- August 22, 2022
- Posted by: Swati.patel
- Category: Press Release
Read the Full Press Release at Times Of India
The number of internet users in India is set to reach the 900 million mark by 2025, according to a report by IAMAI and Kantar Research. This figure points towards a growing engaged digital user base in the country. Digital identities are only a natural follow-up to this wave of internet usage. Approximately 1.2 Billion users are registered on India’s digital ID program, ‘Aadhaar, according to McKinsey’s 2019 report. The number has grown further today.
With such a climb in internet users, there are also more significant threats to cybersecurity in India. Since digitalization, India has faced “over 6.07 lakh cyber security incidents” just in the first half of 2021, as reported in the written reply to Lok Sabha by the Minister of State for Electronics and IT Rajeev Chandrasekhar. Integrating digital identities into the national framework creates a greater vulnerability for citizens, companies, and firms that rely on digital infrastructure.
The Price of Unpreparedness
Attacks on fragile data protection frameworks thus affect consumer privacy and have an economic impact on a company’s bottom line. According to a 2021 IBM report, the global average data breach cost in 2021 was $4.24 million. This amount is divided into detection and escalation, loss of business, response, and notification. The most common type of data stolen was a consumer’s personally identifiable information – data unique to one consumer, extending to their Digital ID.
India’s Answer: Strengthening Virtual Defense Capabilities
Such attacks also permeate public sector information systems, posing a real threat to the security of a nation’s data. Following such attacks globally, the Indian government has allotted higher budgets to strengthen existing cybersecurity measures and build newer ones. In FY 2022-23, the government allocated INR 515 crores for cybersecurity. They backed this allocation by announcing that the Indian Computer Emergency Response Team (CERT-In) will monitor any cybersecurity incidents in the country. This body will also issue advisories on threats and appropriate countermeasures for better protection against attacks on data and information. Cyber Security R&D by the Ministry of Electronics & Information Technology is another major initiative identified for securing Cyberspace with a focus on the promotion of R&D, demonstration, proof of concept, and establishment of test beds for enhancing indigenous skills and capabilities in cyber security.
Private Companies Bolstering Cybersecurity Efforts
On average, there are approx 150 cybersecurity incidents registered daily in India. With the exponential increase in cyber attacks, companies are implementing effective security governance programs to align organizations’ security programs with the needs of the business to increase trust and reputation with their customers, suppliers, and partners.
Companies are looking to build up their defenses against cyber threats too. A survey conducted by PWC found that 80% of Indian companies want to increase their cybersecurity budget. While proportions of expenditure vary, the end goal of all these firms is to secure their data and information from impending attacks through malware or ransomware – two types of threats that are becoming more and more visible daily.
Today, robust solutions include highly secure cloud-based labs to host a company’s information systems. Such a setup must be preceded by a top to bottom audit of the company’s pre-existing security measures to evaluate its strengths and weaknesses. After close examination, a company may seek solutions from experts on managing and encrypting their data in storage, such that it is challenging to tarnish or tamper with it. Extractions from firmware code can also point a company toward its previously invisible vulnerabilities, giving them a window to fix such gaps.
Solutions must encompass the full range of potential vulnerabilities, including web and mobile applications, cloud infrastructure security, and IoT security. If ignored, the most straightforward security configurations could prove to be the most complicated problems to solve in cybersecurity. In today’s age of rampant misuse of global networks, it is best to work with experts to secure any virtual or digital infrastructure that carries essential data and information. Such steps have been followed rigorously by companies in India looking to spend more on improving security measures to protect their data and consumers’ privacy.
In the age of digital transformation and constant threats to digital safety, consumers are veering towards firms or policies needed for information security. Privacy and security have become important verticals that help consumers choose. Firms that provide the best cybersecurity options will be favored over those that cannot offer accessible security measures against hacking, ransomware, malware, and much more. This is a critical juncture in India and the world, where the most brilliant move is to recognize the genuine threat posed by cyber-attacks and to work with qualified and agile teams to protect data.
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