There are multiple cyber threat reports that we can look up online and see complexities and detailing that goes behind it by the attackers. The situation is alarming as the number of cyber attacks is on a steady rise and in order to combat this, we first need to dive into the causes behind it. Nandakishore Harikumar, Founder and CEO, Technisanct has been working in the cybersec space since over a decade now and through the below report, he shared his insights about the situation and the major roadblocks.
Nandakishore explains that the security awareness is the crux. Specifically having an Act like GDPR to regulate cyber security practices is a must. It's technically not easy to bring that Kind of a framework due to the political conflicts existing in many countries. European Union comes together to find a common goal but many of our initiatives remains in a paper and never comes to practice or even to basic implementation level. GDPR is one framework that helps countries in European Region to start practicing cyber security. Every nation would be facing these kinds of attacks but the successful one from a group is counted.
He adds that many countries do not even have basic data protection laws. Without this we cannot speak about creating awareness. Singapore is strong in their data protection act and regulations. Hence we see lot of private entities take care of their security very seriously. We cannot counter cyber attacks with just one tool or two. We need a combination of Security solutions, strategies, a group of experts using bigger and smaller tools.
Cyber crime innovation is high than other side. Defenders really need time to innovate a solution. This is a vicious circle too. We know the globe is witnessing massive cyber attacks since Ukraine- Russian War. Gradually eventualities of a global incident will create impact on any nations. When we speak about consumers it's easy for anyone to fool anyone in Internet. A government or a law enforcement agency could only know about this only when a victim comes out with a complaint. To an extent, Threat Intelligence agencies could keep on alerting government agencies on these kinds of crimes. But actions normally take time. Singapore got a better understanding and regularly upgrades their security practices as well as approach. So Singapore globally is in a better position.
Referring to the Malaysia and Singapore's MoU on data protection, cybersecurity and digital economy, Nandakishore stresses upon the importance of global partnerships and understands cyber crimes have no boundaries. This will help cross border investigations. The region has been facing lot of cyber scams since last few years. To be more specific, Crypto based scams are very active in the region impacting huge number of victims finally resulting in loss of billions in dollars. The networks are wide spread.
He adds that we surely need co-operations to identify and correlate the people involved in these kinds of scams. Apart from this will also enable nations to share the threat intelligence and related data which will give better clarity on threat actors, their techniques and tactics etc. State sponsored attacks are also getting into its peak, it's highly important that this is diligently countered.
Combatting talent gap
As per reports, Singapore will need an additional 1.2 million cybersecurity professionals by 2025 – a 55% increase from today's levels. Nandakishore explains how the cyber security industry is nowhere matching to its real requirements. Talent crisis is huge. But when we speak from a threat perspective the rise is due to rapid digitalisation.
We have witness a massive digital transformation in last 10 years but the last two years contributed majority to it. We have seen how fast all sectors are moving towards digitalization. But did we really prepare for that? Nandakishore believes that the digital preparedness was very less and its was leaving a lot of loopholes we started bringing our data on cloud. Very less organisations would have adopted the best security practices. This is one reason why we need huge number of security professionals.
Nandakishore and his plans ahead
With over a decade of progressive experience in cyber security research and consulting, Nandakishore Harikumar is well-versed with the type of digital risks that enterprises face on an everyday basis. His vast experience and extensive knowledge have helped Technisanct team to develop state-of-the-art risk monitoring systems that can work in a 24/7 environment. Nandakishore has been widely recognized by national and global media for his contributions in digital risk management.
Founded in 2018, Technisanct is at the forefront of enterprise digital risk management. The company is headquartered in Bengaluru and has a global presence via its resellers and distributors in countries like Singapore, New Zealand, Dubai, and Oman. In addition to enterprises, Technisanct also caters to cyber security needs of government agencies.
Technisanct is working to develop an enterprise version of its cyber security platform. It will allow the company to target newer geographies, especially the untapped Asian market. There are plans to enter US and Europe markets as well, via partnerships and alliances.
Discussions are also underway with security vendors, firms, and security operation centers to explore opportunities that can benefit the entire ecosystem. By FY 2024-2025, Technisanct has set a target to emerge as India's first Security SaaS unicorn.