How Are The New Cyber Security Guidelines Going To Help Businesses And Service Providers? – Times Of India

How are the new cyber security guidelines going to help businesses and service providers? – Times of India

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In an increasingly digital world, technology is disrupting businesses in various forms like digital transformation initiatives, cloud computing, and remote work. Technology is an enabler in creating ease of life and ease of doing business, companies are connected globally with substantial investments made towards assets and value manifested in digital form. Consequently, cyber threats and risk incidents have increased significantly worldwide. Cyber threats have evolved to adapt to defense and have become sophisticated.
While the CISO role has matured significantly since its genesis, it hasn’t stood the same test of time as more traditional roles like CEO or CFO. Fortunately, corporate boards have started recognizing the importance of the CISO role. They understand that a successful cyber attack can cripple a company’s ability to operate, retain customers, and maintain a strong brand reputation. There is growing risk of cyber threats affecting IT networks, systems, and data, which can negatively affect business operations and result in substantial costs.
Government regulatory bodies worldwide have started taking cyber risk seriously and working towards setting up standards for organizations to build and maintain security infrastructure while collecting, managing, and retrieving valuable data from organizations. Globally, cybersecurity norms are at varying levels. While countries like the United States have relatively superior cyber security norms, others are still drafting policies and guidelines.
The Indian Computer Emergency Response Team (CERT-In) regulations are evolving with time, but we still have a long way to go. The latest CERT-In directives are on the right path. They discuss the stringent empanelment process, threat advisories, and supporting governing bodies like CERT-In, MoD, and RBI. The new directives cover the following key aspects to standardize the collection, storage, and retrieval process for all service providers, intermediaries, data centers, body corporate, and government organizations:
1. Synchronization of ICT system clocks;
2. Mandatory reporting of cyber incidents to CERT-In;
3. Enable and maintain logs of all ICT systems;
4. Customer registration/subscriber details by data centers, Virtual Private Server (VPS) providers, VPN service providers, cloud service providers; and
5. KYC norms and practices by virtual asset service providers, virtual asset exchange providers, and custodian wallet providers.
India is strengthening its statutory cyber security framework to help businesses against the ever-evolving threat landscape. The government has extended the timeline from June 27 to September 25 to provide these businesses with reasonable time for capacity building and making these implementations.
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Views expressed above are the author’s own.
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