In recent, the growing number of cybercrimes has been alarming and the privacy of data is becoming more of a myth than reality. As such, companies around the globe have started to invest heavily in cybersecurity. However, preventing data loss caused by cyberattacks is proving to be a tough task for many companies.
According to a survey conducted by Acronis, a Singapore-based cybersecurity company, around 70% of companies in India use as many as 10 solutions simultaneously for data protection and cybersecurity, while 30% run more than 10, yet 57% of them suffered unexpected downtime due to data loss in the last one year.
During the downtime, the companies suffer a huge loss of revenue and also their reputation. Downtime also leads to heavy penalties under data protection laws. According to sources, the average cost of one minute of system downtime is about $5,600. For large organizations, the costs are even higher.
According to security experts, investing in multiple security solutions only increases complexity and reduces visibility for the IT team, resulting in heightened risk.
“More solutions do not deliver greater protection, as using separate tools to address individual types of exposure is complicated, inefficient and costly.”
According to the survey reports, 35% of IT users and 11% of IT professionals in India could not tell if their data had been modified without their knowledge as compared to 63% and 16% of their global counterparts, respectively. Most of them stated that it was due to the complexity of their solutions that they were unable to find the fault.
The Indian government’s Personal Data Protection Bill, 2019, is currently being analyzed by a joint parliamentary committee and is expected to be tabled in the House sometime this year. The country also yet to roll out its data protection laws on the lines of Europe’s General Data Protection Regulation (GDPR).
In the year 2020 cyberattacks on Indian entities rose almost 300% to reach 1,158,208 from 3,94,499 attacks detected in 2019. In the wake of cyberattacks, the home ministry has been planning to pass the data protection bill as early as possible.