Challenges in IT Sector - Comments from IT Leaders

Challenges in IT Sector - Comments from IT Leaders on the cyber threats and cyber attacks in enterprises and online

DQC Bureau
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Digital Identities

2022 is drawing to a close and 2023 is on the horizon. This is the occasion to reflect on the challenges in the IT sector and new opportunities emerging from them.


Some IT sector leaders have offered their comments on this topic. Pinakin Dave, Country Manager, India and SAARC, OneSpan says, "Prominent challenges faced by the IT sector refers to cyberattacks, especially in the banking space. Software security concerns, data theft, identity theft, and cloud security are some of the breaches that this sector has confronted. The IT sector has played a significant role in the highly complex working of banking institutions. In order to curb the menace of cyberattacks, the IT sector has joined hands with banking in mobile applications to guarantee safety and instill trust and credence among customers. Many new opportunities have paved the way towards an affirmative and safe anti-fraud pathway that is led by technology."

Dave continues, "Post Covid, the boon of two-factor authentication to overthrow data risks came into actuality to confirm a user’s authenticity. It applies a definitive level of security where two or three possible factors of authentication are combined to grant access to a website or application. Another prominent aspect is the evolution of e-signatures to challenge and defeat identity thefts. E-signatures are efficient and legally binding methods to gain approval on documents. Employed by a number of banks across the world, the technology is predominantly used to replace handwritten signatures virtually and confirm a user's identity without risking its mislaying. Technological advancements have come a long way in defeating fraudsters in their own game and ensuring safe transactions and security of customers. It instills faith and trust among consumers and keeps a favorable reputation of banks whose responsibility is to ensure its customer's satisfaction and safety in transacting online."

Sujit Patel, MD and CEO, SCS Tech says, "Technology is constantly improving and transforming how businesses operate in today's digital-first world. While companies must invest in these advancements, they must also see it as a new opportunity for threat actors to develop new and more unique attack techniques. In this context, AI has emerged as an essential tool for leaders to strengthen their security systems. As it evolves, it will become more relevant in 2023. Likewise, cloud-native application protection platform (CNAPP) is another crucial tool that companies must look at in 2023 to seamlessly monitor, detect and respond to potential threats and vulnerabilities to their cloud security. They must also explore Mesh Architecture to create a dynamic security environment and ensure a more cohesive security posture by using fewer resources. Developer-first security, although a new concept, is also envisioned to gain traction in 2023 as more and more players focus on giving control in the hands of developers to form a robust security foundation. Last but not least, managed security is also expected to witness a wider adoption in 2023 in the wake of rapid digitization across the globe."


These comments show that threats and attacks are the major challenges in the cyber world and major efforts are needed to counter them.

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