This Cyber Risk Management Company Offers Solutions to Fight with Cyber Breaches
Arete works on the front lines of thousands of ransomware attacks and some of the largest nation-state attacks, their team combines hundreds of investigative, technical, and cyber risk management practitioners with best-in-class data and software engineers. The company has an agenda to stop cybercrime which will positively impact the collective defense of businesses, governments, and infrastructure from cyber criminals and give back to the communities. During an interaction with Nitisha; Sandeep Peshkar, Senior Vice President, Arete talks about cybersecurity and the challenges in the Indian market.
Kindly talk about Arete and its special offerings.
As a global cyber risk management company, Arete creates integrated business solutions for those impacted by cyber breaches, helping them resume operations and strengthen defenses. Enabling this is the company’s proprietary data, the use of the latest technology, and reliance on seasoned professionals with experience in working with various companies. The company offers three types of services- incident responses, which aid companies in recovering from cyber incidents; managed services, which strengthen security systems; and advisory services, which focus on addressing cyber concerns and reducing threat risks through a multifaceted approach.
Kindly share budget expectations for developing effective cybersecurity.
Estimates suggest that one in four industries faced at least some form of a cyber breach resulting in monetary loss. Acknowledging this, the government allocated substantial funds to the cyber security sector. In the 2022-23 budget, the center allocated an amount of INR 14,300 crores to the Ministry of Electronics and Information Technology. The digital India program received a share of 10,676 crores, while the cybersecurity projects received a small amount of 300 crores. This portion is said to increase substantially in the 2023-24 budget.
What are the major challenges and opportunities: Where’s Cybersecurity Heading in 2023?
As mentioned, cybersecurity emerged as a priority for almost all industries. A recent survey indicated that over 82% of business executives expect increased budgetary allocations for cyber security. However, one must bear in mind that the level of technological sophistication of threat actors is also growing. Small-scale businesses, supply chain checkpoints, and allied service providers are now targeted. Due to the interconnected nature of the economy, such attacks also enhance the vulnerability of big corporations. There has also been a rise in ransomware attacks, and the numbers are set to rise in 2023. Given the scenario, cyber incidents are almost inevitable. Therefore, the key is to have mechanisms that advocate resilience and enable a company to resume functioning.
Indian firms set to increase Cyber Security Budget. Your point on the same.
With an emphasis on rapid digitization, Indian businesses are looking to raise their cybersecurity spending on countermeasures against cyber risk, which are anticipated to become increasingly sophisticated. Over 82% of corporate executives in India anticipate an increase in the budget for cybersecurity in 2023, according to PwC’s annual Global Digital Trust Insights. According to the survey, 65% of corporate leaders believe cybercriminals will have a bigger impact on their organization in 2023 than they did in 2022. In the first half of 2022, more than 6.74 lakh cyber security incidents were recorded in India, according to the Indian Computer Emergency Response Team (CERT-In).
According to you, what will be the potential cybersecurity challenges arising in the 5G era?
Similar to how 5G’s high bandwidth and low latency will boost productivity across numerous industries, it will also give threat actors the tools they need to launch more creative and accurate assaults. There are fewer points of contact between traffic because of the restricted speed and capacity of the current 4G and LTE networks, which makes it simpler for service providers to conduct security checks. 5G’s considerable bandwidth and increased demand for access points and network edges provide a large surface for threat actors. Additionally, we must comprehend that the base of 5G is made of legacy technology (4G LTE). Therefore, it is vulnerable to the same issues as a 4G network. 5G will change how businesses operate in India generally. However, organizations must continue to exercise caution as they adjust to this change. To keep trespassers out of the system, they must invest in strong security measures, including employing a VPN to block unauthorized access to the device, upgrading IoT devices with the most recent security updates, and periodically setting up strong passwords.
What is the current cyber threat landscape?
Considering their vast resources and technical expertise, threat actors are well-equipped. They no longer operate from dingey basements with outdated pieces of equipment. Organizations thus need to be prepared to handle advanced cyber breaches, including small-scale industries, suppliers, and service providers. Since the cyber security infrastructure in these companies is likely to be lax, threat actors exploit this and use them as a leeway to reach bigger organizations. Additionally, 2022 saw an increase in the number of ransomware attacks. These figures are likely to grow in 2023.
By 2023 will India’s 5G network be advanced enough to compete against the technology?
The popularity of the 5G network will help companies develop the infrastructure needed to combat threats and breaches. The response time will be significantly reduced, and the zero-trust cyber policies will be easier to implement. Cyber AI is likely to function as a force multiplier, efficiently predicting and preventing cyber incidents. Automation is expected to reduce human resources pressure and reduce the chances of error.
