Data Loss Poses Severe Threat To Businesses: Cybersecurity

In the present, digital transformtion is taking place at a rapid pace. The Indian marketplace for digital transformation is exected to expand at a rate of 74.7 percent until 2024. Organizations are looking into cloud native applications containers AI Machine Learning, which are creating huge quantities of data. Alongside these numerous data sets are changing. Enterprise workloads that are traditionally used for business are being retired or replaced by modern data sets.

This has created data security as a vital component of an organisation's overall structure. Recent study by the global Dell Technologies study, the Dell Technologies Data Protection Index revealed the fact that 53 percent of companies in India aren't meeting their digital transformation objectives. According to the study, Indian businesses lack confidence to manage critical data.

Seventy-four percent of them were able to report higher numbers of instances of data loss due to cyberattacks over the last year. Approximately 68% of them said that their current data protection solutions are not able to tackle the challenges in the near future. Due to the risk of malware, ransomware, leaks in data, as well as the increasing sophistication of cyberattacks Indian companies cannot handle data security as a last resort, according to Ripu Bajwa who is director of sales and general manager, Data Protection Solutions, Dell Technologies. As of June 20, 2022 the rate of data breaches in India was 740 percent more than the rate in the first quarter of the year, ranging between 5 and 42 accounts that were breached per minute.

"As we continue to advance into the digital age there will come a time when it is of paramount importance to protect all data, wherever it's stored," Bajwa says. He informed that there are five essential security frameworks:

Define the threat and then deploy That means, you apply your organisational knowledge to manage security threats to people, systems assets, data, etc.
Protection: Develop and implement security measures to guarantee the delivery of vital services to any organization. The function of protection is the ability to limit the effects of an incident that could cause security.

Detection: Companies need to come up with strategies and strategies to recognize any security or breach.

Answer: Entities need to be prepared regarding how they respond and act in the event they discover a cyber threat.

Recovery: This last, but most important aspect involves businesses having a strategy to restore all critical business applications and services affected by a cybersecurity incident.

Simple steps such as choosing secure IT infrastructure services by performing a password audit, or investing in zero Trust solutions can make a huge difference in securing crucial information for companies in India Bajwa says.