How prepared are Indian businesses to face cyber fraud.
Due to rise of Internet and rise of e-commerce most of the Indian businesses shift towards online marketing to earn more profit. But on same side a question arise whether these Indian businesses have strong preparation to face cyber frauds or safe themselves from the cyber fraud. According to the surveys, most of the Indian Businesses are not ready to protect themselves from the cyber fraud. Some of these businesses are not even aware about the cyber fraud.
Author : Prabesh Choudhary, Co-founder & Director at Cryptus Cyber Security Pvt Ltd, an organisation that provides Cyber Security Services, Corporate Trainings to the govt. & Private organisations. Has served well known institution as well as corporate sectors for playing a big role to make a secure digital world.
What is cyber fraud and how it can affect the Indian Businesses?
Cyber Fraud is any crime which is done with the use of electronic devices like computer, or to electronic data. It also include use of Internet to commit any crime. Now, if you see the current condition of Indian Businesses, whether it is large or small one, most of them have shifted themselves to the e-commerce or providing their service through cyber world. Due to this major functionality of businesses depends upon the electronic data which present online. The online transactions, digital money, banking, finance, retail, services, data management, mail, every crucial services of Indian businesses depend on cyber world. Currently the situation is that Indian businesses are focusing more and more on the digitization, which is very good for their progress and profit and they should adopt digitization. But the sad news is that, still major part of Indian Businesses are not concern about the security issues which arises due to it like cyber fraud and not spending their resources to protect themselves from it.
Most of Indian Businesses still don’t focus on the cyber security issues. Irony is that, they are still waiting for any big fraud to strike their business, so that they start concerning about cyber security and securing their online businesses. Currently the situation is that most of Indian Business are prone to cyber frauds like Identity theft, Stolen bank account numbers, Stolen online passwords, Hacking, Phishing, Bullying, Copyright infringement, Cyber stalking, Theft of Intellectual Property (IP), Theft of Business Private Information, Theft of Consumers or users data, data leaks, any many more.
Now let me tell you a example from the past which depict cyber risks for Indian Businesses.
It is matter of year 2014, at Gujarat. Deepak Nitrate is a large company in BSE having net worth of 1500 crores. They were shocked when they didn’t receive payments after a consignment was received by their client in US. When they did enquiry, the client said, they have deposited the money in the new account in Malaysia, which you informed us about, in an email, sent from the official Deepak Nitrate id. The case was then immediately registered with cyber cell of Gujarat police. Result of that? Nothing has happened so far.
So, this above story tells that how much Indian Business are prepared for cyber fraud. Your business can also be the victim of cyber fraud like above. And this not only one technique, but there are many tricks and cyber-crime techniques which can affect the Indian businesses and cause a loss to them if they are not secured to cyber frauds.
The major problem in the cyber fraud is also that once a business becomes a victim of cyber fraud then there are very minimum chances that the case gets solve and the losses are recover. So, the best way to prevent, protect, and secure the business from becoming victim of cyber fraud. Indian Business need to understand Digitization is good for progress but on the other securing that service is also important. But Indian businesses are long way behind to focus on the issues of cyber security.
Today information (read, idea) is the key to success for any business. So, it becomes most important for any business to secure its information like consumer details, client details, etc. Most of Indian Businesses are prone to the information leaking as they don’t have strong security policies to protect their information.
What can make the Indian Business more secure to cyber frauds?
Firstly, the awareness is the biggest issue in India. People take the serious issues as the part of jokes. So, Indian businesses should be aware about the current technology and cyber security of their company.
Secondly, write down IT security methods or standards for the business. There many large companies in India which have not done it yet. Many of these are not even aware about that.
Thirdly, businesses should hire IT department or cyber security consultancy to secure themselves and often management also needs to involve and support them to secure the business.
And, finally, companies’ employees must be given the seminar about the rising cyber security issue and cyber frauds. This may help them to prevent themselves to become the part of it.