Budget 2022-23 (February 1) presented in a paperless format (for the second consecutive year) and accessible through the ‘Union Budget Mobile App’ reiterates India’s growing digital infrastructure. However, linked intricately to the country’s growing IT requirements is the need for a robust cyber security system. Harsh Bharwani, CEO, Jetking Infotrain (estb. 1990) talks to Dipta Joshi about the cyber security sector’s USD 7.6 billion growth prospects and security protocols that need to be followed while working from home.
Q) How vulnerable are we in the current tech age?
A) Recent surveys and research reveal, on an average 30,000 websites and networks are liable to be hacked per day and India was hit by 213 weekly ransomware attacks per organisation. Business entities are most prone to these attacks and threats due to the large quantity of data in their systems. Today most businesses in India are run on cloud platforms and online stores have changed the face of the economy. The Internet has become the means for banking, shopping, studying etc. Cloud storage facilities allow enterprises and individuals to store crucial information. However, these innovations have also led to cyber-attacks like ‘ransomware’ attacks on various companies. The ‘Solarwinds’ attack whereby hackers inserted malicious code on the American software company’s platform impacting 18,000 organisations that it services and ‘supply-chain’ attacks that target trusted third-party vendors vital to a company’s supply chain also proved to be a threat to corporations in 2021.
Internet users and employees too remain at a risk as cyber criminals continue taking advantage of the human or technical flaws in our current ‘work from home’ (WFH) or hybrid work era that requires complicated IT requirements. Mumbai’s cybercrime division has already registered 2883 cases last year (as per timesnownews) There has also been a spurt in the number of apps being developed some of which are a nuisance to the public – the recent “Bulli Bai” app being a case in point.
Q) Do the existing cyber security systems ensure end-user protection?
A) Cyber Security mainly focuses on end-user protection relying on cryptographic protocols and encrypted messages, emails, files, and other critical data. This practice mainly safeguards digital assets and protects them from outside threats. This is also important for corporations using blockchain and cloud computing and need to ensure their data is not leaked into the net. Organisations are now hiring experts to continuously scan the available infrastructure and applications to protect against external threats.
Q) What kind of employment prospects does the Indian cyber security sector offer?
A) Prospects for India’s cyber security market is expected to grow to USD 7.6 billion in 2022 from the USD 4.3 billion in 2019-20. According to a Data Bridge Market Research report, the Asia Pacific is expected to witness the fastest growth due to a surge in demand across India and China.
The cyber security sector reported its current workforce as 2.18 lakh and the cyber products sector pegged its workforce at 27,000 in 2021. Going forward, the demand for cybersecurity professionals in the country will continue to generate ample employment as with the need for growing infrastructure, there is a rise in need for cyber security experts who can prevent cyber attacks on companies and organisations. Since digital devices such as computers are vulnerable to attack by criminals, digital forensics is also gaining credence.
Q) What trends will the cyber security sector witness in 2022?
A) The very dynamic nature of the cyber security sector makes it unpredictable which is why there is a need for professionals to monitor the landscape continuously. However, the government’s interest in furthering various schemes through a digital infrastructure is encouraging. It will also lead to cyber security gaining critical traction in terms of new regulations and investments.
It has been observed that social engineering scams have increased in the past year and are likely to continue as the use of social media platforms increases. We will also observe better coordination between the cyber security industry and other organisations. Such collaborations will help the cyber security industry refine its tools and techniques.
Q) You mentioned security concerns in the ‘work from home’ scenario. What kind of security protocols should one follow?
A) While the recent pandemic has accelerated digitisation like never before. Almost 35 percent of the global workforce now works remotely due to lockdowns or isolations etc. Some safeguards to be followed involve investing in a strong antivirus protection with internet security protocols and using a secured central storage with a good backup facility. One should only use certified sites with SSL protection to avoid any issues while transacting online and keep a check, report phishing and spam emails regularly. It is best to unsubscribe from unknown channels. We also recommend protecting internet banking, UPI apps, and social networks through proper encryption and passwords. Using a Virtual Private Network (VPN) connection and a secure Wi-Fi connection with proper password protection is imperative.
Also read: Rising demand for cyber security professionals
Posted in Corporate, News
