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.