The problem of cyber threat is going to continue to rise as long as we connect things to the internet, said Nikesh Arora, CEO & Chairman of Palo Alto Networks, in conversation with Siddharth Zarabi, Managing Editor, Business Today TV at the World Economic Forum in Davos.
He said slowly and steadily as one gets connected and the more they connect things, the more doors they open for bad actors to can get into the place where good actors have to be.
Explain the reason behind the rising cyber-attacks, Arora said, “If you think about it in the last 30 years, I'd say since the internet was born in the 80s, early 90s, we've been connecting everything. The more you connect things, the more doors you open, the more bad actors can get into the place where good actors have to be. So, we made it easy is for people sitting in a basement somewhere in the world or sitting in office as well access information anywhere else but at the same time also allows them to be able to hack those things and bring them to a halt.
Arora shared that at one of the panels he attended at the World Economic Forum, the Prime Minister of Albania put out a stat which was startling to hear, which was, “If cybercrime/fraud returns impact was an independent country, it would be the third largest GDP in the world. Third largest GDP after the US and China.”
Further dwelling into the conversation, the global cyber security leader explained how users can remain secure. He said, “All one can recommend is for a user to have good hygiene. And good hygiene means being careful about how much data you share with people. Because the more data they have, the more they can do identity theft. They can pretend to be you if they have all the details of your personal life, your Aadhaar card, your date of birth, everything else they can go set up an account looking like you that causes the door to be open for fraud.”
He said the other option is to make sure to doubly secure every place where you have something valuable to protect, whether it's your bank accounts, whether it's your email, whether it's your various services that are used on the internet. “So, like I think the base requirement from every one of us is to use hygiene and not do silly things like a phishing email means you're now accepting that you're giving your information to some anonymous site or some dubious site. That's a problem.”
Arora also praised India’s adoption of OTP (one-time password) for bank transaction validation and tokenisation where the consumers' financial data is not stored. He said these are built on zero trust and the banks make sure that your identity is validated every time.
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