Increasing cyber-attacks show why stringent cyber-security laws are need of the hour
While large companies and organisations have the capital and the resources to deploy various technologies and solutions, on an individual level, the threat looms large
Nidhi Singal | January 10, 2021 | Updated 09:03 IST
India is likely to have a robust cybersecurity policy soon
Dr Reddy s, BigBasket and now JusPay, there are just a handful of data breach instances that have been reported over the last quarter, and not to mention the ones that we aren t aware of yet. Surprising it may sound but in 2019, India was amongst world s top 5 cyber-targeted nations along with US, UK, Singapore and Ukraine wherein it held the top position for three months. A growing economy and also an outsourcing hub, India is on the radar of cybercriminals.
Cyber security is becoming big business. Here s why
Illustration by Raj Verma
Grocery is a boring, low-margin business. But that did not prevent cyber criminals from stealing data of 20 million customers of online grocer BigBasket and selling it for a staggering $40,000 or nearly Rs 30 lakh on the dark web. And that too non-financial data such as name, email ID, PIN, contact number, address, date of birth, location, IP address.
BigBasket had thankfully not stored customers financial data such as debit/credit card details. But companies and their customers are not always so fortunate. In 2016, security of close to 3.2 million debit cards issued by major banks, including SBI, HDFC Bank, ICICI Bank, Yes Bank and Axis Bank, among others, was compromised. The breach, caused by a malware on an ATM network, resulted in not just financial loss to consumers and banks but also dented people s trust in digital banking.