Indian Tech Companies are Already Losing Cybersecurity War
The numbers revealed by Mumbai's cybercrime team show an increase in the number of corporate cyber attacks. The cybercrime branch has recently solved a host of high profile cases including Jio Infocomm's unauthorized data leak case.
Cybercrime department gets at least three-four corporate cybercrime cases in a week. The corporates that didn't come forward earlier now openly disclose the attack incidents and lodge complaints. The sophisticated business email compromise cases are quite common among all received complaints. Cybercriminals often inject messages in the trail mails and change the invoice numbers and bank account to siphon off money.
The number of cyber attacks is increasing each day. Globally big tech giants like Yahoo, Equifax have been targeted to compromise a large amount of data. Just the Q2 of 2017 reported 311 publicly disclosed security incidents. The lack of security regulations and a small amount of money invested in fighting cyber attacks is making Indian companies the easy target of cyber attackers.
In last two months, India's two of the top private banks, telecom company, a top media company and the stock exchange have been the victim of major cyber attacks. Except the financial services that are mandated by the RBI, private companies hit by cybercrime hide the cybercrime incidents. Given the scale of threat, Indian companies are not investing enough in security.
Reliance Jio was recently attacked by cybercriminals, leaking a part of its database. Star media was hit by the attackers, leaking unreleased episodes of Game of Thrones. Another reported attack on Union Bank leaked the access codes for the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Axis Bank was hit by unauthorized offshore hackers. 17 million user records were stolen from Zomato's servers.
Big Indian organizations like Renault India, Yes Bank, IRCTC, Hitachi Payment Systems, Bank of Maharashtra and Reckitt Benckiser India were reportedly hit by cyberattackers in last few months. Indian companies need to beef up the security to fight against the cyberattacks.