Cybercrimes: What does the most damage, losing data or trust?

In the last two decades, the world has experienced a revolution due to the incredible growth in IT. While the technology brought the world a click away, the other side of the technology also took us at risk of cyber-bullying, identity theft, and private data loss, collectively known as cyber-attack. In no time, criminals have invented the faster techniques of hacking to commit crimes. The vast proliferation of IT over the past few years has led to mounting concerns by consumers about security and privacy. Many consumers, despite owning one or more connected devices, remain cautious about privacy issues. Many operators throughout the world keep on surveying mobile internet consumers in markets it operates, to better understand how they feel about the amount of data being collected from them. They have found that Cybercrimes are damaging customers’ trust in MNOs.

More than 2000 frequent cyber-breach cases have been reported across the world. At the beginning of the twenty-first century, many high-profile websites were hacked with approximately $1.2 billion lost in Canada. In 2014, an Entertainment Company was attacked, and more than 100 TBs of data was stolen in the attack. Similarly, in 2015, around 650 million euros were stolen from banks across the globe when the hackers successfully hacked online bank staff and dispensed cash from ATMs without any card. The consistent attacks through cyberspace are a great threat to governments as well as public and private institutions across the world. India, an IT and Software giant, alone witnessed around 13,301 cyber-attacks in the year 2011 and even developed countries like the USA, China, Russia, and Britain are not safe.

Restoring Customer’s Trust with the Growing Cybercrimes in Pakistan

While first-world countries are at high risk of cyber-attacks and Cybercrimes, the probability of a breach in countries like Pakistan is perhaps even higher. Pakistan has faced various cyber breaches on an individual as well as on the state level, and we do not yet have efficient countering measures. The major attack began with Private Bank in 2018, followed by a massive data breach at one of the leading ride-hailing company in Pakistan, and now it has taken a rapid pace across the whole country. People are also receiving scam calls by hackers impersonating bank staff to revealing their bank account details. Recently, data of 115 million Pakistani mobile users was leaked on the dark web. It indicates that financially motivated threat actors are active in Pakistan, and organizations and their customers are becoming a victim of these cyber-attacks.

Considering the government’s vision of Digital Pakistan, as most platforms will go digital, the increasing risk of data breaches cannot be ignored. Cyber-technology security has become paramount and has become inevitable that digital platforms must be secured from hackers.

In recent years, there has been a significant trust disconnect between the public and the MNOs, which is exacerbated by data privacy and cybersecurity. As customers provide more data, it becomes more costly for firms to take care of that data. Not only is there an immediate operational impact, but long-term brand reputation will likely be at risk. Organizations need to be prepared and develop sustainable strategies to keep their customers’ data secure at any cost. The challenge will be to protect their enterprise, optimize cybersecurity, and accelerate the pace of growth.

Also Read: NA Panel for IT urges to revise the laws for cyber crime