About Us
FAQ
Global Law Experts Logo
Global Law Experts Logo
GLE-PP

Find a Global Law Expert

Specialism
Country
Practice Area

Awards

Since 2010, the Global Law Experts annual awards have been celebrating excellence, innovation and performance across the legal communities from around the world.

Cyber security a business risk

posted 6 years ago

These days, we keep hearing or reading
about some or the other cyber-attack – hackers keep using ransomware on the
data of various government agencies and big corporates all over the world. As a
result, no individual, government or company is feeling safe about its data in
the cyber world – data belonging to one and all is increasingly becoming
vulnerable to cyber-attack of hackers.

Fraudulent hackers are hijacking the
valuable and sensitive information of companies, high profiled individuals,
government agencies etc., by hacking their servers with the intent to make easy
money by blackmailing and other tactics. Many big corporates have experienced
ransomware attacks in the past year. However, enforcement is very low as only a
minuscular fraction of such events is even reported.

In light of various cyber-attacks by
hackers all over the globe, cyber security has gained more prominence than ever
before and is fast emerging as one of the key business risks that need to be
addressed with precision or else there is a great risk of losing most valuable
data.

In fact, Cyber security is identified
as one of the top five business risks by 79 per cent organizations participated
in a recent KPMG survey on the subject. Despite this, most organizations have
minimal financial allocation to this aspect out of the total planned budgets
for cyber security.

It is generally felt that the existing
legal framework is are not adequate to deal effectively with cybercrime
prevention, detection, and investigation related matters. Even, cross-country
jurisdictions acts as a hindrance in lodging a complaint with the cyber cells.

In order to take on this malice
forcefully, corporates need to make right allocation of budget to deal with
cyber incidents. Mere budget allocation is not enough, companies need to build
robust cyber security system internally and update its security system from
time to time compatible to changing needs of the companies.

Enactment and enforcement of proper
laws to deal exclusively and effectively with the cyber incidents is the need
of the hour. To conclude and be precise from security and legal perspective,
enactment and strict enforcement of proper cyber laws and building of robust
cyber security system by companies is the only way to protect the cyber data
from the clutches of cyber hackers.

Research and inputs by Paruchuri
Baswanth Mohan

**************************************************

About the author :

Bhumesh Verma is a lawyer with over 2 decades of experience in advising domestic and international clients on corporate transactions (M&A, Venture Capital, Private Equity, Startups, corporate advisory, etc.) and features in “The A-List – India’s Top 100 Lawyers” by India Business Law Journal. He keeps writing frequently on FDI, M&A and other corporate matters and is a guest faculty as well. He can be reached at [email protected].

 

Author

Find the right Legal Expert for your business

The premier guide to leading legal professionals throughout the world

Specialism
Country
Practice Area
0
LAWYERS RECOGNIZED
0 m+
EVALUATIONS OF LAWYERS BY THEIR PEERS
0
PRACTICE AREAS
0
COUNTRIES AROUND THE WORLD

Join

0
who are already getting the benefits

Sign up for the latest legal briefings and news within Global Law Experts’ community, as well as a whole host of features, editorial and conference updates direct to your email inbox.

Naturally you can unsubscribe at any time.

Newsletter Sign Up

About Us

Global Law Experts is dedicated to providing exceptional legal services to clients around the world. With a vast network of highly skilled and experienced lawyers, we are committed to delivering innovative and tailored solutions to meet the diverse needs of our clients in various jurisdictions.

Contact Us

Stay Informed

Join Mailing List

GLE