With initiatives like "Make in India" and "Digital India" having a positive impact on the overall economy, the nation is making quick progress towards its digital goals. As a result of constant developments, policies, and technological advancements, businesses have been increasing the efficiency of their systems, products, and services. However, it has also led hackers to develop malicious and sophisticated tools that can be used for cyberattacks. Because businesses today rely on connected systems and linked networks, cyberattacks have become a major issue with significant economic consequences.
Cyberattacks And Economic Instability
In India, the number of cyberattacks has surged over the last few years. Government data indicates that 3, 94,499 cyber security incidents were recorded overall in 2019 by the Indian Computer Emergency Response Team (CERT-In). In 2020, it reached a record 11, 58,208, and by 2021, it had risen to 14, 02,809. Furthermore, Indusface also released a report in 2022, in which they claimed that out of the total cyberattacks they detected globally, 59% were directed to India. Website intrusion, malware propagation, malicious code, phishing, website defacement, unauthorised network scanning, probing activities, ransomware attacks, and data breaches were among the attacks.
Every aspect of our society is impacted by cyberattacks, whether they target a corporation, an individual or a government. The sheer amount of data that can be lost in a cyberattack on a government organisation is the biggest worry, including sensitive information about individual citizens, national security, and military data that could be misused. Furthermore, these kinds of cyberattacks can have an adverse effect on businesses as they disrupt relationships between vendors, clients, and partners. Depending on the organisation and the industry, these could reduce productivity and halt essential procedures that foster value creation, innovation, and vertical advancement.
As a result of the attacks, structural effects like undermining governance, as well as ones like breaching payment systems or corrupting infrastructure, can cause the whole system to be compromised. Additionally, the companies can experience greater cash flow volatility and end up with a lower net worth to total asset ratio, which indicates a reduced ability to withstand hardship. This is a concerning situation that is expected to have a long-term negative impact on organisations and can further harm the economy if not addressed.
Steps To Prevent Cyberattacks
Based on the best cybersecurity practices, listed below are some methods to prevent cyberattacks.
Securing networks and databases: The networks must be protected with firewalls, along with encryption for the sensitive data. Furthermore, selected users must be given access to the information, data, and documents to ensure security. Depending on the level of activity, automatic data backups should be configured to be completed. This backup of data will boost the odds that it won't be completely lost in the event of a cyberattack.
Creating security policies: To assess current policies, practices, and capabilities, a clear governance structure for organisations charged with cybersecurity and cyber crisis management should be established. This structure should have a proper mandate that clarifies the roles and responsibilities of various bodies. To create baseline security benchmarks and policies, stakeholders should also be included in a thorough consultation and information-sharing process. Additionally, in order to improve incident response capabilities, regular security drills must be organised to test these strategies.
A whole-of-a-nation approach: A nationwide strategy must be used to enhance the nation's and its assets' cyber security posture. Given the importance of Indian assets and the adversaries' capabilities, a thorough national risk assessment is necessary. Stakeholder involvement and the development of a reliable information-sharing system are required. The government needs to play the role of an intermediary, establish a public-private partnership, and place enough emphasis on user awareness and education. In order to maintain dominance in cyberspace, privacy and security must be balanced while dealing with cybercrime and promoting R&D.
The creation of a resilient cyberspace for the government, society, and businesses has currently become essential. India needs to strengthen its organisational and legislative framework in order to better defend against cybercrime and effectively combat it. Therefore, a number of specific actions and steps must be taken to stop, identify, and lessen the negative effects of cyberattacks.
These threats, as well as the capabilities and intentions of adversaries, are currently well-known to both the public and private sectors. As a result, recent investments in enhancing cyberspace are surging. According to a PwC survey, over 82% of corporate leaders in India anticipate an uptick in cybersecurity budgets in 2023. Furthermore, the latest budget allocated 400 crores to cybersecurity projects and 225 crores to the Indian Computer Emergency Response Team (CERT-In). The amount of money allocated this year shows how urgently the nation needs cyber security and how seriously policymakers are taking the issue.