Cybersecurity — As much as a necessity as an inevitability
Cyber-attacks around the world continue to escalate in terms of reiteration and intensity, becoming a profound issue for companies today. Most cybercrime incidents that took place last year spiked the emergence of a new set of cybercriminals aimed at not only financial gain but also causing disarray to the public and nation at large. Another appalling feature of these incidents was that not only corporates but also the Government had reported attacks by cybercriminals. Thus, the threat from cybercrime is multi-dimensional, targeting citizens, corporates and the Government at a daunting rate. The modus operandi by hackers is also growing in sophistication, frequency and extending beyond geographical boundaries, making it complex to track and sometimes even remediate.
The causes of Cyber Crime are
1. Information wars
With significance of data on a global scale, information wars are now becoming more common. With the present trend, it is expected to be more dominant in the near future, as well. More than data thefts for economic needs, personal data is targeted more which leaves people in a vulnerable position.
Attempts were made to even make the highly celebrated officials’ confidential controversial information public. As these types of wars are becoming an unwelcome reality to humiliate people, serious attention needs to be given to avoid its huge impact in future.
The most expensive component of a cyber attack is information loss, which represents 43 percent of costs.
2. Ransomware and Blockchain security
Ransomware is a widespread cyber security threat in which particular files within the infected systems would be encrypted. The users will be forced to pay big sums in order to retrieve the decrypt key. The worst part is that users will have to make the payment without any guarantee of receiving the key. During a 2017 survey of InfoSec professionals, the prevention of malware, especially ransomware, was named as the second-most pressing cyber security issue worldwide. According to a survey of U.S. businesses, 43 percent of organizations who did not conduct online anti-phishing training for employees had experienced ransomware incidents in 2016. The countries with the highest ransomware infection rates in 2017 were Turkey, Vietnam and India.
The possibilities of blockchain security can be an important phenomenon in this context. From eliminating passwords to generating fiddle proof infrastructure and superior encryption methods, this security technology would be a centre of focus in the future.
3. A proliferation of IoT devices
More smart devices than ever are connected to the internet. These are known as Internet of Things, or IoT, devices and are increasingly common in homes and offices. On the surface, these devices can simplify and speed up tasks, as well as offer greater levels of control and accessibility. There proliferation, however, presents a problem.
If not managed properly, each IoT device that is connected to the internet could provide cyber criminals with a way into a business. IT services giant Cisco estimates there will be 27.1 billion connected devices globally by 2021 — so this problem will only worsen with time, making the need for cybersecurity more acute.
4. 24× 7 mechanism for detecting cyber threats
In the past years, there has been an exponential increase in targeted cyber attacks posing a threat to our national security. In 2017, the average number of breached records by country was 24,089. The nation with the most breaches annually was India with over 33k files; the US had 28.5k.
The technology landscape in India has been transforming rapidly. Today, cyber criminals are well funded, persistent, sophisticated and globally connected. Recognizing the serious threat India faces, the Government announced an investment of INR 400 crore for a cybercrime control hub ”Indian Cyber Crime Coordination Centre” (IC4), which was set up to check cybercrime at all times. The focus has now shifted on detecting the attacks in real time instead of ‘prevention’ after the incident.
5.Computer Emergency Response Team (CERT) and National Cybersecurity Policy
Computer Emergency Response Team is a nodal agency to deal with cyber security threats like hacking and phishing. It’s mandate is to protect Indian Cyberspace and software infrastructure against hacking and destructive activities. National Cybersecurity policy is a policy framework by Department of Electronics and Information Technology that aims at protecting the public and private infrastructure from cyber attacks. Such initiatives by the government aim at reducing not only the cybercrime rate but also the cost of cyber attacks borne by the government, which currently in India is RS. 25,000crore ($4billion). The worldwide spending for cyber security continues to grow: 71.1 billion in 2014 (7.9% over 2013), and 75 billion in 2015 (4.7% from 2014) and expected to reach 101 billion by 2018.
Cyber security should be thorough and seamless, regardless or business size or organisational standing. Computer networks will forever be the target of criminals, and it can be argued that the danger of cyber-security breaches will only increase in the future as networks continue to expand. Having the right level of preparation and specialist assistance is vital to minimise and control damage, and recover from a cyber breach and its consequences.
