The recent incident of hacking of about 3.2 million bank customer debit cards in India has shown how poor is the country’s cyber security and its preparedness to face the new challenges in managing cyber security in India. Experience shows that in India, disaster preparedness is done only when one is experienced – a trend that’s reflected in cyber security too.
With improved connectivity because of integration of various technological entities (physical, digital and biological) data proliferation has occurred on a never-before scale. This has highlighted the vulnerability of the system because of the threat of cyber breach. The recent increase in cyber attacks, ranging from financial frauds to denial-of-service attacks on websites of governments, is alarming. These have been done by individuals and some hostile entities. Unless effective measures are taken it may lead to a drastic decline in productivity, efficiency and profitability of businesses.
Cyber attacks may relate to breaches in data security or getting unauthorized entry into a network. This may lead to loss of personal data, intellectual property, information on business deals, prices of shares, and the like. Cyber attacks can manifest themselves in the form of denial of services, sending counterfeit messages to elicit personal information such as bank account credentials, and theft of personal information. Further, it can also disable or denying entry by locking the whole IT infrastructure.