Companies and banks in India are coming under attack from increasingly sophisticated hackers, with about $4bn being lost to fraud every year. Although some firms have taken cybersecurity measures to protect themselves, the pace of spending on IT protection is far behind that of countries such as the US, and the culture of secrecy surrounding attacks is also hampering their prevention. The Indian government has been trying for years to improve its cyber defences.
Companies and banks in India are coming under attack from increasingly sophisticated hackers, with about $4bn being lost to fraud every year. Although some firms have taken cybersecurity measures to protect themselves, the pace of spending on IT protection is far behind that of countries such as the US, and the culture of secrecy surrounding attacks is also hampering their prevention. To combat the rising tide of cyber attacks, some banks are putting honeypots in place, while other firms are turning to ethical hackers to ensure their security measures are adequately robust.