Cyber-attacks on BFSI,TELCO and CNI

Cybersecurity threats targeting critical sectors in India, such as government institutions, financial services, healthcare, energy, and transportation, pose significant challenges and risks to national security, public safety, and economic stability.

Indeed, cyber-attacks targeting banks, financial institutions, telecom companies, and other critical national infrastructures (CNI) have been on the rise globally, posing significant threats to both public and private sectors. These attacks can result in financial losses, disruption of essential services, compromise of sensitive data, and erosion of public trust.

The evolving threat landscape, including the involvement of global crime syndicates and state-sponsored actors, underscores the critical importance of cybersecurity at the highest levels of organizational governance.

In today's interconnected and digitized world, it's not a matter of - if or but, when a cyberattack occurs. Boards need to focus on building cyber resilience by adopting a proactive approach to cybersecurity, fostering a culture of security awareness, and continuously improving incident response capabilities.

With high payoffs for financial frauds and identity theft, global crime syndicates, and non-state actors working for nation-states to take on adversaries in cyberspace, it has become essential to take cyber security seriously, and to make it a Board level agenda.

While new threat vectors are emerging everyday, security advice on protective measures such as best practices, and regulatory compliance, are not readily available. When available, these are often biased besides being expensive, since they originate directly from vendors and technology companies.

Attack vectors lie undetected for months, in what have come to be known as Advanced Persistent Threats (APTs) – resulting in massive pilferage of sensitive data. Cyber security, ICT supply chain security, advanced targeted attacks, industry sector focused adversaries and increasing role of state and non-state actors are pushing security externally.

Managers of security may not have all the handles internally to reduce this influence. This is a crucial change for the security and privacy functions. These functions need to be equipped and empowered to take the new responsibilities.

It is the need of the hour for the organisations to make cybersecurity a board-level agenda item, organizations can demonstrate their commitment to cybersecurity governance, risk management, and resilience.

Ms. S Mohini Ratna - Editor VARINDIA