Date : 04 Sep, 2018

Online Data Breach-A Nightmare for Indian Corporates.

 As Indian companies is rapidly transforming into digital platforms, incidents of an online data breach, hacking, and sabotage has emerged as a new reality. The following article will only try give you a brief idea about the most recent impacts of cyber-attacks in Indian corporate sectors and will also show your the path towards sustainable solutions in this regard. 

Online data breaches are bleeding Indian entrepreneurs like nothing; in fact, carving a million dollar hole in their pocket!” A latest quantitative analysis published on 21st July 2018 by IBM Security & Ponemon Institute, a widely trusted American research firm, reveals that the estimated average expenditure of data breach in India in 2017 has gone up to approximately 11.9 crores a year, a clear 8% sharp increase from the previous year of 2016.

So don’t just rely on your age-old data security measurements and traditional record storage methods. Join hands with India’s most rated Data & Record Management Company and protect your highly prioritized business records so that they can not be misused and manipulated by various mischievous means and online potential threats such as hacking, sabotage, online burglaries, malware and ransomware attacks and cyber espionage.  

Digital Data Breach in India-A Brief Review:

With the growing implementation of modern digital technologies such as cloud engineering, e-commerce, Big-Data, IOT, artificial intelligence, mobile payments, cryptocurrency, and other online banking methods, the risk associated with the safety of the highly sensitive corporate data in India continue to rise at a rapid pace.
In reality, the condition is so grave that the average rate of the potential data breach in India is actually much higher than the average cost of global data breach.

Following is a list of critical information which will help you focus on the growth of average cyber-attacks, their consequences and as well as the current statistics of the online data breach in India.

  • As per the 2018 edition of the ‘Cost of a Data Breach study’ published by US-based Ponemon Institute on behalf of IBM Security, “the total number of incidents of data theft and cyber espionage in India has increased at an exponential rate.
  • For instance, “More than 22000 Indian business websites, including 114 major government web portals, have been hacked between April 2017-January 2018.
  • One of such incidents that had successfully grabbed mass attention was filed in may 2017 when personal data of millions of Indian employees and working personals, being registered with the Employee’s Provident Fund Organisation was leaked worldwide.
  • Malicious cyber attacks are largely responsible for most of these data breaches in India, causing almost 42% of cyber attack cases.” The study revealed that the per capita cost on each lost and stolen records in 2017 rose up to 7.8% last year, which is approximately Rs. 4525.
  • Some of the major areas that have been deeply affected by these consecutive cyber-attacks were finance & accounting, audit firms, banking, services sector and e-commerce.

 

Conclusion:

Would it be completely secure for your secret business information to be stored only in digital forms, especially in an era where future wars will no longer be fought with weapons but using tools of cyber warfare? Well, we don’t think so. 

Like an ancient wise man, you should not put all of your eggs in the same basket. Both digital and physical storages have their own advantages and disadvantages. Besides, never try to manage your own or self-regulated document management system- cause it would be very expensive, time-consuming. 

In order to protect and preserve your valuable business records from all kinds of potential data breach, whether it is being done physically or through some computer coded means, you should simply subscribe SRM’s Comprehensive record and document management solution- a complete remedy with offsite and onsite record storage facilities, fast data digitization services, digital data storage system, instant data retrieval, document imaging, paper shredding and media tape vaulting services. 

The writer is working as a head of the content marketing division in Securus Record Management Pvt Ltd, a widely trusted data and information management solution provider in Delhi. For further information kindly share your query on the following email address or call us at +91-11-43922222 and write us at digital@securus.co.in