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Lack of right advisory services in Cyber Space: How to protect the digital duniya?

India has emerged as the fastest growing major economy in the world as per the Central Statistics Organisation (CSO) and International Monetary Fund (IMF). It is expected to be one of the top three economic powers of the world over the next 10-15 years, backed by its strong democracy and partnerships. India’s GDP is estimated to have increased 6.6 per cent in 2017-18 and is expected to grow 7.3 per cent in 2018-19. India has retained its position as the third largest start-up base in the world with over 4,750 technology start-ups, and about 1,400 new start-ups being founded in 2016. India’s foreign exchange reserves were US$ 422.53 billion in the week up to March 23, 2018, according to data from the RBI and the decision of Government to invest Rs 2.11 trillion (US$ 32.9 billion) to recapitalise public sector banks over the next two years. It is definitely a welcome statement.

 

Cyber hackers are increasingly opportunistic and they are increasingly targeting industrial control systems and networks bypassing traditional defences by continually engineering new methods of attack. Even sophisticated cyber security programs are being thwarted, often by targeting weak links in the chain, including vendors and employees. Due to its advanced economies and important geopolitical positioning, Europe is a prime target for these attacks. The most important and need of the hour is on how to protect the infrastructure and various important establishments in the country, which are the backbone.

 

With the growth of Internet-related technology, companies have accumulated troves of personal data. Business procedures have typically been focused on aggregating broad categories of data gleaned from consumers. Cyber threat environment is intensifying dramatically. Hopefully, the GDPR will change the European Data protection laws. As this law applies not only to EU organisations – whether commercial business, charity or public authority – that collect, store or process the personal data of individuals residing in the EU, even if they are not EU citizens, but also to the Service providers (data processors) that process data on behalf of an organisation that come under the remit of the GDPR and will have specific compliance obligations. An example might be a company that processes your payroll or a Cloud provider that offers data storage.

 

The most important thing is that the social media has to function under the regulated environment by every other government and it should vary from country to country by law and should not be one thumb rule. It is growing day by day as the awareness increases with their strong Market development funds(MDFs) and everyone is talking about enhancing the digital lifestyle. After so much of noise on social media sites on using database for commercial usage, which every company does to monetize, Facebook has reported first quarter revenue of $11.96 billion, up 49 per cent from last year. This is despite the fallout from a scandal that saw data from 87 million of its users shared with Cambridge Analytica.

 

At the same time, there has been recent growth in cyber security budgets by every companies going digital; there is a sense of importance for ensuring business continuity amidst the persistence and growing sophistication of cyber threats, and 92 per cent of organisations have increased their budget for cyber security in this financial year. According to the PwC survey, 68 percent of U.S.-based companies expect to spend $1 million to $10 million to meet GDPR requirements. Another 9 percent are expected to spend more than $10 million. As we approach the May 25 deadline, those expectations might have been on the high side and those organisations in non-compliance may face heavy fines. The GDPR’s requirements could result in an increase in business for larger OEMs.