The widespread availability of internet, smartphones, apps and 24X7 data connectivity has changed the way we live. The internet has not only brought the world closer, it has also become a hunting ground for cyber criminals. In 2017, India witnessed one case of cybercrime every 10 minutes. Here's a look at how cyber security has become a top challenge for businesses, globally, as well as in India.
According to estimates, the global cost of cybercrime reached as much as $608 billion in 2017 - about 0.8% of the global GDP. The more worrying fact is the massive growth of such crimes since 2014. It was $445 billion in 2014.
The cybercrime includes global ransomware attacks that hit hundreds of systems, to phishing and scanning rackets. And it's not just the volume of cyber attacks that has increased - it's also the frequency. Though India has been dealing with crimes such as phishing and defacement, ransomware attacks have been a new experience for many companies. According to NCRB data, among the 29 states in India, Uttar Pradesh saw the most number of cybercrime followed by Maharashtra and Karnataka.
Almost two-third of high-level officials fall prey to cyber attacks. Cyber experts feel that the Indian enterprises are not confident about their ability to detect, resist and respond to cyber security threats, leading to heavy losses. The most important area is in the theft of intellectual property and confidential business information.
Cybercrime is a lucrative business. Cyber criminals make thousands of dollars each year. Financial gain tops the list of reasons for such planned cyber attacks, followed by motives like malicious damage to business operations and others. According to estimates, an average hacker makes over $90,000 a year.
One of the big misconceptions about cyber security is that companies can safeguard themselves by focusing and protecting their IT networks. But sadly, remote workers, mobility and rapid digital makeover of workplaces have made companies vulnerable to such attacks. Financial services companies are the most vulnerable, followed by pharma and chemical companies.
According to Gartner, the rising tide of cyber crime has pushed information security spending to more than $86.4 billion in 2017. But in India, two out of three companies spend less than 5% of their IT budget for beefing up their cyber security.
While employers would like to believe that their workers can be trusted, the real situation is that some staff members are ready to sell company data for personal profit. Though data shows that in four out of five cases of cybercrime, there's an external perpetrator, experts feel insiders too play a big role in selling secrets.