Everything is going to become more reliant than ever on their digital strategy. As the COVID-19 briskly spread out across the countries, one of the most immediate challenges for companies across the industries was to enable a mass shift to remote working and most of the service providers, including BFSI sectors significantly reduced their offline operations and asked their customers to embrace the digital medium for any assistance. 70% of the company already had a digital transformation in place or were working on one. The digital transformation journey enhances the company’s productivity, efficiency, and competitiveness, but moving with the digital transformation journey, an adequate cybersecurity plan is very important.
Digitalization efforts, especially the automation of IT and business processes, continue to grow among companies of all sizes, industries, and geographic locations. From the basic needs to the utmost luxuries, our lifestyle is now impacted by the internet. The world now firmly in the digital age, the hacking community has become more sophisticated, complicated, and complex than ever. Developing a hacking tool means that they are more difficult than ever and are hard to stop and protect against than ever before. As hacking becomes more advanced, the only way to stop it is for Cybersecurity to become superior.
As per Research and Markets data, the India data center market is expected to reach approx $4 billion by 2024, growing at CAGR of around 9% during 2018-2024. Terminologies, including digitization, automation, AI, cloud, social media, blockchain, IoT, and other such disruptive technologies are progressing at an enormous pace, totally exposing the data and other critical resources of an organization.
With the growing use of the internet, protecting our important data has become a necessity in our day to day life. Cyber-attack is one of the important security challenges that India and the world is facing today. 90% of the cyber-attacks are due to human error. With errors such as clicking on malicious links, opening an attachment, typing credentials in the fraudulent page, and using weak passwords, but Good cyber hygiene is a general practice that can help us to keep safe and secure online. Practices like installing reputable antivirus and malware software, Use network firewalls, Updating software regularly, setting up with the strong password and multi-factor authentication, etc can keep us away from cyber attack.
“Nowadays people are connected more remotely than ever and this kind of changes drastically the threat landscape for an organization – and more so from their Data perspective! After the lockdown, employees are still asked to work from home in the wake of the COVID-19 outbreak in the country and it is giving a multitude of opportunities for the hackers and is causing an increase in the number of cyber-attacks on personal computer networks and routers. Data is stored in a digital format almost all across. But one needs to understand that data in the digital form while comes with a lot of convenience and utility is also fraught with risk – and this risk has always been very high and with the sudden move to remote working, it has simply increased exponentially. The only way companies can protect themselves against these data breaches is adopting a two-pronged approach – focusing equally on systems and processes as well as security tools and technologies to adopt – By investing in one of these while ignoring the other is a recipe for disaster as one would have seen in many organizations across the world! And for a truly Digital India to emerge – we need the governmental support to form its compliance guidelines keeping in mind these new and continuously emerging threat vectors and, more importantly, strictly implement these compliance frameworks for the country.said Mr. Prashanth G J, CEO at TechnoBind
Cybersecurity is equally important for the companies embracing digital transformation journey whether it is local, state, and central governments because these organizations maintain a large volume of confidential data and records related to the country and its citizens. It is also an important arena of the internet when the country is moving forward towards a cashless society and digitization. As the new innovations are adding to technology, hackers are getting even more advanced. The potential rewards increase exponentially for the hackers, on the other hand, there are also “state-sponsored” hackers who have switched to cybercrimes as a method of war, viewing it as cheaper, faster and easier than traditional conflict.