Tuteja highlights growing threats and urges forward-looking strategies to counter evolving cybersecurity challenges”
Akhilesh Tuteja, the Global Leader of Cyber Security at KPMG, issued a stark warning about the evolving landscape of cyber warfare and the increasing menace of ransomware. Tuteja’s insights shed light on the pressing challenges posed by non-contact warfare, emphasising the need for comprehensive strategies to combat both external and internal threats.
Tuteja drew a striking parallel between digital and physical attacks, highlighting that cyberattacks serve as replicas of more traditional forms of aggression, such as vandalism, robbery and bombings. He underlined that ransomware attacks have gained notoriety, comparing them to kidnappings in the digital realm, where perpetrators demand cryptocurrency payments for the safe release of stolen data.
Moreover, Tuteja cautioned against the alarming rise of ‘Deep Fake’ technology, which enables malicious actors to create convincing fake voices, faces and actions using artificial intelligence. This technology can be harnessed for various nefarious purposes, potentially causing significant harm.
The cybersecurity expert attributed much of the surge in cyberattacks to rapid technological advancements, particularly in the IT industry, which frequently changes its operational methods. He stressed that this swift evolution often leads to unforeseen vulnerabilities and security gaps.
Tuteja urged a forward-looking approach to cybersecurity, suggesting that while the future of the field remains unpredictable, it can be assessed across different horizons. He recommended examining what cybersecurity may look like tomorrow, next year and in the coming years.
The immediate future, according to Tuteja, appears to be dominated by ransomware attacks. He noted that cybercrime has grown into an industry with an estimated worth of 8 trillion dollars, underscoring its lucrative nature. In India alone, ransomware incidents are on the rise, increasing fourfold every year. However, he reassured that only a small fraction, approximately 7 percent, of ransomware incidents result in financial losses.