Is Mapping Out Cyber Security Important? Do the increase in losses and cyber-crime rate necessitate the implementation of expensive cybersecurity systems?

Just flip through any newspaper and with all surety you will come across the huge sum of money being siphoned in a newer kind of cyber-attack. According to the Indian Computer Emergency Response Team (CERT-In), 27482 cases of cybercrime were reported in a span of 6 months in 2018. As more people are going online, the cybercrime rate through phishing, probing, virus, malicious code and ransomware have become the major modus-operandi of cyber attackers.

Do the increase in losses and cyber-crime rate necessitate the implementation of expensive cybersecurity systems? Some companies do not have access to proper knowledge; others find the installation of cyber-safety too expensive. "With a plethora of topics, adequate funds and staff, the installation of cybersecurity systems are more of a headache," says Sakun Aggarwal, Managing Director of Krishna Brickworks, who seems to be satisfied with secured passwords for all his data and records.

However, losses in terms of millions of dollars and loss of private information of employees, ransom demand to unlock files and various other malpractices are rising significantly. Ransomware payments hit USD 2 billion in 2017, twice as much as in 2016, according to Bitdefender antivirus software firm. Likewise, the cybercrime at Equifax (EFX), one of the largest credit bureaus, where personal data of 145 million people was stolen, cannot be ignored. The situation is alarming. Hence, the need to prioritize cybersecurity becomes predominant in today's times.

By definition, cybersecurity means the techniques and processes of protecting the computers, data and programs from unauthorized access and misuse which can lead to exploitation. The intruders begin from a lesser protected system and gradually move up to more confidential and critical information undeterred, posing a threat to the entire system. Know-how as to how manipulation can happen and the steps needed to prevent vulnerability is mandatory and highlighted in following points:

1. Establish secure passwords and antivirus tools

Mechanisms like emails attachment scanner, strong authentication and stronger passwords have become the first step of the security measurements. The passwords shouldn't be easily guessable. They should be unique.Ramneet Kaur, COO of Rapid Skillz says, "Avoid using passwords with birth dates and family names. Else it becomes quite predictable and easy to guess. Use specialized skill to strengthen your passwords and secure all data."

2. Employee training

The employees should be educated and trained against all human vulnerabilities and guided that phishing is a common scam. The attachments with emails cannot be locked and thus, should be opened only if the employees are certain of the sender. They should avoid clicking any pop-ups that flash on the screen.

3. Steps to reduce access to information

Easy access to any kind of information should be protected. Various software like proxy testing programs, encryption software, Virtual Private Number (VPN) and reliable security software should be installed.

Vimal Gupta, CEO of New Idea Farm Equipment Company says, "After having been duped by a fake bank call asking for the credit card number and its details, later misusing it for their personal use; we have become wary of the vulnerability around. We have installed Kaspersky software and become cautious of any fraudulent practices that are possible."

4. Updating is the key

Professionals should be appointed to check intrusion at regular intervals and to tab any lacuna possible by human error. The system has to be updated every now and then. Keep a note of the latest pitfalls and mistakes that are causing severe monetary losses and steps being undertaken to prevent future fallacies globally.

Arpit Jain, Founder of Promatics Information Technology suggests, "It is advisable to devise a continual back-up to prevent any fallacy and easy restoration of valuable data in case of adversity. The institute should be safely guarded against any cyber-crime possible as data is the crux of all information."

The bottom line:

Cybersecurity is an ongoing phase. It is undoubtedly expensive but with the increase in techniques and pace of cyber-crime, installation of the mechanism is much better than repentance later. One can always begin with free cyber-security options and gradually prioritize the digital data security. In the age of digitalization, the digital data is becoming the crux of all information and hence it has to be protected against any malpractices.