Demonetization a drive towards digital financial system by the Indian government is altering the means of running businesses and government offices in the country. However, with at sudden launch digital finance system there are a number of changes which are creating vulnerabilities by moving processes online. These online processes are resulting in an increased incidence of cyber-attacks among enterprises in India.
The Indian market has enormous latent and is at the front position of becoming a digitally savvy financial system. However, cyber criminals tend to be one step in front in devising inventive conducts to chop into computer systems. These e-payments make the goal of transferring huge amount of money is trouble-free but other results in ransom ware attacks to cripple IT systems phishing emails to the C-suit and much more. These are some widespread ways arranged by cyber criminals to hunt for monetary gain.
According to Rama Vedashree, CEO at DSCI, cyber security is no longer a choice for companies. “It’s not a matter of whether your company will be hacked, but when and what can be done to prevent the inevitable,” she says. “Startups in this space will provide the much needed support to Indian firms in terms of enterprise security. We’re already late in the journey, but nevertheless we have made a beginning,” says Vedashree.
From year 2015 to 2016, Gartner, an American technology research firm, saw a 10.6% leap in India’s enterprise security spending. The growing numbers like this that are pushing entrepreneurs like Pavan Kushwaha, founder at Kratikal Tech, a startup in security testing, to explore the Indian market.
“The government is advocating digital services which are becoming the hotspots for hackers,” says Kushawa. “The year 2016 saw 3.2 million debit cards getting hacked in India as the banking system relies on obsolete software and security solutions.”
To conclude this section we can say that these conversations with Indian companies show that augmented automation of business processes is rising as a key trend and people are using more and more online ways to save their time but to protect their big data from various attacks Indian companies, however, will require to spend more in cyber security and the employment of IT specialists to tackle the increased threat of data breaches.