A decade ago, a company’s technical strategy was not given any importance. Business strategies were considered important. By the end of this decade, the rise of cyber-attacks will be a challenge to be dealt with. India has been focusing on the dream of becoming a leading startup destination in the world. The government has been supporting this sector through investments and policies. The growth of this sector has gained attraction from cyber attackers. Hackers consider these startups and small companies as the most vulnerable. This is due to the lack of a much-strengthened cybersecurity system. These are generally less secured and easy spots for the attackers to target.
The BigBasket, a leading grocery startup, grabbed the headlines across the world and this confirmed the statement that startups need to have a much secure and strong cybersecurity architecture in place. Personal information of 20 million users such as their login credentials, contact numbers, full addresses, and IP addresses of where users have logged in from have been leaked in the breach and put up in the black market for sale.
According to the 2019 Cost of Data Breach Report by IBM Security, “the average cost of a data breach in the US stands at $3.92 million”. One should not only be worried about the financial after-effects of a data breach, but also the legal consequences that they need to face such as government penalties or fines for not protecting the sensitive information