The Importance Of Cybersecurity In A Digital Era

On the back of growing digitization and Internet penetration, India has been making its mark as one of the epicenters of the digital economy.

- Mukesh Sachdev

As per the Department of Economic Affairs, the Indian digital economy is expected to touch the $1 trillion mark by 2022. As of today, a total of 462 million active Internet users are consuming informative, financial and entertaining content on their phones. These staggering numbers have also led to a corresponding upsurge in cybercrimes in the country. According to reports, India is the third most targeted country in the world where a cyber-attack is recorded every ten minutes. If information on fingertips is the positive side of the digital economy; the negative is the cybercrimes-taking place in the country.

A large-sized organization in India experiences an average of $10.3 million of economic loss from cyberattacks; while a mid-sized organization suffers an average of $11,000, these losses are on an annual basis, revealed a recent report by Frost & Sullivan commissioned by Microsoft. The study further revealed that more than three in five organizations (62%) surveyed in India have either experienced a cybersecurity incident (30%) or are not sure if they had one as they have not performed proper forensics or data breach assessment (32%).