Waiting For A Cybersecurity disaster to happen
By MYBRANDBOOK
There have been over 5.2 crore cyber-attacks happened between the months of January to March in India. The covid-19 crisis has redefined how we work and communicate with each other. While technology has ensured business continuity, it has opened a pandora box of sorts. At one end, it has resulted in faster adoption of digital banking and other technologies, and at the other end, it has made us vulnerable to cyber-attacks and online frauds.
The pace of innovation today is higher than ever before and India ranks fourth in cyberattacks globally and in recent times this has only increased. While, RBI has made cybersecurity mandatory for banks and set up a protocol for security implementation and attack reporting as early as December 2019, the COVID crisis has thrown caution to the wind.
Technology becomes a bridge that keeps us all connected and helps companies maintain business continuity. More than ever, application- centric IT has become a key factor for competitive advantage. A report says, India’s bank customers are particularly vulnerable to fraud, hit by unauthorised access and data breach. Only time will tell where we are heading…..
Co-operative banks, the dark side of the moon. A report of RBI states, there are 1,544 urban co-operative banks and 96,248 rural co-operative banks in India. It is accounted for 64.7% of the total assets of the co-operative sector. The asset value of Urban Co-operatives banks itself exceeds Rs. 5632 billion. RBI data shows that during the period 2008-17, banks in India faced 130,000 reported cases of cyber fraud involving an estimated Rs 700 crore. A severe cyber-attack can result in bank failure even when no money is lost directly.
We could have learnt from the episode that happened in 2018 in Cosmos Bank in May 2019, a cooperative bank called Urban Cooperative got hacked and again In December 2019, data leaked from insiders led to the loss of Rs. 29 crores from Shamrao Vitthal Co-operative Bank. If that is not all, even a bank as small and lesser known as the Chembur Nagarik Sahakari bank, which has only 10 branches and serves customers located in the Chembur suburb of Mumbai has reported hackers trying to attack its servers.
A lot of incidents go unreported either because the banks don’t realize a data breach in the first place or fear reputation loss. And this is just the tip of the iceberg.
Although some of the co-operative banks may have begun complying with guidelines laid down by the Reserve Bank of India, the corona virus outbreak has most certainly disrupted the existing cybersecurity measures ushering in a sense of urgency.
OpenAI to bring out its GPT Store in early 2024
Microsoft-backed AI startup OpenAI during its first ever Devday developer...
IBM debuts next-generation quantum processor
At the annual IBM Quantum Summit in New York, IBM debuted ‘IBM Quantum...
Accenture unveils specialized services to help companies scale
Accenture has unveiled a comprehensive set of new services designed to hel...
Amazon signs SpaceX as launch partner for internet satellite
Amazon.com enters into an agreement with its competitor SpaceX for three...
Technology Icons Of India 2023: Aalok Kumar
Aalok continues to lead the India business and further strengthen Indi...
Technology Icons Of India 2023: Kumar Mangalam Birla
Aditya Birla Group chairman Kumar Mangalam Birla’s return to Vodafon...
Technology Icons Of India 2023: Josh Foulger
Josh is the Country Head of India and MD of Bharat FIH Ltd (A Foxconn ...
GSTN aims to integrate indirect tax ecosystem on a shared IT infrastructure
Goods and Services Tax Network (GSTN) has built Indirect Taxation plat...
New defence PSUs will help India become self-reliant
MIL, India’s biggest manufacturer and market leader is engaged in Pr...
C-DOT enabling India in indigenous design, development and production of telecom technologies
An autonomous telecom R&D centre of Government of India, Center of Dev...
B D SOFTWARE
BD Software is the distributor of IT security solutions in India. The ...
INFLOW TECHNOLOGIES PVT. LTD.
Inflow Technologies is a niche player in the IT Infrastructure Distrib...
ACCERON INFOSOL PVT. LTD.
It is a leading value added distributor in the IT security space and h...