Dr Reddy's, BigBasket and now JusPay, there are just a handful of data breach instances that have been reported over the last quarter, and not to mention the ones that we aren't aware of yet. Surprising it may sound but in 2019, India was amongst world's top 5 cyber-targeted nations along with US, UK, Singapore and Ukraine wherein it held the top position for three months. A growing economy and also an outsourcing hub, India is on the radar of cybercriminals.
"India is among the most cyber-attacked countries in the world and hence it is imperative to have stricter cybersecurity and data protection laws to mitigate data thefts and cybercrimes. With over half a billion internet users and over 1.2 billion mobile accounts, India as a country is a breeding ground for cybercriminals. Several reports have registered that in the first 9 months of 2020 alone, organisations and individuals estimated losses of about $6 trillion due to cyber thefts with organisations deploying the highest level of security also falling susceptible to cyber-attacks. Researches have further predicted that by 2027, over 900 million Indians will have a digital presence and coupling it with the unscrupulous use of personal data and information by service providers, it is vital to implement stringent cybersecurity laws," says Ram Seethepalli, CEO, Cyberior by Europ Assistance India.
While large companies and organisations have the capital and the resources to deploy various technologies and solutions, on an individual level, the threat looms large. "According to a recent survey by Sophos, Indian organisations have incurred costs of around Rs 8.02 crore to rectify the impact of each ransomware attack, hinting at the seriousness of the cyber-attack. It also highlighted that only 8 per cent of victims were able to stop the attack before their data could be encrypted, compared with a global average of 24 per cent," adds Tony Velleca, Chief Executive Officer, CyberProof and CISO, UST Global.
