Cyber thugs are getting smarter, more aggressive, and greedier. The cost of data breach in India increased from Rs 3,396 in 2015 to Rs 3,704 for every compromised record.
A Ponemon research revealed that the average cost incurred by a company due to data breaches increased from Rs 88.5 million to Rs 97.3 million in 2016.
Cybersecurity Ventures reports that cybercrime damages will cost the world USD 6 trillion annually by 2021, up from USD 3 trillion just a year ago.
A report released by Assocham and EY India reports that mobile frauds are areas of great concern for companies as 40-45 percent of financial transactions are done via mobile devices and this threat is expected grow to 60-65 percent in 2017.
According to the joint study, credit and debit card fraud cases top the chart of cybercrimes. There has been a six fold increase in such cases over the past three years. According to the data, about 46 percent complaints of online banking related to/credit/debit card fraud followed by Facebook-related complaints (morphed pictures/cyber stalking/cyber bullying), at 39 percent. Other major cyber complaints were cheating through mobile (21 percent), hacking of e-mail ID (18 percent), abusive/offensive/obscene calls and SMS (12 percent), and others.
Enforcing data security measures and creating proactive security monitoring capability are vital for an organization to maintain a lead over emerging threats and protect their financial, intellectual and customer-related information, adds the study.
A secure cyberspace and government’s influence in keeping tabs on cybercrime have become important criteria for businesses to establish, operate and flourish in any region.
The global menace of cybercrime and threats originating from the digital world require dedicated resources and efforts. An overview of India’s current cybersecurity initiatives and some of the leading practices adopted globally is presented below. While some nations have taken extreme measures based on their political orientation, others have not.
According to the study, Andhra Pradesh, Karnataka and Maharashtra have occupied the top three positions when it comes to cybercrimes registered under the new IT Act in India.
The IT Security Spending Survey — published by SANS Institute, states that tracking security-related budget and cost line items to justify expenditures or document trends can be difficult because security activities cut across many business areas, including human resources, training and help desk.
Most organizations fold their security budgets and spending into another cost center, whether IT (48 percent), general operations (19 percent) or compliance (4 percent), where security budget and cost line items are combined with other related factors. Only 23 percent track security budgets and costs as its own cost center.
Gartner predicts that through 2020, 99 percent of vulnerabilities exploited will continue to be ones known by security and IT professionals for at least one year.
According to Gartner analysts, what can be done to counter this is that companies should focus on fixing the vulnerabilities they know exist. While these vulnerabilities are easy to ignore, they are also easier and more inexpensive to fix than to mitigate.
Another disturbing trend Gartner highlighted is that by 2020, a third of successful attacks experienced by enterprises will be on their shadow IT resources.
Newer technologies breed newer vulnerabilities
Gartner’s report forecasts that by 2018, the need to prevent data breaches from public clouds will drive 20 percent of organizations to develop data security governance programs.
The enterprise sector’s new blue-eyed boy, IoT will expose organizations to new threats and breaches. Gartner predicts that through 2018, over 50 percent of IoT device manufacturers will not be able to address threats from weak authentication practices.
Additionally, more than 25 percent of identified enterprise attacks will involve IoT, though IoT will account for only 10 percent of IT security budgets.
The job crunch
Cybersecurity Ventures predicts that this year there will be a severe shortage of cybersecurity talent globally. There were 1 million cybersecurity job openings in 2016, and that is expected to reach 1.5 million by 2019. As a result, the cybersecurity unemployment rate has dropped to zero percent.