Recommended Five-Step Security Strategy for Safeguarding Indian Corporations by Deloitte
As the COVID-19 pandemic continues to reshape our world, work from home (WFH) has become the 'new normal' for many businesses in India. However, this shift towards remote working has also opened up new avenues for cyber threats. In the past week, a number of cyber-attacks have been witnessed on Multinational Corporations (MNCs) operating in India. These incidents, including the attack on an Indian company by the newly identified ransomware group Yurei, which stole internal financial and business data, and the cyberattack targeting the X account of Maharashtra's Deputy Chief Minister Eknath Shinde, have raised concerns about the security of critical data and systems. According to Deloitte's 9th Global Millennial Survey 2020, cybersecurity is a top concern among Indian millennials. The survey also revealed that 86% of millennials and 83% of Gen Zs prefer working from home as a way to relieve stress. To address these concerns, Deloitte suggests a five-step approach for enterprises to reassess their exposure to cyber challenges and secure their businesses. ## Prioritizing Resources Critical data and systems should be identified, allowing for prioritization of resources on the most important assets. Knowing the 'what' and 'where' of critical data and systems is crucial for effective protection. ## Regular Patching Regular patching of internet-facing infrastructure is essential to prevent attackers from exploiting known vulnerabilities. It is recommended to apply patches within 48 hours of release. ## Threat Education and Awareness An ongoing cyber threat education and awareness program should be implemented for organizational users. Users should be educated on current threats, the dangers of opening attachments or clicking links from untrusted sources, and basic actions needed to prevent infection. ## Robust Identity and Access Management A robust identity and access management layer is needed, including multi-factor authentication and encryption policy to align with a thoughtful cybersecurity policy. Organizations should enable multi-factor authentication (MFA) across all internet-accessible remote access services. ## Monitoring and Analysis Monitoring and analyzing activity on critical systems is crucial for effective protection. Real-time visibility of system activity is essential for timely detection and response to potential threats. ## Crisis Management and Resiliency Plan With threats becoming more sophisticated and frequent, there is an immediate need for businesses to draw a crisis management and resiliency plan of action. This plan should be designed to overcome the dual crisis currently hovering over the country. In conclusion, as businesses continue to operate remotely, it is essential to prioritize cybersecurity. By following Deloitte's suggested five-step approach and implementing robust cybersecurity measures, enterprises can protect their critical data and systems from potential threats. Shree Parthasarathy, Partner and National Leader - Cyber Risk Services, Deloitte India, stated that Indian enterprises are susceptible to major cyber-attacks due to digital transformation and transition to cloud with broader networking capabilities. Therefore, it is crucial for businesses to stay vigilant and proactive in their cybersecurity efforts.
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