Why does Cybersecurity need to be a strategy in the corporate space?

As the adoption of 5G technology increases, the risk of cyber threats also increases, making it important for companies to have appropriate cybersecurity measures in place. SMBS are especially vulnerable to cyber attacks, as they often have limited resources to invest in cybersecurity

- Aayush Ghosh Choudhury

When the Prime Minister announced the launch of 5G in India, industries counted moments for a revolution in business operations and stellar customer experience. With a 20 Gbps network speed, ultra-low latency, 99.9999% reliability, and high bandwidth, 5G has the potential to reverse the business landscape and transform the corporate world. It will generate a cumulative economic impact of $1 trillion by 2035 and contribute an additional GDP of $150 billion between 2025-40.

However, on the flip, the 5G ecosystem will also invite a host of sophisticated cyber threats that may cripple company networks, big or small. 43% of all cyber breaches target SMBS, while over 80% of Indian executives believe cybercrime will be more refined for the corporate sector in 2023. Moreover, malware, ransomware, Botnets, DDoS attacks, MiTM, and phishing scams will be the talk of the town. They will leverage the multi-sliced source points and large attack surface of 5G networks to invade the corporate space. In other words, India's data breach, which incurred INR 176 million in 2022, will grow manifold each year if companies do not bring an appropriate cybersecurity framework to the table.

▾ 4 Reasons Why Cybersecurity Needs To Be A Priority For Corporate Players

Identity theft, invasion of privacy, and crypto-jacking have adverse financial consequences, including hefty penalties, stock price crashes, lawsuits, and consumer grievances. 40% of consumers stop doing business with companies that suffer a cyberattack, and a whopping 95% believe that company trustworthiness is more important than brands. Thus, a robust risk management strategy will help corporate players accomplish the following benchmarks and win consumer confidence.

▾ Corporate governance