By Alkesh Kumar Sharma
In an era characterised by rapid digital transformation, the significance of cybersecurity has never been more pronounced. Recently, a joint statement by the United States, Japan, and South Korea highlighted the threats posed by the Lazarus Group, a North Korean cybercriminal organization known for its sophisticated attacks. This development underscores the global nature of cyber threats and their potential implications. As India continues to embrace digital technologies, the risk of cyberattacks looms large, threatening not only individual organisations but the startup ecosystem as a whole.
Current cybersecurity landscape in India
India has made remarkable progress in strengthening its cybersecurity framework, earning Tier-I status in the 2024 Global Cybersecurity Index. This achievement is a testament to the country’s dedication to creating a secure digital ecosystem. However, the statistics paint a worrisome picture: approximately 370 million malware attacks and 1 million ransomware incidents were reported in India over the past year. Cybercriminals have increasingly targeted critical sectors such as healthcare, hospitality, banking and financial services.
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A notable example is the ransomware attack on the servers of Delhi AIIMS in November 2022, which disrupted operations and highlighted vulnerabilities in the healthcare sector. Another significant incident exposing the financial sector’s susceptibility was the WazirX case. On July 18, 2024, a cyberattack carried out by the North Korean hacker group Lazarus targeted a multi-signature wallet managed by Liminal, a third-party custody provider. The attackers bypassed security measures by manipulating the required signatures for authorizing transactions and modifying the smart contract that governed the wallet. They then used a second smart contract to withdraw approximately $235 million in cryptocurrency. To obscure the origin of the stolen funds, the attackers moved them through various platforms, including Tornado Cash. Such attacks demonstrate how cyber threats can escalate rapidly, posing risks to businesses. These incidents call for the urgent need for robust cybersecurity measures to protect digital assets and critical infrastructure from evolving threats.
Government initiatives and frameworks
The Indian government, recognising the urgent need for enhanced cybersecurity, has launched several initiatives led by the Ministry of Electronics and Information Technology (MeitY). These efforts encompass policy interventions, legal frameworks, emergency response measures, research funding, and the development of a robust cybersecurity ecosystem. MeitY has introduced key legal frameworks to strengthen cybersecurity in India. Notable among these are the IT (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, and the Digital Personal Data Protection Act of 2023, which complement the existing framework. Additionally, the Indian Cyber Crime Coordination Centre (I4C) has been established to address cybercrime through integrated collaboration among law enforcement agencies.
A cornerstone of India’s cybersecurity infrastructure is the Computer Emergency Response Team (CERT-In), created under the IT Act. CERT-In plays a pivotal role at the national level in coordinating responses to cybersecurity incidents and safeguarding critical information infrastructure. Its Cyber Suraksha Kendra and initiatives in boosting resilience in the Banking system have been recognized in the World Economic Forum 2025. Besides, international cooperation is equally vital in combating cyber threats. India is an active participant in the Quad cybersecurity partnership, which supports initiatives for secure software and the protection of critical infrastructure. During its G20 Presidency, India underscored cybersecurity as an essential element of the digital economy, with the Group welcoming principles to support Safety, Security, Resilience and Trust in Digital Economy. Furthermore, India has engaged in UN-led initiatives on cybersecurity, including a 2022 meeting focused on addressing ransomware threats.
Challenges ahead
Lately, we have witnessed a new scenario where not only individual hackers but also state-sponsored groups and governments are actively engaged in activities that disrupt critical aspects of the global economy. Despite notable advancements in cybersecurity measures, challenges persist as the ever-evolving nature of cyber threats continues to outpace organisational defences. The growing threat landscape highlights the pressing need for increased funding and resources to bolster cybersecurity initiatives. India’s rapidly expanding digital economy underscores the critical importance of cybersecurity in its digitalization efforts. Cybersecurity must be approached with the same determination demonstrated in initiatives like semiconductor development and the India AI mission. As part of its Viksit Bharat mission, India aims to establish a thriving digital economy, but this goal requires a fundamental shift from a reactive to a proactive approach to cybersecurity.
Currently, efforts are largely focused on mitigating or neutralizing threats as they arise. There has been a significant increase in cyber frauds and scams during the past couple of years. As per the reports based on Citizen Financial Cyber Fraud Reporting and Management System (CFCFRMS), India has suffered a loss of Rs 11,333 crore to cyber scams like stock trading frauds, investment frauds, digital arrest etc., during the first nine months of 2024. However, what is truly needed is a National Cybersecurity Authority (NCSA) dedicated to developing and implementing a forward-looking strategy, with a focus on addressing critical gaps in cyber security vulnerabilities prevailing amongst electronics /ICT products and increasing cyber security awareness amongst the general public. This Authority should prioritise resource allocation to enhance preparedness, foster research and innovation, and build a resilient cybersecurity ecosystem. The agenda for the NCSA should encompass key objectives, including budget allocation, nurturing an industrial ecosystem, building a strong leadership framework, and clearly defining the roles and responsibilities of all stakeholders. By taking these steps, India can not only safeguard its digital economy but also set an example for proactive cybersecurity management on a global scale.
As India continues to navigate its digital transformation journey, it is imperative for all stakeholders—government agencies, businesses, and individuals—to prioritize cybersecurity efforts actively. By fostering collaboration at both national and international levels and investing in skill development and resources, India can enhance its resilience against cyber threats and secure its position as a leader in the global digital economy.
(The author is the Former Secretary of the Ministry of Electronics and IT, Govt. of India. Views expressed are the author’s own and not necessarily those of financialexpress.com.)
