How cyber fraud can be reduced in India?

The world was already going through undergoing tremendous digital transformation and the outbreak of the pandemic accelerated its journey.  Even before the emergence of a worldwide pandemic, businesses faced a tough and dynamic environment as they attempted to defend their institutions from cyberattacks while maintaining their capacity to innovate and extract value from technological investments.

Businesses and IT departments have had to consider how to protect increasingly valuable digital assets, assess threats related to an increasingly volatile geopolitical environment, meet increasingly stringent customer and regulatory expectations, and navigate disruptions to existing cybersecurity models as companies adopt agile development and cloud computing.

According to a survey finding one in two corporate in India have a digital transformation strategy in place. The rapid digitalization in the industry and increased mobility have presented countless benefits for progress.

Cybersecurity is a significant driver of product value proposition, customer experience, and supply chain configuration for digital firms – and practically every company we know aspires to be a digital business. For example, digital enterprises must incorporate security into IoT goods, implement safe and simple customer engagement methods, and develop digital value chains that protect consumer data.

Digital businesses cannot let slow technology delivery get in the way of business innovation, so they are scrambling to adopt agile development, cloud computing and However, most companies have built their security architectures and practices to accommodate waterfall development and on-premises technology, resulting in a gap that may both raise risk and slow innovation.  

The sudden shift to enable entire workforces to work remotely has raised the stakes, the number of challenges related to data protection also increased dramatically. As per the recent statistics, more than 1.1 million cyberattacks were reported across India. This is clearly stating the need to set up robust cybersecurity measures.

Considering the vulnerable scenario of cyberspace, many cybersecurity platforms have emerged to prevent, detect and respond to cyberthreats. These platforms are equipped with security tools that created robust security infrastructure for companies. Businesses are adopting cutting-edge technologies such as the Internet of Things (IoT), AI, Machine Learning, Blockchain, cloud computing, etc, to streamline their workflows. Although, it has increased the vulnerability and risk of cyberattacks. However there is a positive technological boom due to the adaptation of these smart technologies, the concerns on privacy and security of business systems have also increased.  The adoption of new innovations created an environment where threat landscapes can change quickly.

Strengthening security infrastructure in cyberspace

Cyberattacks are more sophisticated than ever before, the first step in ensuring security for commercial organizations is to analyze threats and how they may be addressed. Organizations should develop a strong strategy to reinforce their cybersecurity infrastructure, depending on the size and sector.

Threat management                                          

Working in cyberspace entails security flaws. Managing threats with high-risk vulnerabilities is an organization’s top priority. To detect and guard against these threats, cybersecurity platforms improved with AI provide comprehensive threat management systems capable of dealing with complex cyber attacks. These platforms highlight a comprehensive strategy for combating cybercrime. They assist businesses in recognizing, prioritizing, and responding to risks at the most appropriate moment.

Access control and identity management

Every business needs a legally compliant and secure digital consumer experience. Identity management is used to keep the system’s data safe. For example, when a person enters their login or password, PIN, or scans their fingerprint to complete an online purchase, their identity is authenticated and verified through many stages. As a result, contemporary cybersecurity technologies aid in risk mitigation through identity management and access control.

Security for the remote workforce

The pandemic has resulted in a paradigm shift from physical workspaces to remote working. Further, advancements in communication and technology have led to the deployment of virtual tools and the acceptance of the benefits of remote working. To protect the remote workforce from cyberattacks, every firm must utilize a highly secure network. With a growing number of employees working from home, cyber attackers are continuously looking for loopholes in an organization’s security system. Thus, cybersecurity platforms assist firms in establishing a system to protect the security of private information while also training and informing the remote workforce.

Analyzing user behavior

User behavior analytics like anti-virus software is installed to scan files and keep track of viruses attacking the system. It focuses on user activity to secure data and prevent breaches. For example, checking the most crucial files read on a regular basis to identify patterns of consumption that indicate abnormal behavior. Given the unpredictability of the situation, cybersecurity systems make use of data’s capacity to gain insights in spotting undiscovered dangers.

Cloud computing security

Businesses are placing a premium on the security of their cloud systems. According to the estimates over 61% of firms will have shifted their workloads to the cloud by 2020. Furthermore, investment in business cloud computing will account for 14% of worldwide IT sales by 2024. This created a hitherto unseen necessity for the development of a secure cloud computing infrastructure. Cybersecurity platforms use strong practices to prevent unauthorized access to keep data and applications safe from potential threats and cyberattacks  

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