Investing in Cybersecurity has become very much important for companies, startups, and businesses. Nearly 500 million Indians have an online presence and this is still under rapid growth.
This makes a large pool of gullible victims for cyber conmen to choose from and target! And a boom in computer forensics careers in India.
- India has reported more than 1.7 lakhs of cybercrimes in the last couple of years.
- India is the third most vulnerable country to cyber threats as per a survey by Cyber Security Company, Symantec.
- In 2019, the most cyber-attacked country was India.
- The Digital India scheme pushed by the government to move even small businesses online or offering online transactions hence becoming a cause.
Besides the use of AI to replace humans which require repetitive tasks hence data becomes an important asset to achieve global power.
The reasons for increase in Cyber attacks are:-
- With the increased availability of high-speed internet and rapid digitization happening globally, with an equivalent growth in cybercrimes to gain unauthorized access to confidential and sensitive information, the security of data and the network assumes prioritized significance.
- Cyber related crimes are estimated to cause damages upwards of $6tn worldwide and according to statistics hence approximately 3.5-4m jobs are in line to be filled by 2021!
- Cybersecurity is the fastest-growing segment. The Cybersecurity market grew by 35X over 13 years (2005-2020).
- Forbes has stated “Cybersecurity – job sector of the future” in one of its articles. This clearly highlights the focus on cybersecurity in the next 5 years throughout the world, be it private companies or national governments.
- Experts estimate that there will be approximately 3.5 million vacancies in the cybersecurity job sector by 2021 thus there is a huge supply gap in this sector.
- The government of India gave a push to move businesses online through the Digital India scheme.
- Small businesses moving online.
- Exponential growth in online transactions.
- Digitization of all government records.
- Customers and Citizens availing of e-services from businesses and the government has been ever increasing.
- AI taking over manual repetitive jobs.
- Hacktivism being identified as a form of protest.
- Extensive use of the Internet, committing transactions over the network and relatively low awareness among the masses about Cyber threats make them more vulnerable. Hence, Cyber attacks can badly cripple an organization.
Learn about some recent cyber-attacks:-
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It also becomes pertinent to mention about recent cyberattacks that have occurred during this pandemic:
- Hackers target top officials at the WHO.
- Zoom critical zero-day exploits were sold on the dark web.
- Hackers target critical healthcare facilities with ransomware during the pandemic.
- Security issue in Aarogya Setu App.
- Unacademy hacked and data up for sale!
- And many more attacks continue to happen every 39 seconds.
What may happen:
- In addition to hackers selling confidential data related to the organization to others, causing a huge economic loss for companies, they can lose the trust of their customer base.
- Customer database, if attacked, can lead to leakage of personal data of customers, this data can be sold to spammers and third parties. Thus customer loses trust in the organization.
- Attackers may install ransomware on your system and will ask extort you to pay a fortune to recover your system.
- DDoS attacks may also lead to loss in brand reputation, and reduce the search engine ranking.
It is clear that cyberattacks can hamper the functioning of an organization, therefore investing in cybersecurity services is of utmost importance.