Festive Season Sales Are Here: Here's How Businesses Can Stay Safe From Cyberattacks

By remaining vigilant, and ensuring that appropriate security standards are being implemented, businesses in India will be better placed to mitigate the impact of cybercrime.

Business leaders must take the necessary security precautions to combat cybercrime.

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India is on track to become one of the world’s leading economies with an e-business sector worth approximately $100 billion by 2024. This has been in part driven by the country’s prolific use of technology. For example, data from the Indian Council of Global Relations shows that the country has over 1.15 billion phones and over 700 million Internet users. Not only are these numbers rising but they are also resulting in a massive surge of online financial transactions by consumers and merchants alike.

In fact, India's Unified Payments Interface processed 39 billion transactions worth $940 billion last year alone, accounting for more than 30 percent of the country's total GDP.

With this rise in the use of online payment channels, there also comes a growing need to ensure that this ecosystem is protected from cybercriminals looking to exploit these new avenues to steal cardholder payment data.

How businesses can stay safe against cyberattacks

While India’s e-commerce industry is booming, cybercriminals are constantly searching for ways to capitalise on this growth. Simply put, with more payments being made there are more opportunities for cybercriminals to steal cardholder data.

A consequence of this is that the prominence of cyberattacks rises during India’s festive period, a significant backbone of the economy that helps fuel consumer demand. 
In fact, a recent study conducted by market research specialist MSI-ACI interviewed 1,451 IT and line-of-business decision-makers across India and found that 52 percent of professionals cited festive holidays like Diwali, Ramadan, and Christmas as the peak period for cybercrime.

With the season already in full swing this year many businesses are concerned about this increase in attacks as cybercriminals become bolder and more aggressive, using increasingly sophisticated techniques to gain access to sensitive cardholder payment data.

To help combat this cybercrime businesses need to ensure that they are following the latest security standards and procedures to better protect their customers’ and their company’s financial data.

While the growth opportunity for businesses during the festive period is clear, to make the most of this opportunity they must ensure their security systems are up to date and they are implementing the latest best practices to protect against cybercrime attacks.

With this increase in digital transactions, there has been a seismic shift in the payments ecosystem, indicating lucrative opportunities for entrepreneurs across industries. 
While this lays the groundwork for economic growth, business leaders must take the necessary security precautions to combat cybercrime that, when successful, can have a significant negative impact on their reputation and their bottom line.

However, as the prevalence and sophistication of cybercrime have increased, so too has the sophistication of protective measures available to businesses. As we move into an increasingly digitalised world economy, understanding the threat of cyberattacks and how best to mitigate against them will be crucial to preserving business growth and security.

The PCI Security Standards Council is helping business rise to this growing challenge by offering industry-driven, adaptable, and effective data security standards and programs that assist businesses in detecting, mitigating, and preventing criminal attacks and payment data theft and address the evolving threats to cardholder payment data.

The PCI Security Standards Council also develops supporting resources to help businesses improve their organizational resilience to cyberattacks.
By remaining vigilant, ensuring staff are trained and the most appropriate security standards are being implemented, businesses in India will be better placed to mitigate the impact of cybercrime during this holiday season.

(The author is Associate Director (India), PCI Security Standards Council, leading its efforts in increasing adoption and awareness of PCI standards in India)

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