At any board meetings or at CXO round table forums, one of the key agenda are always moving around data privacy, strict regulations, and impact to organization for business owners and even for their clients.
In context to the Indian region as well, the Digital India initiative, Smart Cities, connected world, and many such revolutionary foundations are building blocks for a better connected internet era; however, this also brings a paradigm shift, disruptions, and many threats to people processes and technologies as well.
In today’s world the traditional approach of cyber security and the way we give less importance to data and its criticality need to change. Needless to say, there has been exponential growth and surge in data theft, cybercrime, frauds, and data mishandling. Now there are new regulations, for example, GDPR, strict rules of individual countries to help safeguard the data privacy of their citizens and business.
Demand of bitcoin as a ransom, evolving threat landscape in digital space, and ease of techniques and tools to exploit vulnerabilities and execute global level attacks are making life hell for the CXO who is answerable for the many issues which come suddenly on Monday morning due to some business down situation, pay bitcoins, release the data, and above all tarnish the brand of the organization and trust of their customers as well.
It is time for the sleeves-up situation to understand the value of data from both the organization perspective, as well as from consumer behavior. The current cyber threat scenario and specially the legal, compliance, fine, and litigations aspects need a closer look by the CXO community to take more calls to get this fixed rather than wait and watch for large firms to adopt and then follow the lead.
Each and every organization may have unique ways to handle their data privacy, classify data, and then follow upcoming regulations to adhere to as well as make changes or adopt advanced tools and techniques for a smooth business.
The key message is to not take global data regulations or similar historical changes as a tick mark activity with minor changes. This is actually an opportunity to revamp and establish a foundation for the next-generation digital security era.
Initially cybercrime which came as threat to individuals, to few groups, organizations, and even as target attacks can impact the nation and this may even need a cyber-security framework in all government and corporate sectors and the best security consulting and technology firms to join hands and fight against cybercrimes in cyber space. Time for sleeves-up will build privacy policies, assessments, cyber war games, and help self-test digital security gaps to challenge the status quo of an organization.