With the rising number of cyberattacks in India, there’s need for robust cybersecurity plans

financialexpress.com:

In recent years, India has been struggling with a steep surge in cyberattacks, as per CERT-In, a governmental body entrusted with safeguarding the nation’s cyberspace. In 2020, the agency recorded a staggering 11.58 lakh cyberattacks, a figure that surged to 14.02 lakhs in 2021, only to slightly dip to 13.91 lakhs in 2022.

Although the number of reported cyberattacks fell slightly in 2022 as compared to 2021, it is a genuine concern that not all these attacks were reported, potentially resulting in a significantly higher actual number of attacks.

A recent report from cybersecurity company CloudSEK revealed a startling trend in India. The number of cyberattacks targeting Indian government agencies more than doubled in 2022, making India the most frequently targeted country globally in this regard. In 2021, India accounted for 6.3% of the total cyberattacks on government agencies, while this number jumped to 13.7% in 2022. With its ambitious digital aspirations, India continues to remain the prime target of international hackers.

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It has also been predicted that there will be a significant rise in the number of malware programmes that have been created specifically to target firms in the Indian BFSI sector. In 2022, CERT-In reported that ransomware attacks jumped 51% in the first half of the year. With the relatively easier availability of ransomware as a service kits that enable less skilled hackers to carry out attacks, ransomware will remain a potential threat for Indian banks and financial services firms in 2023. The average cost of a data breach in India reached ₹17.9 crore in 2023, an all-time high and almost 28% increase since 2020, according to