Ripu Bajwa contributed to this article.
We live in a time when businesses are being introduced to different ways of managing and executing their operations. Due to the pandemic, the majority of businesses are functioning remotely and attempting to navigate through the new normal in order to ensure company continuity.
These new operational models, while advantageous to employees, have resulted in several data chain endpoints. Cyber attackers now have access to several end points to a company’s core data. As a result, it’s hardly unexpected that, according to a government assessment, cyber-attacks during the epidemic increased by about 300 percent in the country last year. We are more vulnerable to cyber-attacks than ever before, thanks to the rise of remote work arrangements. The significant cost of these attacks, as well as the growing susceptibility, underline the necessity for governments to speed their “cyber resiliency planning.” This ability to avoid, respond to, and recover from cybercrime will assist to maintain a solid foundation as we work to rebuild the global economy.
The devastating impact of cyber-attacks
Ransomware and other sophisticated cyber-attacks are wreaking havoc on the world in ways we’ve never seen before. These are having a growing influence on organisations’ essential IT infrastructure. Cybercrime is expected to cost the globe $10.5 trillion per year by 2025, according to estimates. Cyber-attacks, on the other hand, have far-reaching consequences that go beyond financial expenses, including the loss or destruction of personal data and intellectual property, as well as reputational damage.
Beyond security, cyber resilience is a key driver of economic growth.
Cyber security is much more than just a form of insurance against cyber-attacks. If properly implemented, cyber resilience can assist boost long-term economic growth and creativity. India’s cybersecurity market is already booming, highlighting the sector’s relevance in the country’s economy. The Indian cybersecurity services sector is predicted to grow at a CAGR of 21% to $13.6 billion by 2025, according to a report by Nasscom and the Data Security Council of India.
As a result, digital transformation will continue to be critical to driving economic recovery, and a robust resilient cyber foundation will be required to assure security and trust. New technologies such as artificial intelligence (AI), big data, cloud computing, and edge computing are revolutionising the industry, but security concerns and risk are delaying their implementation. Because of these worries, businesses may be hesitant to begin digital projects, limiting their ability to innovate.
Unleash the promise of cyber resilience
Attackers are honing their spears all the time, prompting IT executives to modernise their IT armoury as soon as possible. Organizations, on the other hand, cannot transform their entire cyber security landscape on their own. To accelerate the adoption of cyber security, they would need cooperation from the government and their corporate counterparts. The good news is that the government is in an excellent position to lead the private sector in adopting a risk-based security approach.
We are unquestionably at a critical crossroads in the recovery process. We have the chance to build strong digital foundations and empower a new generation of tech-driven infrastructure. The frequency and scope of cyberattacks in the recent year is a stark reminder that a digitally changed economy and society can only be sustained if cyber resiliency is built in from the ground up. As a result, it will be interesting to see how India’s cybersecurity ecosystem develops in the future, and how effectively cyber resiliency will protect enterprises from hostile attacks.