Cyber attack: Year 2021 became the year of ransom, till now one trillion dollar has been paid: Rajesh Pant
New Delhi. National Cyber Security Coordinator Rajesh Pant on Wednesday called 2021 the year of ransom as there has been a huge jump in such attacks across the world.
During this, companies have paid ransom of about USD 1 trillion in the first half of the current year. Pant cautioned the financial sector companies to intensify their efforts to bring flexibility in the process to protect themselves from cyber attacks.
6 trillion US dollars loss
Rajesh Pant said that the beginning of 2021 will be called a year of ransom. ‘We are only halfway through this year and already 1 trillion USD has been paid out. To ensure the financial sector, necessary efforts have been made for cyber resilience. Pant said in a virtual event of IAMAI (Internet and Mobile Association of India) that cyber crimes have caused a loss of USD 6 trillion to the global economy.
In the financial sector, data is key. You have sensitive and personal data. You all are aware of the Personal Data Protection Bill. He hopes that it will be presented after the JPC has discussed it for the past few months. According to Pant, the bill is on the lines of European data protection law.
Personal Data Protection Bill 2018
The bill prohibits transfer of personal data to any other country. It also suggests the establishment of a Data Protection Authority of India to prevent misuse of personal information.
The draft bill is based on the recommendations of a committee headed by Justice BN Srikrishna, constituted by the government. Pant said that the National Cyber Security Strategy is expected to be approved by the Cabinet soon.
He said the National Cyber Security Strategy has been sent to the Cabinet for final approval. Whenever it comes to the fore, it will cover all the aspects according to the changing situation. This is a worthwhile strategy in the future.