Recognizing the unknown threats in the era of digitisation

By VARINDIA - 2020-02-20

Recognizing the unknown threats in the era of digitisation

S Mohini Ratna, Editor, VARINDIA

 

There is no denial of the fact that, promoting collaboration across technology teams and between the business and technology is one of the most crucial prerequisites for a successful transformation. At the same time companies can’t afford to wait quarter after quarter for addressing key security concerns brand damage, the loss of IP and other consequences are right around the corner. But, the risk is real for CISOs as well. If they can’t provide the right guidance, they’ll bear the responsibility, which can lead to reduced credibility in the organization.

 

For today’s CISOs, a rapid response to security threats is essential. However, many executives have adopted approaches that are well meaning but too slow and reflect a piecemeal perspective on security. No system or network is 100% secure. Attacks can happen to anyone, any business, at any time, putting a major responsibility on security teams to protect their companies.

 

This has a high probability of bringing cyber threats to the fore, along with the evolving methods of nefarious actors to interfere with business and government. Hence, the financial services sector is always under the stress with the emergence of cyber-security threats encountered. It is impossible to deny the cloud’s influence on all aspects of business, and yet, 49% of organizations are delaying cloud deployment due to a cyber-security skills gap.

 

These threats are due to the software security flaws found in the software programs or operating systems, but it doesn’t have a patch in place to fix the flaws. It has the potential to be exploited by cybercriminals, which we call as zero-day vulnerability in the world of cyber security. When the vulnerabilities are left unaddressed, vulnerabilities create security holes that cybercriminals can exploit.

 

Tough penalties have been proposed for failing to comply with the data protection requirements. According to the Bill, any organization sharing customers’ data without their consent will entail a fine of INR 15 crores (around US$ 2.1M) or 4 percent of its global turnover. Data breach and delay to address/report the same will result in a fine of INR 5 crores (US$ 0.7M) or 2 percent of global turnover. Individuals representing the companies can also be sentenced to term in prison. Further, if personal data from a doctor is hacked then the Doctor can be jailed for Five years and fined in crores.

 

Today, the mobile device security threats are on the rise, the nature of mobile security threats isn’t undergoing a significant change, but the severity of the consequences is rapidly increasing. India has overtaken US to become the second largest smart-phone market in the world, after China. Of the 158 million units shipped (made available in the Indian market), around 114 million, or 72%, were Chinese brands.

 

Secondly, technology evolution is a journey and 5G is definitely coming. The telecom networks are undergoing significant changes by introducing new spectrums and technologies, a lot of new sites, and mobile edge computing (MEC) is sinking. At the same time, the world is also experiencing a growth in the ‘Splinternet.’

The need of the hour is, executives have stressed the need for CIOs to move beyond simply managing IT to leveraging technology to create value for the business. This priority is now a requirement. New technologies have been at the center of trends from mobile-first consumer shopping preferences to the promise of artificial intelligence in critical decision making that have reshaped the competitive landscape and disrupted business models. For this reason, companies need to be tech forward: technology needs to drive the business.  A full technology transformation is not about moving to the cloud or embracing new IT solutions. It also involves infusing technology into every strategy discussion and process throughout the organization.

Going forward technology is not able to stop the widespread of the virus which had impacted the whole of China and has been declared as global health emergency by WHO. Novel predicted the deadly Corona virus 40 years ago. An excerpt of the Novel “The Eyes of Darkness”, a 1981 thriller by author Dean Koontz is trending online which tells of a Chinese Military lab that creates a virus as part of its biological weapons program. In chapter 39 of his book, Koontz writes that the lab is located in Wuhan, which lends the virus its name, Wuhan-400.

Not only the tech industry but the entire world is terrified of the Corona virus. Normal daily life has come to a virtual standstill in large parts of China as a result of the epidemic of COVID-19.

Now there is no Handshakes please…….. Thank you.


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