India has seen massive growth in its digital world over the last several years. However, amid the massive growth of its online sector, many companies seemingly failed to adequately protect themselves
As a result, a massive rise in cyberattacks has occurred, which now poses a major risk to the country’s economic goals and ambitions.
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With a digital population of over 692 million, it’s no wonder that India is a top target for cyberattacks.
Many of the country’s industries, from manufacturing to pharmaceuticals, have been hit by online attacks in their vulnerable state.
India's Digital Growth Faces Cybersecurity Challenges with 53% Rise in Ransomware Attacks in 2022. India Arrives to the Digital Scene Only to Become an Easy Target for Hackers
Amit Pradhan, the consulting leader for Mandiant, India's cybersecurity giant, has explained the situation. The company, which is owned by Google Cloud, reported one of the largest incidents to happen recently - the breach of Suzuki Motorcycle India. The attack took place in May of this year and forced the company to halt production. In March, India's largest drugmaker suffered a ransomware attack, which was announced to have an impact on the company's revenue. Pradhan noted that every company in the country has the ambition to go digital, but he also emphasized that the benefits of doing so come with certain risks. It is believed that many of the attacks may have come from China, India's largest neighbor and competitor to both the Asian subcontinent and the US. India, being new to the online scene, has suffered attacks on civilian and military infrastructure alike. Given the situation, the country's Prime Minister, Narendra Modi, is expected to convene a high-level meeting to review cybersecurity and data protection measures. The goal is to make the critical structure more resilient to hybrid warfare.
India’s Growth Threatens Neighboring China
India has experienced significant growth in its population, economy, and technology. As the world's most populous nation, it now aims to become a global leader in industries such as electronics manufacturing. With China's tensions with the US, India has an opportunity to replace it as the world's factory. However, online attacks, believed to originate from China, have targeted major firms. Ransomware is the most popular type of attack, where hackers encrypt files and demand payment for the decryption key. According to CERT's report, ransomware increased by 53% in 2022, leading to a rise in high-profile incidents. The situation has created a demand for security software, and Mandient has received numerous requests for aid. Fortunately, many companies have become aware of the dangers following security breaches, resulting in Mandient being contacted by firms before they are attacked.
However, a big problem for Indian firms revolves around budget constraints, meaning that many companies have opted to spend less on protection and more on other upgrades.
India is Far Behind Developed Nations in Terms of Cybersecurity
India is recognizing the importance of cybersecurity, but still has a long way to go compared to developed nations. Many firms worldwide have been victims of cyber attacks, leading them to increase their security measures. However, some Indian companies are taking cybersecurity seriously and investing in reducing vulnerabilities. For instance, L&T Technology Services plans to increase its cybersecurity investment by 50% next year and adopt a zero-trust architecture. While artificial intelligence (AI) can help detect IT system vulnerabilities, hackers and scammers are also using AI to create convincing phishing emails. Unlike traditional phishing emails filled with grammatical errors, AI-generated phishing emails have flawless grammar, making it harder to identify malicious actors.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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