There has been a tremendous surge in cyber attack on Indian organizations and govt entities like the AIIMs in the year 2023 most of which has been accounted to Ransomware attack.
The number of cyber attack cases in India increased by 15% per week on an average in 2023 as per Check Point and emerged as 2nd in Asia in terms of attack.
In the interim Budget 2024, the Finance Minister allocated 759 cr for the yr 2024-2025.Last yr this amount was 400 cr.
The increase in amount comes at a time when the Indian computer emergency response CERT-in reportedly handled a huge amount of cyber security related incidents.
The budget allocation signifies why there has been increase in the allocation. The main reason lies that India needs to safe guard its infra, industries, digital assets , telecom from cyber attacks which are getting innovative and it becomes essential to maintain a robust and secured cyber infrastructure .
The increment in the budget for cyber security will help to focus in compliance, enforcing regulations and making sure that organization implements and adheres to strict cyber culture and increase cyber security trainings which are lacking in many govt organizations. Cyber security education and cyber awareness is lacking and people are quiet about it when incidents occur .Reporting on time of any incident is essential and to bring in a culture of cyber security it is important that training forms an essential part.
The past few years have witnessed some high profile breaches in India.And these inclues Aadhaar database, Air India, BigBasket, Dominos, and SBI among others.
As per IBM report, according to IBM Security’s Cost of a Data Breach Report the cost of Detection and escalation has increased by 45% over this same time frame, representing the highest portion of breach costs, and indicating a shift towards more complex breach investigations.
To stay resilient India must stay invested in modern security strategies and solutions.
According to the 2023 IBM report, globally, organizations need to plan to handle the increasing cost and frequency of data breaches. The report found that while 95% organisations have experienced more than one breach and they are in process to understand how to overcome the cost by increasing security investments.