How Can Organisations Look Forward To Identifying Potential Gaps In Data Risk Management?

While a lot has been talked about data security and what essential steps must organisations undertake to prevent themselves from this chaos, various organisations have been devising strategies that would help combat the same. However, not only is this easier said than done but also requires various diligent practices to be followed.

Mani Gopalaratnam, Chief Technology Officer, Resulticks believes, “COVID-19 has certainly disrupted business as usual around the world. As companies adapt to the new normal, we’ve witnessed rapid progress towards digital transformation—to ensure seamless customer experiences and continue internal operations in compliance with social distancing measures. With heavy reliance on telecommuting, digital channels, and new solutions, one phenomenon has been the sheer explosion of data that is being generated, collected, and accessed in this intensely digitally connected time that we are living in.”

According to a survey by a national publication, Cybersecurity attacks in India might have increased to around 500% ever since the lockdown that was announced in March, as per security experts. Some security experts believe that there could be as much as 500% increase in cybersecurity incidents and that most of the attacks are below the radar and also include attacks on small companies, leading to a loss of money and phishing. This comes at a time when the Indian Computer Emergency Response Team (CERT-In) had put up an advisory against the possible phishing attacks.

Gopalaratnam continues, “Most of the security challenges will revolve around the big data infrastructure that serves as the foundation for the digital ecosystem of many companies. One would find a huge amount of critical information stored in such infrastructure, which has to be secured with diverse access control mechanisms. The adoption of new technology during the pandemic has also caused data storage to surpass cloud boundaries, which could present additional security challenges.”

Experts have also said that there has been a marked increase in phishing attacks. There are two types of phishing, the first one is targeted at selected individuals, called spear phishing, that may be high worth, and the other is being conducted as a mass scale. Most experts also opined that there has been a 3x-4x increase in phishing over mass scale ever since last year. How can these issues be addressed? “The need to address these potential issues—along with surging demand for robust digital infrastructure and data security in the face of increasing phishing attacks and hacks—underpins many of the recent investments in the aspect of security as companies look to provide a remote working experience and customer service that is not only forward-looking and seamless but secure, says Gopalaratnam. 

At this juncture it’s extremely crucial for organisations to be acutely aware of their surroundings and take care of all necessary steps. “As companies look to identify potential gaps in their data risk management practices, they need to prioritise their preparedness around: data ownership, data security, identification of potential vulnerabilities in their data monetisation efforts, and adherence to a rigorous risk assessment framework. They need to introduce the right capabilities, talents, and processes to eliminate internal silos, ensure data control, and prevent external threats, concludes the CTO.