The idea of cybersecurity revolves around protecting data, making it the most central and consistent element in the entire digital ecosystem. Understanding data has become a pivotal aspect of understanding customers for any business. As a result, countless sectors, including finance and healthcare, have shifted to digital platforms. While this helps make processes easier and more convenient, it also exposed the risks of data – of both the consumer and the company. Cyber crime in India increased significantly over the years, recording exponential numbers for data theft alone.
Despite its digital vision, India saw a drastic increase in the number of cyber-attacks and security breaches over the last few years, with a large share of Indians experiencing cyber crime. The disturbing magnitude of cybersecurity-related cases had become a cause of concern for corporates, investors, and society as a whole. Between 2019 and 2020, the number of cyber-crimes reported across India almost doubled, making the country one of the biggest victims of high-tech crime. Moreover, with the almost immediate shift to remote work as a result of the COVID-19 (coronavirus) pandemic, many organizations were forced to fast-track digital transformation, ultimately leading to a higher number of cyber-crime-related incidents.
India has undertaken several steps to contain the effects of cyber threat. The cybersecurity market across the country was valued at nearly 140 billion rupees, estimated to double by 2025. Indian organizations have become more aware of the risks, leading to larger investments and expenditure towards protection and encryption. India’s banking, financial, and insurance market, one of the most vulnerable sectors, planned to spend over 800 million U.S dollars on cybersecurity by 2022.
The country ranked tenth in 2020 for global cybersecurity, a significant improvement compared to the previous year from 47. This ranking was based on legal and technical measures, along with capacity-building and organizational processes. The government’s strategy for online security, though unclear, was prioritized in recent years and planned to be revealed later in 2021.
The latest Pegasus hacking spyware leak in July 2021, among others in recent years proves that cybersecurity is no more a choice but a necessity. While the inherent vulnerabilities cannot be eliminated, understanding technology gaps, and allocating the right resources at the right places can go a long way in solving the problem, creating jobs, and empowering people along the way.