Cybersecurity is most certainly the hot topic of the year. A look at the open cybersecurity positions in India and around the world can help you understand the dearth of IT professionals worldwide. According to the Cybersecurity Ventures “Cybersecurity Jobs Report,” there were 1 million cybersecurity job openings in 2016. That number is expected to grow to 1.5 million by 2019.

The State of Cybersecurity in India

India is no exception in this regard, given the various security breaches and countless records lost during India’s ongoing digital transformation. The majority of these attacks happened in the e-commerce and banking sectors due to the high value of personally identifiable information (PII).

These notable breaches in India should serve as a wake-up call for every Indian company to be better prepared for security incidents:

  • Cybercriminals breached the Indian Railway Catering and Tourism Corporation (IRCTC) website, the country’s largest government site, and stole around 10 million customer records from the server of the e-ticketing portal.
  • Fraudsters spoofed the email account of Binny Bansal, chief executive officer (CEO) of Flipkart, and sent two emails to the chief financial officer (CFO) demanding a transfer of $80,000.
  • A Pakistani cybercriminal known as Faisal allegedly breached the website of Canara Bank. The attacker defaced the site by inserting a malicious page and blocked some of its payment services.

A Good Beginning

According to Mandiant Consulting’s “M-Trends 2016, Asia-Pacific Edition,” Indian organizations are more susceptible to data breaches because of poor investments in high-end security solutions. Few organizations have reached maturity sufficient to move beyond antivirus software to detect malicious mechanisms across an entire area. When it comes to cybersecurity in India, we need to focus on our belief that a security incident can happen to anyone, including us, and better prepare for future.

For example, the Reserve Bank of India governor stated that the Central Bank is improving its security capabilities and asked other banks to follow suit. The recent Memorandum of Understanding (MoU) between the national cybersecurity agencies of India and the U.K. is a step in the right direction. The exchange of technical information on cyberattacks, security incidents and solutions will benefit both countries while they fight cybercrime together.

The Indian government has also started to invest time and money to recruit cybersecurity experts and partnerships with top international cybersecurity firms. These efforts will help check the number of security incidents.

We like to say that a good beginning is half the work done. Even though the pace of change seems slow for cybersecurity in India, better awareness and effective solutions should help India respond more successfully to security incidents in the future.

Learn how the new IBM X-Force IRIS Team Proactively tackles security threats

More from Intelligence & Analytics

2022 Industry Threat Recap: Manufacturing

It seems like yesterday that industries were fumbling to understand the threats posed by post-pandemic economic and technological changes. While every disruption provides opportunities for positive change, it's hard to ignore the impact that global supply chains, rising labor costs, digital currency and environmental regulations have had on commerce worldwide. Many sectors are starting to see the light at the end of the tunnel. But 2022 has shown us that manufacturing still faces some dark clouds ahead when combatting persistent…

Cybersecurity in the Next-Generation Space Age, Pt. 3: Securing the New Space

View Part 1, Introduction to New Space, and Part 2, Cybersecurity Threats in New Space, in this series. As we see in the previous article of this series discussing the cybersecurity threats in the New Space, space technology is advancing at an unprecedented rate — with new technologies being launched into orbit at an increasingly rapid pace. The need to ensure the security and safety of these technologies has never been more pressing. So, let’s discover a range of measures…

Backdoor Deployment and Ransomware: Top Threats Identified in X-Force Threat Intelligence Index 2023

Deployment of backdoors was the number one action on objective taken by threat actors last year, according to the 2023 IBM Security X-Force Threat Intelligence Index — a comprehensive analysis of our research data collected throughout the year. Backdoor access is now among the hottest commodities on the dark web and can sell for thousands of dollars, compared to credit card data — which can go for as low as $10. On the dark web — a veritable eBay for…

The 13 Costliest Cyberattacks of 2022: Looking Back

2022 has shaped up to be a pricey year for victims of cyberattacks. Cyberattacks continue to target critical infrastructures such as health systems, small government agencies and educational institutions. Ransomware remains a popular attack method for large and small targets alike. While organizations may choose not to disclose the costs associated with a cyberattack, the loss of consumer trust will always be a risk after any significant attack. Let’s look at the 13 costliest cyberattacks of the past year and…