COVID-19 has put the world at a slow pace in all aspects of human life and the world continues to live under the cloud of uncertainties and fear arising because of the COVID-19 outbreak, its impact on everyone’s psychology, health issues and behavior issues are unimaginable.
To keep everyone connected in the current situation, growing technological advancements and internet penetration are driving enterprises to invest more into cybersecurity. Digitization across enterprises is prone to cyber threats and information breach. Hence, enterprises are investing heavily in cybersecurity tools. The companies are deploying infrastructure, network security solutions, endpoint protection, and Data Loss Prevention software, etc. Cybersecurity will emerge as the next big sector.
India is the second most cyber-attacked country in the world. As India has become one of the most data usage countries in the world, there has been a considerable increase in cyber risk vulnerability. Cybersecurity in India has come a long way in the past few years and has gained huge importance in recent times with the thrust on Digital India.
As data breaches proliferate, flooding the dark web with countless stolen identity credentials, critical information is ending up in the hands of fraudsters, who are then able to pose as legitimate users behind the cloak of the internet. Fraudsters continue to innovate new ways to steal money from financial institutions. One new threat to the financial system is the invention of synthetic identities that are used to defraud organizations like banks, lenders, insurers, telecom providers, and the government. Synthetic identity fraud is responsible for up to 20% of credit losses and costs lenders billions each year.
During the period of crisis, corporates moved fast to respond with urgent point solutions. Now is the time to maintain momentum and set up for the recovery and beyond through the creation of a resilient digital platform that can help organizations improve their economics and ability to innovate in the world ahead.