Digital India can succeed only if cyber security is enhanced

Narendra Modi, Digital Locker, cyberattacks, cyber security, cybersecurity management, India, digital bills

India has witnessed an unprecedented level of development, in terms of finance and technology, in the past few years. This has been possible under the leadership of Prime Minister Narendra Modi, whose revolutionary scheme Digital India has been the most ambitious of the lot. Digital India is a campaign to empower India as a technologically savvy and stable nation by emboldening online infrastructure and increasing internet connectivity as well as digital awareness. The initiative aims to connect rural areas with high-speed internet networks, successfully bridging the rural-urban divide. The success of the initiative has inspired the government to play a bigger gamble as Indian authorities have now embarked on a programme, taking advantage of the surge in technological advancements and the growing stature of India across the globe, to transform India’s economic entities into a virtual economic system. They have unveiled a chain of tasks starting from the introduction of Digital Locker, to demonetisation, which has spurred the usage of digital bills. Although this promotion of a virtual economy is likely to trigger a sparkling wave of economic increase, with greater foreign investments and transparency, it also poses a massive threat to the security of economy as our grasp over cyber security has been tepid, at its best. The eschewing of this digital goal renders India as a profitable market for cyber-criminals and hackers. Various stakeholders, mainly Indian organizations and citizens, need to be better prepared to combat this threat and emerge with complete safety.

Growing risk

The losses that India has incurred due to cyber attacks, currently stands in extra of Rs 25,000 crore ($4 billion), which comes as a result tomany discrepancies that pass undetected and unreported as well. The estimate is set to elevate with the rise in sophistication with which these crimes are committed. The losses spring from operational interference, a lacking in security of sensitive information and designs and faulty loopholes.

Various stakeholders, mainly Indian organizations and citizens, need to be better prepared to combat this threat and emerge with complete safety.

Time to reboot

One of the gravest misconceptions the common knowledge harbours is that, cyberattacks are limited to the financial services and banking sector, when even the commercial corporations are equally affected. Hence, agencies in India require being proactive, while foster efficiency and efficacy in cybersecurity management. Also, this mandate has to be permeated from the top of the management, down to the employees. At first, organizations need to evaluate the belongings which are most at risk. It is of utmost essentiality to determine the maximum precious property, tone down all possible attack avenues and proactively prepare a system, in order to address the ones at risk.

Organisations additionally require evolving in their belief of cyber security, from being a passive agent of possible use, to an active business enabler that safeguards all the valuable data and in turn takes the onus of security, which enables the organization towards greater profitability and sustainability. Finally, the government and enablers require beefing up laws and regulations to instil fear in the heart of potential cyber criminals.

Conclusion

India is sitting on the cusp of virtual evolution and it can be recognised as a marked success only if such steps are taken to guarantee the safety and sovereignty of its enterprises on a much larger yet sensitive platform.

The author is CEO, YITSOL

Ram Punamaraju