Hyderabad: India is making headway in creating cyber security capabilities. There are a number of initiatives that are placing the nation in a better place. But cyber threats keep posing new challenges as dynamics change faster.
Indian government is making efforts both in terms of improving preparedness in terms of skilled talent as well as mechanism to combat attacks. Akhilesh Tuteja, Global Cyber Security Practice co-leader, head – Risk Consulting and Partner, KPMG in India told Telangana Today, “The complexity of vulnerabilities is high. Systems could be secured but people operating in the system could make the system vulnerable. With the increasing connectivity, breaches could have far reaching effect.”
Virtual currencies are making the attackers secured now reducing the risk of being caught. Cyber-attacks are becoming more and more difficult to be addressed. India is becoming better than it was in the past but the nation is yet to reach a comfortable place in keeping its cyber world fully secured.
He said, “India has however built an inter-country network with its computer emergency response team. This was set up ahead of many developed countries in the world. India has been sharing its best practices with the UN agencies, European Union and World Economic Forum. Though there is enough exchange of intelligence, there exists a challenge of how to put this intelligence to best use. There is no much concern with the government establishments, but corporate India is yet to develop ability to handle huge information. They need to know how to identify, isolate and act upon alerts from the information available.”
Akhilesh serves as the Global Cyber Security practice co-leader and heads the IT Advisory practice for KPMG in India and in the EMA (Europe, Middle East and Africa) region. He also heads the Risk Consulting practice for KPMG in India.
Cyber security market
Indian cyber security market comprises of consulting, hardware & software, integration (implementation of cyber security) and awareness and training. The whole market is growing at 12 per cent CAGR, of which both consulting and integration services are growing a much faster pace.
KPMG studies show that about 55 per cent of the large Indian companies surveyed indicated increased investment in cyber security space and 93 per cent of them say that cyber security is a strategic matter and not an operational matter.
Most of the companies in the financial services sector realise the importance of cyber security investments. They have high degree of awareness and action. Financial services companies had been taking swift action against cyber security. Utility sector has been showing relatively moderate action in this space.
Telecom sector is currently focusing on upgrading its technology. They are however suffering from backward compatibility. Telecom operators do not have the liberty of excluding the old technology.
Healthcare is fragmented
There is no common minimum baseline of consideration of private sensitive information among healthcare players. Like hospitality, services vary with the size of the hospital. Health information and privacy is chequered.
E-commerce is seeing a big change. Energy business is another segment which is becoming vulnerable. This sector is improving its investments gradually. The utility sector comprising- power plants, distribution, airport and sea ports is vulnerable and they should step up efforts to increase investment.