VAR Panchayat

Cyber Security A Boardroom Conversation

by VARINDIA 2017-04-17

Cyber criminals are cultivating new and sophisticated techniques and channels to exploit security loopholes, and businesses need to stay vigilant

Cybersecurity remains a pressing concern today. As citizens, organizations and countries continue to evolve within an ever-changing digital landscape, the cost of cyber-attacks continues to rocket exponentially and is predicted to hit rupees two trillion by 2019. From stolen intellectual property to matters of national security, security in the cyber sphere has serious implications.

Like governments all over the world, Indian authorities are working to keep pace with the rising threat assessments. A few years ago, the Indian Government unveiled a National Cyber Security Policy aimed at protecting “public and private infrastructure”. Designed to anticipate and respond to threats, minimize vulnerabilities, and put in place damage control processes, the policy envisioned an enlightened approach to creating a trusted cyber sphere. Such policies and initiatives have been developed to encourage the adoption of information technology, while addressing fears of privacy.

On the threat side of the ledger, the policy sought to put in place early warning systems, adequate responses and vulnerability assessment and management programmes. Since then, India’s evolving cybersecurity framework has been based on an assessment of threats from espionage, warfare, terrorism and crime. And, this is just the beginning.

To this end, the government is seeking to craft an ambitious strategy to create a secured ecosystem based on open standards, strong regulation, risk reduction, human resource development, awareness drills, publicprivate partnerships, international cooperation, and research and development programmes. This task has the highest priority for implementation and operationalization.

Rising Complexity of Cyber Threats

While governments and organizations strategize to address the rising complexity of cyber threats, the size, severity, and complexity of each attack is continuing to increase. This growth shows no sign of abating. From a cyber-attack on the power grid in Ukraine to hackers using malware to siphon more than $2 million from automated teller machines in Taiwan, we have learnt that cyber-attacks can strike anytime and anywhere.

Closer to home, India's largest e-commerce website IRCTC, too, came in the news recently when the reports surfaced of the website being hacked. Data of around 10 million customers was feared to have been stolen from the server of the e-ticketing portal – an example of how organizations are continually being challenged to re-evaluate the state of current cybersecurity readiness.

While the debate on cybersecurity has focussed around national strategies thus far, there is also a need for Indian enterprises to embrace this new reality and put the right security mechanisms in place. Cybercriminals are cultivating new and sophisticated techniques and channels to exploit security loopholes, and businesses need to stay vigilant and make cybersecurity a priority investment in managing risk, rather than just another business expense.

Needed Cyber Security Vision and Roadmap

With the complexities and threats in the cyber world, it is important for governments and businesses to cooperate

in the assessment of cybersecurity readiness and respond with tailored solutions. Globally available packages include custom-built applications on top of Apache Hadoop, open-source solutions, or other commercial partner offerings.

While there will never be a “onesize-fits-all” solution, it is imperative that organizations consider a variety of mixed options to combat security needs. With a credible partner and clear data security strategy, governments and companies can become more aware and cyber resilient, extending the risk management focus from pure information confidentiality, integrity, and availability of data to include that of reputation and customer channels.

On top of that, nations, industries, and businesses need the right skills in place to ensure vigilant maintenance of cybersecurity strategies and solutions. With the cybersecurity skills shortage impacting organizations throughout India and across the globe, several organizations in the country have come together with the aim to focus on the development of such skills. Yet, the onus is on businesses to collaborate, leverage on each other’s expertise, and focus on training initiatives that will help to upskill their current employees for the security intelligence they need.

Only then can we all come together as one community to fight cybercrime and prepare ourselves for this new era.