Cyber security incidents rose to 208,456 in 2018 from 53,117 in the previous year. In 2019, the losses that occurred due to cyber-crimes in the country were estimated at INR 1.25 lakh Cr. The looming threat of cyber-security is now forcing e-commerce giants like Amazon, Flipkart and Snapdeal to rope in ethical hackers to trace loopholes in their existing systems.
As the lines between digital and physical continue to blur especially amid the Covid-19 pandemic, contactless payments and digital transactions have become the new norm. A report published by IBEF said that the Indian computer science engineering market is growing at a steady pace and is expected to be valued at $200 Bn by the year 2026. In the same report, it was stated that internet users in the country will increase to 829 Mn by the year 2021. If that sounds promising, there’s a bigger threat lurking around that requires immediate attention – cyber-security.
As connectivity improves and digital transactions take the front seat, several businesses in India are expected to lose their immunity which they enjoyed in a less connected economy. Cyber-security incidents rose to 208,456 in 2018 from 53,117 in the previous year which is a clear indication of the rising number of cyber incidents in the country. Amid the growing concerns, it is imperative that India takes a stronghold against cyber-security threats by strengthening cyber-security standards and implementing better security infrastructure.
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