The Latest Trends In Cybersecurity

The Latest Trends In Cybersecurity

India saw the 2nd highest number of cyber attacks between 2016 and 2018. Multiple Indian startups were reported to have cybersecurity risks in current year i.e. 2019.

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According to the Data Security Council of India (DSCI) report, India saw the 2nd highest number of cyber attacks between 2016 and 2018.

This year, multiple Indian startups were reported to have discovered a security loophole including cashback platform CashKaro, financial marketplace Chqbook, online directory Justdial, foodtech major Zomato and many more.

Another significant shift in the cyber security space will come with the launch of the 5G network. On a low bandwidth network, one can afford to be a little bit disconnected.

The Data Security Council of India (DSCI) has found the rising cyber attacks in India has resulted in more and more companies opting for cyber insurance policies to mitigate risks. About 350 cyber insurance policies have been sold in India till 2018, which is a 40% increase from that in 2017.

Latest Trends in Cybersecurity At a Glance..

Cybersecurity Is An Afterthought Among Indian Startups

The biggest issue among Indian startups is that the sole focus is always on building the product and the parallelised focus that needs to be there on cybersecurity is missing.

Unfortunately, even from the structured the ecosystem of investors, bankers and others who get involved with startup conversation, this is not a conversation that finds any traction. What ends up happening is that more often it ends up becoming an afterthought.

Private Companies Depend On Government To Fight Cybersecurity Risks 

Private companies do not allocate separate funds to fight their cybersecurity risks. Instead, they depend on government systems such as cybersecurity cells to solve these cases. Legally, such cases do not even come under the purview of government mechanisms.

Cybersecurity Concerns Among Government Bodies

Various government entities have frequently been found at risk of data leaks. The most recurring of these has been the Aadhaar related data leaks.

Aadhaar number is a 12-digit random number issued by the government to the residents of India. This number is connected to citizen’s biometric thumb impression and eye scan, along with their name, permanent address and mobile number.

The most recent leak happened when the Andhra Pradesh government’s agricultural ministry website made the Aadhaar data of thousands of its farmers public on its platform. Prior to this, Aadhaar database of government workers in Jharkhand was left exposed without a password on the state government’s website.

Fintech Startups Adopt Cybersecurity Measures

Talking sector wise, things start changing for fintech companies, the moment they become a part of larger organisations (banks or insurance companies) value chain. About 60% of Sequretek clients are said to be from the financial sector. While the rest come from retail, services and manufacturing.

Indian Government To Bring In Cybersecurity Policy 

ITU’s Global Security Index 2018 has counted India among the countries with a high commitment to cybersecurity. India was ranked 47 with a commitment score of 0.719, while United Kingdom, America and France topped the list with a score of 0.9.

The Indian government has now announced plans to launch a cybersecurity policy in January 2020.  Ajeet Bajpai, director general of the National Critical Information Infrastructure Protection Centre said, considering the size and scale of our nation, we need approximately INR 25K crore budget for the same.

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