Ransomware a huge threat for Financial Sector: Rajesh Pant

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The year 2021 is termed as ‘The year of ransomware‘ by The National Cyber Security Coordinator Lt General Rajesh Pant, who urged the financial sector to be alert because of the massive surge in cyber-attacks across the globe.

Companies had to pay huge sums in terms of ransoms just to avoid losing their sensitive data and information as those are very essential content for the companies which might have been put into through years of hard work. And no company will ever risk losing such data which makes Ransomware even more dangerous and malicious.

       Pant advised the financial sectors to put their foot down and step up every possible effort to put up against this menace of cybercrime, to be cyber resilient. “Cybercrime and its scale is becoming larger every day. It is only halfway into the year 2021 we have lost about one trillion dollars as ransom. The financial sector needs to be on the toes to ensure that every effort for cyber resilience and mitigation are in place.” he said while speaking at – Pursuit 2021, which is an event on cybersecurity organized by Internet and Mobile Association of India, which has its central theme as ‘Combating Financial frauds and technology’.

       He also shared an industry estimate of total cybercrimes that have incurred a total loss of USD 6 Trillion to the global economy. These all are the reason behind the setting up of the Personal Data Protection Bill 2018. The bill is on the lines with European data protection law, which in turn imposes and restricts conditions on the transfer of cross-border personal data, and also suggests setting up of a Data Protection Authority of India to prevent personal data from being misused.

       The draft is based on recommendations of a government constituted panel headed by Justice BN Srikrishna. The bill provides for a penalty of 4 percent or Rs 15 crore of the worldwide turnover of any data collection organization, that includes the state, for any kind of violation of personal data processing provisions. It is expected by the cabinet to clear the national cybersecurity strategy soon so that there can be a complete clampdown on cybercrimes, for a secure and robust functioning of our financial sectors.

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