Infoblox, a leader in cloud-first DNS management and security, has released the Q1 2022 Cyberthreat Intelligence report, which shows that South Asian e-commerce markets, including India, are under constant attack. It is not surprising that the number of phishing emails in India has increased by 4,000%.
The growing use of mobile and IoT devices and the overall increase in remote work as a result of the COVID19 epidemic have created favorable conditions for cyber talks. Recently, the Ministry of Electronics and Information Technology introduced the National Cyber Security Strategy 2021, which aims to tighten online security and create a legislative framework to address the challenges in this space. The move recognizes the underlying urgent need to address cybercrime in India.
According to the report, CyberTalk’s operations will add Indian cybersecurity services and products to a total of US $ 9.85 billion in revenue by 2021. The cybersecurity services industry will grow from the US $ 4.3 billion in 2019 to the US $ 8.48 billion by 2021.
Similarly, the cybersecurity products industry will grow from the just US $ 740 million in 2019 to the US $ 1.37 billion in 2021. At the same time, India’s cyber security workforce increased from approximately 110,000 employees to 218,0200 in 2019.
By 2020, almost 82% of Indian companies will be exposed to ransomware attacks, resulting in a recovery from ransomware activity in India to the US $ 1.1 million in 2020 and US $ 3.38 million in 2021. According to official estimates, ransomware attacks are on the rise. 120% in 2021.
Strict cyber security is required as it faces security breaches with large and well-known companies such as Air India and Just Pay (which handles payments for online marketplaces, including Amazon). Companies are choosing to improve technology and cybersecurity by making significant investments in improving security and mitigating vulnerabilities. A key DNS asset protection company has become a key figure in a cybersecurity strategy.
As India moves towards digitalization, all companies – especially those that have adopted work-from-home and digital transformation – need to secure the future expansion of their IT operations. Understanding the inherent need for an integrated DNS security platform, among other frameworks to neutralize the threat of cyberattacks, has become crucial not only for IT teams but also for those in e-commerce companies. In the wake of increasing cyber-attacks, the need to deal with this urgently has become a high priority in India.