Multiple email addresses, social media accounts, internet banking, online ticket booking, shopping, food ordering — literally everything today is online. And while we virtually live on these digital platforms, we barely spare a thought for the threats that come with it.
With attacks like ‘WannaCry’ ransomware that has the power to attack each and any computer globally, the need for cyber security is being more increasingly felt.
The Urgent Need
Cyber security is among the top five growth industries along with IoT, Artificial Intelligence, Mobility and Big Data. Stressing on the need for cyber security, Mohan Gandhi, CEO, Entersoft Security explained to the Entrepreneur India about the recent ransomware attacks.
“Over 1million sensitive records are generated on an hourly basis across the globe. There is a trillion dollar need for security. According to reports, on an average, 4,000 ransomware attacks occurred per day in 2016, according to a June 2016 FBI report. Microsoft has claimed that ‘WannaCry’ ransomware that has hit 150 countries has been drawn from one of the latest leaked NSA exploits by Wikileaks,” he said.
“One leaked exploit is capable of playing such a big havoc, imagine what loss the remaining 450 exploitable secrets can do? There is sensitive data stored everywhere — in mobile sets, mobile apps, websites, computers and even at data centers. Cyber security cannot be something people think after an attack. Cyber security has to be proactive and there is a huge need to create awareness on cyber safety.”
How Can You Protect Your Account?
Keeping in mind the threat that lurks in every computer, Mohan has a few tips on how to protect your new media accounts. “Most media accounts come with multi-factor authentications. Gmail, Facebook, LinkedIn and many others have multi-factor facilities, which can help you key in One-Time Password sent to your mobile number. This is the best way to bar key loggers of ransomware from entering your system. The best way to protect data from ransomware is to take an external back up and scan for malware in another secure laptop/linux machine,” he added.
IoT to the rescue?
The nature of these attacks is what baffles many. “Cybercime has become very sophisticated these days. In the recent attack, emergency services got disabled in a number of hospitals globally. Again, lots of IoT devices today are supported by old tech,” said Sainath Gupta, Founder, Anything.AI. Talking about how AI can change the scenario, he said, “The role of AI in cyber security is huge. These new age attacks can be detected by following and interpreting the pattern. They can be mitigated, even though there is no signature for these kinds of attacks. AI can flag these attacks instantaneously.”
What Entrepreneurs Are Doing To Fight Attacks
Entrepreneurs are stepping up their game and they, too, have realized the potential of the field. “Cyber security market is too big and it’s growing rapidly. It is estimated to grow from USD 122.45 billion in 2017 to USD 202.36 billion by 2021. We understand clients’ requirements and help them accordingly,” said Trishneet Arora, Founder and CEO of TAC Security.
Meanwhile, Mohan talked about how it’s not just the laptops or computers that need to be kept safe. He said, “If one laptop is hacked, probably you lose money and may be 1000 records in average. But if a mobile app is hacked, you lose your digital identity, privacy and limitless records,” he stressed.
“As an app security company, we help enterprises secure mobile apps and majorly applications that store sensitive data. We hack the applications before they get into market to ensure secure applications are launched by organizations. We are a team of white-hat hackers, who hack for good. We recently helped a fintech, which was affected by ‘Dharma Ransomware’ and launched their applications within 24 hours,” he added.