Cybersecurity, as an industry, has become indispensable, owing to the recurrent bouts of ransomwares, rising estimates of cyberthreats, and transformation of the global digital economy in a post COVID era. The average cost of a successful cyberattack which causes data breach is currently pegged at INR 12.8 Crores in India. This was most recently demonstrated by the $ 750,000 ransomware attack on the information systems of Haldiram’s India, a reputed Indian food manufacturing company. While having a secure information system that is resilient against every data breach and cyberattack is the ideal outcome, there is no cybersecurity service in the world that can guarantee a 100% success rate in conserving the integrity of an organization’s IT system and sensitive data after a cyberattack.
In this background, it becomes important for organizations to have a cyber risk management plan. Cyber risk management is an organizational strategy to manage the reputational, operational, and financial risks that have manifested themselves…
