To make our Tuesday afternoon special, we had Mr. Kunal Bhatia, Partner at EY who took out his valuable time to address the students of Symbiosis Institute of Digital and Telecom Management. Mr. Kunal is an esteemed alumnus of SIDTM, Pune (formerly SITM) from the Class of 2008. He has been associated with EY for more than twelve years now and is a cybersecurity enthusiast. He is very much in touch with the college and has addressed our students in the past as well. Today, he was invited to enrich our minds with an insightful session on evolving Cyber Security trends and the future practices of the companies. The session started with a short address by Director Sir where he welcomed Mr. Kunal and asked him to take us through the future trends and the skills required for students to be relevant in the corporate world.
COVID-19 & Its Impact:
Mr. Kunal started with the impact of COVID – 19 globally, and the challenges EY faced at the beginning of the pandemic. As one-third of the world is in lockdown, this is the biggest recession for various global economies until now since the great depression. More than 170 countries are expecting a negative per capita income growth rate in the year 2020. He also stated how a see-saw shaped recovery shall land us to achieve the ‘New Normal’.
5 Cs of Emerging Quality Economy:
Mr. Kunal summed the characteristics of emerging economies very well. He took us through the 5 Cs for the emerging economies namely, Clean, Connectivity, Community, Creativity, and Conscientious. Changing Organizational Ecosystem concerning the business ecosystem and the enterprise ecosystem was also covered, and new avenues for organizations such as social networking, AI, robotics, AR, blockchain cloud were very well explained.
With big data comes big responsibility:
As more and more data transaction is taking place every day, and more content is being shared per minute, there is an urgent need for data protection. Mr. Kunal quoted Spiderman, where he said with big data comes big responsibilities, which is enough to explain the gravity of the cyber threats we are facing. Some light was thrown on recent incidents of data theft and a security breach of the database for companies across sectors ranging from IT to healthcare. According to a government report, the number of cyberattacks is around 4000 per day since the pandemic kicked in. He also showed us a graph giving a clear picture of corporate espionage, organized crime, state-sponsored attacks, and advanced persistent threats (or APT).
Role of Employees in the Changing Environment:
The lack of awareness among the employees is a major threat to the security of the data. It has been noticed that the weakest link for any organization is the people working within the ecosystem and have privileged access to critical data and information. Most of the employees are least aware of how their actions can cause big trouble for their organization. According to a recent report, two in every three American professionals is a novice when it comes to cybersecurity. Little things like using birthdays and nicknames as passwords, not changing the password frequently, not using two-step verification methods, using social media simultaneously while working, and more makes the data more vulnerable to attacks. It is correctly said that security starts with you. Apart from investing in cyber securities and monitoring systems, companies are trying hard to make the employees understand it and act accordingly for the prevention against cyberattacks.
Business Resilience: Now, Next and Beyond:
During the session, we got to know about the areas that companies are focusing on currently, and what factors should companies and organizations look at in the future for a long term solution. Enabling crisis management, the health of the employees, enabling BYOD (bring your device) is the topmost priority of the employers as of now. After that, the next task would be making arrangements for returning to normalcy and to identify the areas that needed to be re-assessed for criticality. Setting up a crisis command center, implementing end to end business resilience tools, and more will be the focus of the companies in the future.
Future Trends and Q&A session:
After covering all the important aspects of cybersecurity, Mr. Kunal had some advice for us on the future trends of the industry. According to him, cybersecurity and understanding the actual threat scenarios, helping the organization to manage and tackle internal as well as an external threat, data protection, and privacy, network securities, and perimeter access meter for the telecom sector and analytics were some of the major emerging requirements of the industries. He also took questions of the students and gave us detailed answers like the roadmap of India’s government sector with regards to the cybersecurity infrastructure, the technology used by companies to tackle ransomware, and the role of EY in providing solutions to their clients in these times.
It was a great session overall, and we all are looking forward to having Mr. Kunal Bhatia on the college campus as soon as the college reopens so that he can give more insightful information to the students.
Ad-hoc Member, BlogSoc