By 63SATS Cybertech News Desk
In an increasingly perilous digital landscape, ransomware is emerging as one of the most significant threats to businesses of all sizes. Neehar Pathare, Managing Director, CEO, and Chief Information Officer of cybersecurity company 63SATS Cybertech, offers a deep dive into the evolving cyber threat environment and shares critical strategies for organisations to fortify their defenses.
Q. What inspired the creation of 63SATS Cybertech?
Jignesh Shah, a tech genius and visionary leader spearheaded the digitization and democratization of the Indian financial markets through his firm, 63 moons technologies limited (formerly Financial Technologies India Limited). Demonstrating his foresight, he established 10 world-class multi-asset exchanges globally in just a decade. Currently, as a coach and mentor to 63 moons and its subsidiaries, he is focused on rebuilding the financial world. His new model leverages blockchain technology, prioritizes cybersecurity, and centres on AI and machine learning.
63 moons launched key exchanges like Multi Commodity Exchange of India Limited (MCX), Indian Energy Exchange Limited (IEX), Dubai Gold & Commodities Exchange (DGCX), and Singapore Mercantile Exchange (SMX). These exchanges have successfully thwarted numerous state-sponsored cyberattacks, thanks to our robust security architecture. The rise in cyber threats during the COVID-19 pandemic highlighted the need for robust cybersecurity, leading to the creation of 63SATS Cybertech to protect businesses and critical infrastructures across India.
Q: As the MD, CEO, and CIO of 63SATS Cybertech, how do you perceive the current digital threat landscape?
The digital threat landscape is evolving rapidly, with ransomware leading the charge. Malware has transformed into a complex, multi-headed beast that includes viruses, worms, and Trojans, all of which are becoming increasingly sophisticated.
Ransomware attacks have surged, challenging even the strongest defenses, while state-sponsored cyber espionage threatens national security. Supply chain vulnerabilities add complexity, emphasizing the need for thorough vendor vetting and monitoring. Human error, too, remains a critical and unavoidable risk.
Q: It’s a common misconception that SMEs are less likely to be targeted by cybercriminals. How true is this?
Unfortunately, the reality is that cybercriminals do not discriminate. In fact, SMEs are often a top target for ransomware attacks precisely because they typically have weaker IT security compared to larger organizations. The consequences of these attacks can be devastating. Many SMEs find themselves unable to operate during an attack, and a significant number have no incident response plan in place. Even among those that do, many haven’t tested their plans recently, leaving them vulnerable.
Statistics reveal that the high cost of recovery, combined with business interruption expenses, means that around 50% of SMEs fail after a successful cyberattack. Paying the ransom becomes a last resort for many small businesses, as they fear the prospect of going out of business altogether.
Q: Given the significant rise in the frequency and sophistication of cyberattacks, what key steps should organisations take to strengthen their cybersecurity beyond mere prevention?
For all organisations, a comprehensive approach to ransomware protection is crucial. It’s not just about prevention; it’s about being prepared for remediation and recovery as well. Here are the essential steps: Implement an Anti-Ransomware Assurance Suite: organisations should consider adopting an Anti-Ransomware Assurance Suite to minimize cyber risk, proactively thwart advanced threats, and maintain robust defenses. Solutions like Automated Moving Target Defense (AMTD) offer a multi-layered approach to adapting, protecting, and defending against ransomware. Protect Backups: Regular inspection of backup data for anomalies or changes is essential, as these could signal a ransomware attack. Storing data in an immutable format can prevent ransomware from accessing and encrypting backups. Leverage Cyber Threat Intelligence: Staying informed about ransomware and extortion groups through cyber threat intelligence allows security teams to better anticipate threats and fortify defenses accordingly.
Investing in these measures is imperative for companies of all sizes to protect their assets and ensure business continuity in the face of evolving cyber threats.
