The Big Challenge Of Cybersecurity: How Indian Companies Are Facing Rising Threat Amid Relentless Attacks

New Delhi: Cybersecurity threats pose a significant risk to companies of all sizes and industries. These threats encompassing a wide range of potential attacks, from data breaches and hacking attempts to malware infections and social engineering schemes. One of the most common and damaging threats is data breaches, where sensitive company and customer information can be exposed, leading to financial losses, legal liabilities, and damage to a company's reputation.

Indian companies are also facing the perceptible risks of cybersecurity in the digitial age. The recent study by the IT and cybersecurity company Cloudfare named “Securing the Future: Asia Pacific Cybersecurity Readiness Survey” revealed that 83% Indian organizations experienced at least one cybersecurity incident, spanning from web attacks, phishing, supply chain attacks in the past few years. On top of that, they suffered huge losses due to these incidents.

Emphasing the growing challenge for India companies in today’s time due to relentless cyberattacks, Umesh Mehta, President of the Governing Body, CIO Klub said: “Cyber threats have emerged as one of the most significant risks for companies in today's digital age. He said companies may face financial losses due to ransom payments, legal fees, regulatory fines, and expenses related to system restoration and recovery and cyber threats can disrupt normal business operations, leading to downtime and lost productivity which can have immediate and long-term consequences on a company's profitability.

CIO Klub, India's non-profit association of over 1800 Chief Information Officers (CIOs), held its 15th annual meeting in the 'Delhi Chapter' to discuss the increasing cybersecurity threats faced by Indian companies and to share experiences and best practices for handling these challenges.

What Do Cybercriminals Target? 

Cybercriminals often target companies to steal valuable data, such as financial records, intellectual property, or personal customer information, which can then be sold on the dark web or used for various malicious purposes.

Another critical threat is ransomware attacks, where cybercriminals encrypt a company's data and demand a ransom for its release. These attacks can cripple a company's operations and result in substantial financial losses. Phishing attacks, in which employees are tricked into revealing sensitive information or installing malicious software, also remain a significant threat. Additionally, insider threats from employees or contractors with malicious intent can compromise a company's cybersecurity.

Companies must invest in robust cybersecurity measures, employee training, and ongoing vigilance to protect themselves from these ever-evolving threats in the digital landscape.

What Are Challenges For Companies?

Umesh Mehta explained that there are certain legal and regulatory issues associated with cyberattacks.

“Laws and regulations surrounding data protection are becoming stricter. Companies that fail to protect customer data can face significant legal and regulatory penalties. Also, Cyber threats can result in the theft of intellectual property, trade secrets, and proprietary information, jeopardizing a company's competitive edge,” he added.

What Are Indian Companies Doing To Deal With The Issue?

"With India's growing digital prowess and continued business reliance on technology, it is critical for organisations to foster a security culture that empowers their leaders to approach cybersecurity as a strategic business imperative," said Jonathon Dixon, Vice-President and Managing Director, Asia Pacific, Japan and China at Cloudflare."

For that purpose, Indian companies are taking comprehensive measures to deal with the ever-growing threat of cybersecurity. To effectively prevent and counter cyberattacks, Umesh Mehta said organizations are implementing various strategies like investing in robust cybersecurity tools and practices including firewalls, antivirus software, intrusion detection systems, and encryption.

“To cope with these threats, organizations are implementing a combination of proactive cybersecurity measures, employee training, incident response planning, and compliance with relevant laws and regulations” he added.