The layers of security applied to safeguard data needs to evolve with the increasing number of cyber threats which is only growing bigger in magnitude and frequency in the new tech era.
Technology, as we know, has gradually taken hold in the deepest parts of our residence ranging from high tech home security systems, smart TVs, smart phones, smart watches, CCTV cameras, all of which are connected to the internet. Additionally, with payments moving online, we also store data such as payment details with a number of websites for ease of use. If a restaurant or a store asks us for our birthday, we share the same unthinkingly in hopes of a free meal or a discount. What we do not realize is that our birthday is used as a security question in many applications. Therefore, such data if accessed through deceitful means can be used against us. Hence, it is imperative to consider protecting oneself against such security breach and safeguard from the aftereffects of such a violation. Global consumers will soon face the need to secure their private data to remove the possibility of the data being used as leverage to extract money.
Recently, cybercriminals with their Ransomware attack ‘Wannacry’ jeopardized over 2 lakh computers in more than 150 countries; it held people & organizations to ransom and caused havoc among many companies. In India, copious amount of demographic data stored in the Aadhaar database was leaked, which attracted widespread criticism against the biometric initiative. The leakage of biometric data provides uninhibited access to one’s personal records, thereby making individuals vulnerable to a variety of cyber threats if it falls in the wrong hands. Therefore, the existential risk posed by cyber attacks and data security vulnerabilities has become one of the prime concerns for boards of directors, management, government agencies and the public.
This when combined with the power of IoT, puts the end user at critical risk. IoT connects all digital devices which collect and share data. Therefore, high profile security breaches can cause irreparable damage to brands, revenues, stock prices and lead to other significant ramifications.
In the digital age, cybercrime has evolved into a daily phenomenon. The Indian Computer Emergency Response Team (CERT-In) reported 27,482 cases of cybercrime were between January and June in 2017.In India, a dramatic 300% increase in cybercrime from 1000 attacks a day in 2015, to 4000 attacks a day in 2016 has prompted the need for an extensive contingency plan to prevent considerable damage from cyber-attacks. Further, cyber malwares are expanding to smart phones and other devices. We have already witnessed one of the biggest ever breaches of financial data involving 3.2 million debit cards in India in October 2016. (Source: Data from Indian Computer Emergency Response Team (CERT-In))