In the wake of the recent WannaCry ransomware attack, the cyber security team of Price Waterhouse Coopers (PwC), discovered security loopholes in the IT infrastructure for GST which was recently implemented in a mid-sized Mumbai based firm. Firms are rushing to become GST compliant and are leaving themselves vulnerable to cyber security threats which may lead to huge data and financial loss.
As the deadline for GST implementation nears, businesses are in a hurry to spruce up their systems; as a result, they are missing several critical security elements. Soon, a lot of vital information would be traversing the internet, and any data loss pertaining to GST can pose substantial business risk to companies.
WannaCry Attack in India
India was the third worst affected country when the WannaCry attack was spread worldwide recently. Around 48,000 systems were infected however, no major corporation or bank reported any disruption in their activities. It raised doubts with respect to whether these firms were disclosing being hit by the attack in the first place itself.