Page 70 - Cyber Defense eMagazine Annual RSA Edition for 2024

Cyber Resilience: Safeguarding Your Enterprise in A

Rapidly Changing World.

By Srinivasan CR, Executive Vice President-Cloud and Cybersecurity Services & Chief
Digital Officer, Tata Communications

In a hyperconnected world, cyberattacks are increasingly common. Just ransomware activity alone was
up 50% year-on-year during the first half of 2023. Cybersecurity Ventures estimates that the annual cost
of cybercrime will likely increase by 15% every year until it hits $10.5 trillion in 2025. If the cost of
cybercrime was measured as a country, then it would be the world’s third-largest economy after the U.S.
and China. It’s no surprise then that most Chief Information Security Officers (CISOs) accept their
organisation will eventually be breached.

The potential impact of a cyberattack has also become more severe, spilling over from the digital realm
into the physical. For instance, the US experienced a period of panic buying following a cyber attack that
choked the Colonial Pipeline, the nation’s largest pipeline system for refined oil products. Gas prices
spiked due to the sudden and widespread shortage and many forms of transportation ground to a halt,
from flights to private vehicles.

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