Cybersecurity has always been a critical concern for individuals and businesses, but the COVID-19 pandemic heightened the threat further. Research studies reported that in 2021, in the US alone, there were 1,860 data breaches that impacted around 300 million people. However, 2023 saw a jump of 72% in this number in terms of data breaches[1]. Globally, there was a 30% increase in cyberattacks in Q2 2024 compared to the same quarter last year, with organisations experiencing an average of 1,636 attacks per week[2].
The rise in remote work, increased digital interactions, and a general shift towards online services have dramatically transformed the threat landscape. In addition, the rapid adoption of disruptive technologies, such as cloud computing, mobile, social media, and big data, has had a significant impact on cyber protection strategies in several ways. As these technologies grow more complex, the demand for robust security measures for information assets and IT infrastructure becomes increasingly critical. In this environment, it is essential for organisations to implement a strategic approach that ensures comprehensive and effective enterprise security risk management and situational awareness. This can be achieved through efficient monitoring, in-depth analysis, layered defence strategies, and thorough reporting.
Challenges in Cybersecurity: A Global and Indian Perspective
While cybersecurity is a pressing need for today’s interconnected world, technology is evolving and so are the methods of cyber-attacks. Each one is more sophisticated and harder to detect. Understanding these challenges is crucial, especially when examining specific cases from both a global and Indian context.
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Rapidly evolving threat landscape
The speed at which cyber threats evolve poses a major challenge. Hackers constantly update their methods to exploit vulnerabilities in new software, devices, and systems. Globally, the rise of ransomware attacks is a prime example, with the numbers speaking for themselves. Ransomware attacks increased by 27% in 2023[3], while malware attacks increased by 10% to over 6 billion[4]. The WannaCry ransomware attack impacted over 200,000 computer systems, including banks in India and several enterprises in Tamil Nadu and Gujarat[5].
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Increasingly sophisticated cyber attacks
Another challenge is the sophistication of attacks, which have grown beyond traditional hacking methods. Advanced Persistent Threats (APTs) involve highly skilled attackers who penetrate networks and remain undetected for extended periods. Globally, the SolarWinds attack in 2020 illustrated the magnitude of APTs, as hackers infiltrated a software update affecting government agencies and corporations in the US[6]. In 2021, a report submitted in Maharashtra detailed the malware attack responsible for the power failure in Mumbai in October the previous year, revealing 14 Trojan Horses and 8 GB of unaccounted data in the system[7].
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Insider threats and human error
Insider threats, whether intentional or unintentional, remain a significant cybersecurity challenge. Employees can be exploited through phishing attacks or social engineering, or they may unknowingly compromise security through negligence. The lack of security awareness also results in human errors when cyber-attacks happen. Several studies have revealed that human error is the single most common reason for data breaches.
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Lack of skilled cybersecurity professionals
One of the most pressing issues is the shortage of skilled cybersecurity professionals. Despite growing awareness, the talent pool in cybersecurity remains insufficient to address the increasing demand. Reports indicate that there is a shortage of 4 million cybersecurity professionals worldwide[8]. India too is facing a shortage of nearly a million cybersecurity professionals to address its growing cybersecurity demands[9].
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Regulatory and compliance challenges
Cybersecurity regulations vary significantly from one country to another, creating compliance challenges for global companies. The European Union's General Data Protection Regulation (GDPR) set a benchmark for data privacy, but many countries are still catching up. In India, the lack of a comprehensive data protection law was a major concern till the Digital Personal Data Protection Act was passed. It is now expected to introduce stricter norms to address cybersecurity concerns. While the act is a step in the right direction, understanding it is still left to be seen. A survey revealed that only 9% of companies in India had a comprehensive understanding of the new act[10].
Why Cybersecurity Needs to Become Your #1 Priority
As businesses and individuals rely more on digital infrastructure, the need for cybersecurity becomes critical. The increasing frequency and sophistication of cyberattacks have made it a top concern for governments, businesses, and individuals alike.
Sensitive data such as customer data, financial records, and proprietary business information is continuously at risk. Cyberattacks often aim to disrupt operations, and the downtime caused by such incidents can cripple businesses. Ensuring continuity through effective cybersecurity protocols reduces the risk of such disruptions.
Cyberattacks can cause significant financial loss due to data breaches, regulatory fines, and operational disruptions. A report by IBM has indicated that the global average cost of a data breach is $4.88 million in 2024, 10% higher than the previous year[11]. In India, the average cost of a data breach reached Rs. 19.5 crores in the first six months of this year[12]. In 2018, a cyber-attack on Cosmos Bank in India led to the siphoning of Rs. 94 crores via malware, exploiting vulnerabilities within the bank's systems. This incident signifies not only financial losses but also damage to brand value and reputation.
Cybersecurity is no longer a luxury but a necessity for businesses and individuals in today’s digital world. With rising cyber threats, it is imperative for organisations to adopt a proactive approach to securing their digital assets. At Writer Information, we have a multi-layered approach to cybersecurity. We bank on our experts in cybersecurity that help our clients proactively defend themselves against such attacks. Our partnership with Morphisec, a leading company in cloud-delivered endpoint and server security solutions, enables us to leverage their patented Moving Target Defence technology across advanced end-points, virtual desktops, cloud workload, and servers. Our IT security services are designed to offer agility, flexibility, and cost-effectiveness of the next generation needs of information security and compliance programs.
- Category: Cloud
- Date: 11-11-2024