India is continuing to make progress on its journey towards economic digitisation, with technologies such as 5G helping organisations to transform the way they do business, yet the south Asian giant is up against one of the gravest cyber-security challenges faced by nations in the global region.
A new report has found that Indian authorities receive over half a million cyber-security alerts daily – almost three times the global average.
Organisations need to be more open with consumers regarding the data organisations collect and the ways in which those data are shared, if firms are to begin combatting the danger effectively; that’s according to advice coming from a joint KPMG in India-Indian Mobile Congress-COAI report published recently.
In 2018, the study found, the impact of a data breach on an organisation averaged around $3.9 million globally, whereas the figure hit $1.83 million in India alone last year.
The report said:
“Nearly 39 per cent of security alerts remain unattended owing to the lack of relevant skill-sets. Though there are approximately 600,000 digitally skilled employees in India, only 10-12 per cent have cybersecurity skills, while even fewer have data protection and privacy skills.”
A key area of concern relates to an increasing skill gap in India, which experts fear may widen as cyber-security practice and awareness falls behind the speed of digitisation.
“Here, it has become essential for organizations to offer relevant training to upskill and reskill employees,” said the report.
Over 50% of the security alerts outlined in the KPMG report turned out to be false after investigations had been made, a statistic that puts added burden on cyber-security practitioners, the study said.
“As India speeds up its mission to transform into a truly digital economic, cybersecurity threats and privacy concerns could impede its success.”
“Considering the rising threats of the digital age, organisations need to have a comprehensive security architecture in place, one which ensures the protection of critical data across varied networks and environments, and technologies that dynamically respond to threats as they emerge,’ it continued.
“This will require collaboration between entities that extract the data, and those responsible for ensuring that the data is used effectively and ethically,” the report added.
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