You may have guessed what we are talking about
here! The Netflix series — Jamtara — portraying a group of men running a
phishing operation — gave us a good insight into the new and evolving
threat which is looming heavily over India Inc fuelled by advancing
technology, more and more usage of the internet and dependency on
digital banking. An overwhelming 13.91 lakh cyber security incidents
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were reported in India’s cybercrime reporting portal during the year
2022. Cybersecurity risk is relevant to every entity, except entities
that run entirely on manual processes without any technology
intervention or Internet connectivity which is very rare nowadays. It is
unlikely that a company is immune to cybersecurity risk in today’s
environment.
Some of these incidents made headlines. Towards the
end of March 2023, India’s top drug maker informed the stock exchange
that its revenue had been hit due to a ransomware attack. A ransomware
group claimed responsibility for an ‘IT security incident’ that led to
the breach of certain file systems and theft of certain company and
personal data. Appreciating the sensitivity, the auditors of the company
duly reported this matter as a fraud in the Companies (Auditor’s
Report) Order, 2020.
A major airline was hit twice by ransomware
during the year ended March 2022. Several flights were delayed and
cancelled due to the first instance of cyberattack. The subsequent
ransomw
