Cybersecurity: Data loss a serious issue for businesses
In today’s world, digital transformation is happening at lightning speed, with the Indian digital transformation market projected to grow at a CAGR of 74.7% till 2024. Organisations are looking at cloud native applications, containers, AI, and machine learning, which are generating large amounts of data. In addition to these, a lot of data sets are being transformed. Traditional enterprise workloads are either being retired or replaced with new-age data sets.
This has made data security a critical element in the overall organisational structure. A recent global Dell Technologies study, the Dell Technologies Data Protection Index, reported that 53% of businesses in India are far from their digital transformation goals. According to it, Indian businesses lack confidence to manage mission-critical data.
Around 74% of them reported higher number of incidents of data loss from cyberattacks in the past year and around 68% said that their existing data protection solutions will be unable to meet the challenges of the future. Given the threats of ransomware, malware, leaks in data, and rising sophistication of cyberattacks, Indian businesses cannot deal with data protection as an afterthought, says Ripu Bajwa, director sales & general manager, Data Protection Solutions, Dell Technologies. As of June 2022, India’s data breach rate was 740% higher than in the first quarter of this year, rising from 5 to 42 breached accounts per minute.
“As we progress further into the digital era, it will be of utmost importance to secure data wherever it resides,” Bajwa says. He lists the five vital cybersecurity framework functions:
Identify and deploy: This means you deploy organisational understanding to manage cybersecurity risks to systems, people, data, assets, etc.
Protect: Develop and implement safeguards to ensure delivery of critical services to any entity. The protect function implies the ability to contain the impact of a security event.
Detect: Companies need to develop and implement appropriate strategies to identify any breach or security event.
Respond: Entities need to have a posture on how they react and take action in case they detect a cyber threat.
Recover: The last but the most critical point entails companies having a plan to restore all business-critical applications and services that are impaired due to a cybersecurity event.
Simple measures like choosing secure IT infrastructure support, conducting a password audit and investing in Zero Trust solutions will go a long way in protecting crucial data for businesses in India, Bajwa stresses.
NUMBERS SAY IT ALL
53% of businesses in India are far from their digital transformation goals
74% of the businesses reported increase in incidents of data loss from cyberattacks in the past year
68% believe their existing data protection solutions will be unable to meet the challenges of the future
As of June 2022, the country’s data breach rate was 740% higher than in the first quarter (Q1) of this year, rising from 5 to 42 breached accounts per minute
Gloss