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Current State of Cyber Security in India

By Finserv MARKETS - Mar 23,2019
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Current State of Cyber Security In India

Cyber-attacks on India’s financial organisations and e-commerce companies have been in the news for quite a few years now. The top IT firms, health care providers as well as government organisations are taking preventive measures to combat cyber threat. Digital security has become the top priority of IT experts. A report prepared by the Indian Computer Emergency Response Team states that more than 1 lakh cases of cyber security have been reported in 2018.

Every state in the country is vulnerable to ransomware attacks. While Karnataka tops the list where 36.58 percent attacks are found to be ransomware attacks, Haryana remains on the last spot (1.96 percent). Industries are coming out in the open to talk about the number of cyber-attacks they have faced. This is a progressive step to deal with the issue of cyber threat. But on the other hand, banks have been ‘hesitant’ to share details about the incidents of cyber theft. The central banking institution is setting up an IT subsidiary, which will aid RBI in supervising the internet services offered by the banks. This institution will require a compulsory annual report from every bank providing details of cyber threats faced by them.

Banking services from India are shifting to digital devices. This makes them more vulnerable to such attacks. Therefore, the banks need to improve their security measures. They need to set up a formal cyber security framework to defend against such attacks. The government and antivirus service companies are working together with banks to tackle these threats.

Following are the measures that India should take to counter cyber-attacks:    

  • Protecting personal data: The recent case of Aadhaar data leak has pressurised the government to take strict actions against cybercrime. The government passed the ‘Personal Data Protection Bill’, which will now help businesses tackle cyber threats.
  • Cloud security: Cloud providers need to invest more in their infrastructure to protect their data. Limited access should be provided to sensitive data. Technologies like Cloud Access Cyber Broker (CACB) provide services of cloud security.
  • Managing insider threats: Organisations should take countermeasures to avoid any data leakage by their employees.
  • Blockchain to take over: For organisations that remain under the fear of fraud and identity theft, introducing blockchain will help them to limit access to data. Blockchain prevents outside logins into systems and creates an alarm in case any suspicious or irregular activity is observed.
  • Cyber Insurance: Organisations have taken a step forward by having cyber insurance policies in place. This digital Insurance, will cover the financial losses which might be caused by data theft or any such cyber risks/malpractice.

As global digitalisation has taken over, a major concern for organisations now is data protection. Where the internet has become the hub to provide services, the same internet is used by hackers and attackers to steal your data. In order to prevent such attacks, India needs to increase awareness about cyber risk and digital security amongst its citizens. Once people are aware about the online threats, educating them about the preventive measures should be the next step.

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