Companies need the best of breed solutions to combat the scourge of security and ransomware
Digital technologies are now the cornerstones for any small or large business. They help the organisation to scale up far and wide and are definitely the new normal. As businesses look to drive efficiency and scale, they are rapidly adapting to the new, digital ways of working. With the digital era, comes the manifold challenges, further accentuated by the pandemic. Businesses have been left with no choice but to either shift their businesses online or become irrelevant for the consumer.
The business need has put immense pressure on the CIOs and their IT teams. While running the business with digitalisation at its heart has had its challenges, the mind of the business has had to focus on the detailing for smooth working.
Over the last few years, keeping consumers’ trust intact and safeguarding business data has become an additional responsibility for the leadership of companies. As the pandemic spread its wings and forced companies to change, security and ransomware worries have made the business environment even more challenging.
Two years later, the biggest companies are still trying to figure out the most effective tools and processes to keep their data and systems safe, their customers’ trust intact and businesses robust. During this period, the best among the Fortune 500 companies have had to bear the brunt of the changes.
The Economic Times, in collaboration with Veritas, organised a conversation around the theme, ‘Building Trust with Technology’. Some of the finest and experienced industry leaders participated in the conversation and shared their experiences and suggestions of having dealt with the situation.
Technology Leading Growth
Technology has been the bedrock for growth for most companies in the internet era. As companies realise the importance of Artificial Intelligence (AI), it could be one of the key technologies pushing the next leg of growth story. For companies, using the right mix of technology could add to their growth story.
Nothing tells the India growth story better than the spread of fintechs and how it has taken the country by storm. According to the National Investment Promotion & Facilitation Agency, India has emerged as the fintech superpower on the global stage. With over 2100 fintech companies, two in every three of them have been set up in the last five years. India has seen tremendous growth on the digital payments front, clocking a monthly volume of over 5.7 billion transactions.
Banks and financial services companies are partnering with and working closely with the fintechs to reach out to the unbanked and the underserved. As all banks and financial services firms spread their reach, there is a need for more stringent security protocols, something that the regulator has been particular about too.
Worrying For Security
According to the Indian Computer Emergency Response Team (CERT-In), the government body that tracks and monitors cyber security incidents in India, over 6.07 lakh cyber security incidents were reported in the first six months of 2021. For companies, it has been a worrying trend. In 2018, the number of cybercrimes stood at 2.08 lakh, in 2019 it rose to 3.94 lakhs and in 2020, it significantly rose to 11.58 lakh.
The worrying expanse of ransomware for Indian companies was again confirmed in a study that Indian companies suffered more ransomware attacks than any other country in 2021. The shift to hybrid working mode and increased dependence on online processes have contributed to the trend. With the potential hacking having more number of locations to seek entry, the IT infrastructure teams are having to be on their toes. For large companies, which can be geographically spread far and wide, it is a challenge that requires aggressive intervention with the best centrally monitored solutions. For smaller companies, similar solutions are being offered using cloud-based offering.
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Disclaimer: Content Produced by ET grey cell
