Indian companies experience similar cybersecurity threats as international businesses since they lead digital innovation in India according to PWC leaders.
Ransomware attacks jumped by 46 percent worldwide last year and the victims who paid ransoms to their attackers spent an average of $4.8 million per company according to PWC’s Partner Sean M Joyce who highlighted that this cyber threat affects businesses everywhere.
“India is not unique in that. Every nation worldwide deals with this problem according to Joyce who worked with the FBI before.
According to Joyce India’s businesses need to start with basic cybersecurity practices first. He sees India as a digital innovation leader but notes that growing dependence on digital systems creates risks that endanger economic stability, national security, and essential infrastructure.
Every business depends on its digital backbone as its primary nervous system. He explained that weak cybersecurity practices would threaten both your country’s financial stability and military protection.
Small and medium-sized businesses have lower protection from cyber-attacks because they lack the funds necessary to defend themselves. Joyce made it clear that every business should take cybersecurity measures no matter their size.
According to Joyce any organization regardless of size needs basic cybersecurity protection in place.
Joyce wanted governments and private companies to work together on cybersecurity issues. Companies now own most of the cybersecurity data compared to earlier when governments managed most of it. Private companies and government teams need to work together to reveal criminal and nation-state security threats according to Joyce’s analysis.
According to Joyce the attack groups seek vulnerable targets so everyone needs to join forces to strengthen basic cybersecurity Defense.
The Ministry of Electronics and Information Technology (MeitY) in India works alongside the Reserve Bank of India (RBI) to fight cyber fraud through money transfer traceability programs according to Sivarama Krishnan, Partner and Leader of Cyber Security at PwC India.
The system has brought back more than 35% of stolen funds in phishing cases which is better than the worldwide recovery rate.
As Indian companies move between on-premise and cloud setups they face significant security problems especially in their cloud setup. Supply chain weak points in security and data exposure make companies easy targets for online threats.
