Quote by Harsha Solanki, Managing Director – India, Bangladesh, Sri Lanka, and Nepal, Infobip on the occasion of World Password Day

“We live in a world that is foraying into Metaverse and Web3.0 to stay ahead of the curve. The other side of the coin, however, is the surging cybercrimes with the increased digital presence of a higher number of people and the complexity of transactions being executed online. I recently came across an alarming figure, Cybercrimes amounted to nearly $1 trillion in 20201.

Brands need to educate their audience on the importance of creating strong passwords, that are not common for every platform login or do not have obvious details such as name initials, date of birth, vehicle numbers, etc., making them easy to hack. I strongly recommend staying away from dubious emails that ask for personal information, passwords, OTPs, and the likes.

Organizations need to implement a robust mobile security technology with additional security layers that don’t compromise on customer experience such as two-factor authentication (2FA) through SMS, chat apps, voice, and push notifications. Passwords would play a critical role here, as well, in shielding against data theft. Another process that is equally secure and far more convenient for customers is Mobile Identity, an automated way of verifying users through their mobile operator. Leveraging secure methods for communication that allows privacy and sending real-time alerts are also the need of the hour to safeguard consumer interest.

We, at Infobip, have witnessed that the cases of cybercrime are no longer restricted to those who use desktops, laptops, or tablets. With the increased smartphone penetration and data proliferation, mobile becomes a key touchpoint that could be breached. People have 2X more interactions with brands on mobile compared to other devices2. In my understanding, mobile data protection has assumed the apex position in terms of criticality in today’s era.

I strongly believe that the cost of a data breach is beyond just the money lost; it is also about the credibility that a business has built over the years for its stakeholders. It has been reported that the quantum of business lost owing to cyber-attacks averaged $ 1.52 millions3. At the very least I would like to recommend that brands resort to data protection as it will aid them in building a more reliable brand reputation and in turn, strengthen consumer loyalty. Needless to say, we see a myriad of organizations today that are amping up their cybersecurity investment to protect the new oil of this generation viz. data.”