A recent data theft case uncovered by the Cyberabad police resulted in the arrest of eight offenders. The stolen data, which is related to 66.8 crore individuals, was being sold on various platforms, including the dark web. According to a cybersecurity expert, data is more dangerous than any existing commodity, including oil. In this connection, TNIE’s Priya Rathnam speaks with Tangella Praveen Kumar,
associate director of AlliantGroup, a cybersecurity expert, who provides insights for individuals and organisations on how to prevent falling prey to data breaches.
What are the consequences of data breaches or data theft?
The primary consequence for both individuals and companies is a tarnished reputation, followed by a risk to operations and potential monetary losses. Breached data can be manipulated and used for various purposes. Once data is out, it can be used in any way. The primary concern should be the data itself.
How can the public avoid giving away personal information?
For example, restaurants often ask for names, ages, and mobile numbers, and the information of numerous restaurant-goers is stored and sold. However, the restaurant is not always the culprit. Instead, a masked employee may sell the information for personal gain. Individuals can avoid sharing their information since there is no written policy stating that companies or restaurants must share customer data.
What suggestions do you have for the 66 crore individuals whose data was on sale on different platforms?
Cybercrime mostly involves exploiting greediness. Most crimes occur when an individual notices discounts or attractive offers, or when they click on unsecured links. Some incidents occur when users create multiple accounts to take advantage of offers. Falling prey to cybercrime can be avoided by ignoring offers and discounts.
How can companies reduce the risk of data breaches and individuals prevent data theft?
Companies must be technologically sound and aware of cybersecurity threats. They should set up strong firewalls, prevent employees from using unsecured websites, and employ security measures for applications, websites, and malware. Individuals should be aware of their smartphones and check thoroughly for any new applications installed. They should avoid sharing their credentials, even with close acquaintances, and avoid taking intimate photos. Financial crime, including data theft of bank, credit card, and crypto holders, is often committed by fraudsters in African and some Asian countries. This data has immense value and lures in international parties to buy the stolen data, leading to unpredictable consequences.