Tag: Cyber Security

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Technology

Indian Tech Services Revenue Could Reach $300-350 Billion by 2025: Nasscom

Laptop| Representational Image (Photo Credits: Pixabay)
Laptop| Representational Image (Photo Credits: Pixabay)

The technology services sector in India is could accelerate growth by 2 per cent to 4 per cent over the next half a decade, as per a report by Nasscom titled ‘Future of Technology Services – Winning in this decade.’ According to the report, the industry could reach $300-350 Billion in its annual revenues. At present, the technology services sector accounts to 27 per cent of the country’s total export. It also supports livelihoods of around 44 Lakh people, as per the report. The industry also contributes to 8 per cent to the overall economy by providing impetuous to more than 50 digital initiatives across various sectors including banking, finance, health among others. 6 Benefits How Technology Can Be Beneficial for Your Business.

Debjani Ghosh, President Nasscom, said in a statement, “The Indian Technology services sector can utilise the potential of deep technologies like cloud, artificial intelligence, machine learning, IoT, etc., through effective transformational practices, thereby contributing to the overall economy in the coming decade.” “The government needs to encourage and support digital literacy and skilling to ensure its talent, energy, imagination, knowledge, and unmatched commitment unites to address the customers’ surging needs,” added Ghosh. 3 Technological Trends that will define the future!

The coming decade will also experience growth in the technology spend, which would be primarily driven by the increase of  digital reinventors, technology natives and a growth in demand for Digital 2.0 accelerated by the industrialisation of cloud, AI and cybersecurity, said the Nasscom. According to the report, the technology services are expected to mount to $300-350 Billion in revenue by 2025, boosted by the cybersecurity ad loT digital spending.

Categories
Strategy

Companies More ‘Reactive’ Than ‘Proactive’ on Cyber-Security Issues, Say Experts

Firms are more 'reactive' to cyber security than 'proactive'| Representational Image (Photo Credits: Pixabay)
Firms are more 'reactive' to cyber security than 'proactive'| Representational Image (Photo Credits: Pixabay)

The operations and functions of various business organisations have undergone drastic changes over past several months owing to the restrictions and limitations imposed due to the spread of COVID-19 pandemic at a global level. More and more businesses moved towards the online and digital sphere as countries worldwide started to put month-long lockdowns. Given massive presence of businesses in online spectrum, cyber security experts are of the view that several companies still need to be more proactive in terms of strengthening their systems against cyber attacks.Small and Medium Businesses Disclosing Data Breach ‘Quickly’ Incur 40% Less Financial Loss: Report

Experts however believe that with the coming in Data Privacy Bill, companies will be directly or indirectly forced to adopt better measures to make sure that their systems are better protected from the external attacks. It may also strength the entire online infrastructure and operational activities. Studies show that ever since General Data Protection Regulation (GDPR) was launched in Europe, more and more steps were undertaken by the companies to ensure data protection and cyber security. 5 Ways To Protect Your Business From Cybercrime.

Talking about the issue of cyber-security, Arpinder Singh, India & Emerging Markets Leader, EY Forensic & Integrity Services said, “I think some organisations have been proactive and some organisations have been reactive. Reactive means they have actually had an incident and then they have run around trying to fix it, I think some companies have been smart, when someone has been hit, they have analysed that loss and then thought of protecting themselves. But that’s a slow process in the pandemic. Everyone has tight budget.”

The companies are currently more reactive to the cyber-security issues rather than being proactive. According to the experts, any firm will not be willing to enhance its cyber-security until and unless an external force breaks into its system. Given the magnitude of e-commerce activities being done, owners should be careful about protecting their data. They also stress on the need of training the employees both in the government and private sectors on data security and protection.

Categories
MSME

Small and Medium Businesses Disclosing Data Breach ‘Quickly’ Incur 40% Less Financial Loss: Report

SMBs which report data breach incur 40% less financial loss| Representation Image (Photo Credits: Pixabay)
SMBs which report data breach incur 40% less financial loss| Representation Image (Photo Credits: Pixabay)

A new report by the cyber-security firm Kaspersky has highlighted the direct relationship between the disclosure about data breach and financial losses suffered by the organisations. The report said that the small and medium businesses (SMBs) who decide to voluntarily inform about a data breach, on average, are likely to lose 40 per cent less financial damage than their peers that saw the incident leaked to the media. For SBMs who disclosed their breach to the public within due time reported an estimated loss of $93,000, while those who did not disclose themselves suffered $155,000 when the incident was leaked in the media.

The failure to suitably inform the public about a data breach in a timely manner can make the financial and reputation consequences of a data breach more severe, concluded the report. The same tendency has also been found to be the case in enterprises. The firms who voluntarily disclosed about the data breach in public incurred a loss of $1.134 Million, while where the information was leaked the firms suffered a loss of $1.583 Million, a 28 per cent more than the former. “Proactive disclosure can help turn things around in a company’s favour – and it goes beyond just the financial impact. If customers know what happened firsthand, they are likely to maintain their trust in the brand,” said Yana Shevchenko, Senior Product Marketing Manager at Kaspersky.

One of the real life examples is of Yahoo! The firm was fined and criticised for not notifying their investors about the data breach it experienced. Uber was also fine for covering up an incident of data breach. The firm surveyed more than 5,200 IT and cyber-security practitioners globally. The survey showed that organisations that take ownership of the situation usually mitigate the damage. Around 46 per cent of businesses disclosed a breach proactively. However 30 per cent of organisations that had experienced a data breach preferred not to disclose it. Almost 24 per cent of firms tried to hide the incident initially, but it was leaked to media eventually.

“Although minimal losses were reported by businesses that managed not to disclose the incident, this approach is far from ideal. Such companies are at risk of losing even more if — or more likely when a cyber-security incident is revealed to the public against their intentions,” said the report. It added that the risks are especially high for those companies that couldn’t immediately detect an attack. Nearly 29 per cent of SMBs that took more than a week to identify that they had been breached found the news in the press, which is double those that detected it almost immediately.