These days, we keep hearing or reading about some or the other cyber-attack - hackers keep using ransomware on the data of various government agencies and big corporates all over the world. As a result, no individual, government or company is feeling safe about its data in the cyber world - data belonging to one and all is increasingly becoming vulnerable to cyber-attack of hackers.
Fraudulent hackers are hijacking the valuable and sensitive information of companies, high profiled individuals, government agencies etc., by hacking their servers with the intent to make easy money by blackmailing and other tactics. Many big corporates have experienced ransomware attacks in the past year. However, enforcement is very low as only a minuscular fraction of such events is even reported.
In light of various cyber-attacks by hackers all over the globe, cyber security has gained more prominence than ever before and is fast emerging as one of the key business risks that need to be addressed with precision or else there is a great risk of losing most valuable data.
In fact, Cyber security is identified as one of the top five business risks by 79 per cent organizations participated in a recent KPMG survey on the subject. Despite this, most organizations have minimal financial allocation to this aspect out of the total planned budgets for cyber security.
It is generally felt that the existing legal framework is are not adequate to deal effectively with cybercrime prevention, detection, and investigation related matters. Even, cross-country jurisdictions acts as a hindrance in lodging a complaint with the cyber cells.
In order to take on this malice forcefully, corporates need to make right allocation of budget to deal with cyber incidents. Mere budget allocation is not enough, companies need to build robust cyber security system internally and update its security system from time to time compatible to changing needs of the companies.
Enactment and enforcement of proper laws to deal exclusively and effectively with the cyber incidents is the need of the hour. To conclude and be precise from security and legal perspective, enactment and strict enforcement of proper cyber laws and building of robust cyber security system by companies is the only way to protect the cyber data from the clutches of cyber hackers.
Research and inputs by Paruchuri Baswanth Mohan
The author is a senior international corporate lawyer and can be contacted at firstname.lastname@example.org