious property, tone down all possible attack avenues and proactively prepare a system, in order to address the ones at risk.
Organisations additionally require evolving in their belief of cyber security, from being a passive agent of possible use, to an active business enabler that safeguards all the valuable data and in turn takes the onus of security, which enables the organization towards greater profitability and sustainability. Finally, the government and enablers require beefing up laws and regulations to instil fear in the heart of potential cyber criminals.
India is sitting on the cusp of virtual evolution and it can be recognised as a marked success only if such steps are taken to guarantee the safety and sovereignty of its enterprises on a much larger yet sensitive platform.
The author is CEO, YITSOL