World News – CA – India sees a 37% increase in data breaches and cyberattacks this year

Details about 2 crores of BigBasket users for sale in the dark web recently went up

The recent data breach on BigBasket, in which details of about Rs 2 crore were shown for sale in a forum in the dark web, follows a larger trend of cyber theft which has remained robust this year.. Data breaches showed a steady increase, and India saw a 37% increase in cyber attacks in the first quarter of 2020 compared to 2019..

India has also been at the forefront of countries that have been falling prey to data breach and theft for years and no substantial action has been taken to influence major changes in this.. Besides, Indian companies that allow employees to work from home (WFH) have not prepared them to deal with how to protect themselves from unauthorized access or use.. These companies have become a vulnerable target for cyber criminals, causing cybersecurity breaches to increase exponentially.

“In India, data breaches have occurred very frequently. However, most of the time, these data breaches aren’t always reported. So the average man looking at the public sphere tends to feel self-satisfied that everything is fine and that there is no need to worry..

“The fact remains that cyber security violations in the world in general and in India in particular are on the increase. The emergence of COVID-19 is having a major doping effect on cyberspace. Since the emergence of the Coronavirus, we have witnessed a massive increase in not only cybersecurity violations but also the beginning of the golden age of cybercrime.

This expert says India does not have a law dedicated to cybersecurity. Thus, the detailed nuances of cybersecurity legal frameworks are currently missing. The only requirement we have in India is the Indian Internet Act as Information Technology Act 2000, which although it provided a legal definition of the term « cybersecurity » it still provides verbal service for legal frameworks for cybersecurity.

“I feel that companies should automatically report cyber security breaches and that they should abide by the provisions of Indian Internet Act and the rules and regulations stipulated therein. What is currently missing is the deterrent message. The government can introduce secondary legislation under Article 87 of the Information Technology Act 2000. While cybersecurity is attracting the attention of corporate boards, criminal prosecutions against corporate boards in India have yet to begin as a result of cybersecurity violations, ”Dougal added..

It has been observed that the significant increase in cyber attacks is mainly due to the digital transformation that has occurred due to the circumstances of the epidemic. Companies had to implement the WFH model and services could largely only be provided digitally. This shift resulted in many people being put on the Internet for extended periods of time and thus increased the number of potential targets for hackers. According to recent research, nearly 15 billion credentials are for sale on hacker forums right now, indicating that hackers are manipulating..

“Data breaches can occur primarily through two channels, across employees or via technology. Businesses must take appropriate steps on both fronts to prevent data breaches. Businesses still need to protect themselves from new threats such as cyber attacks on applications that use cloud-based software, which almost all companies use now to facilitate collaboration within the home.. Social engineering is also emerging as a popular tool for hackers to steal data and access accounts, ”said Krupsch Bhatt, SignDesk founder and CEO..

Tech companies like Quintype conduct continuous security audits of their platform and take the problems arising out of these audits very seriously and choose them as a priority.. They also issue public bonuses for hackers who break into our system. Company representatives have been open and transparent to hackers who write to them about this.

« Although all steps have been taken, there are instances where users are compromised because they use the same passwords across sites. There are hash tables available with which a hacker would guess common user passwords. We work on systems that inform users and our customers when a portion of their data has been compromised. Web security is an ever-evolving topic. Ramcharan Gurur Jayaraman, Quintype Vice President of Technology, noted that it is very important for technology teams and leaders to track this and act soon based on knowledge.. .

It has also been observed that as we move towards an increasingly digital landscape, cybercrime is bound to increase. Businesses can only address this by taking a serious look at their cybersecurity infrastructure and fill in gaps by increasing coordination and cooperation between private entities and the government..

“We must encourage and develop the cybersecurity talents that can help organizations protect and secure their data. These professionals must master the latest emerging technologies such as artificial intelligence and machine learning because these technologies work best in addressing security vulnerabilities, ”noted Ravi Kaklasaria, CEO and founder of SpringPeople..

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Computer Security, Cyber ​​Attack, Cybercrime and Data Breach