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Companies Leaving Serious Security Loopholes Amidst the Hustle to get GST Read and ready to change to Aster Billing


The rollout of GST around the corner, companies are thriving to meet the deadlines. Amidst this rush, various companies are leaving a lot of security loopholes which can expose them to high levels of risk in the future. It hasn’t been long since the major ransomware attack happened and affected more than 300,000 computer systems globally. The Leader-Cyber Security at PwC India, Sivarama Krishnan, said,” Everyone is now rushing to meet the deadline of implementation; however, we've noticed that in this hurry, businesses miss out on a number of key security elements. Also, a lot of the critical financial information will soon start traversing the internet, and organisations are still not aware of how information shared for GST may result in significant business risk and, potentially, reveal sensitive business strategies.”
In the recent ransomware, WannaCry, attacks a public sector insurance company was seriously affected. The cyber-expert over there said, “Luckily, the company had been taking a backup on a separate server so only two days of data were lost. However, when we checked the whole system, we found that there were some bugs that could leave an opening for future cyber-attacks on their recently implemented GST IT infrastructure.”
Kartik Shinde, Partner, EY said, “Companies now have to be more cautious since increasingly, business will move online especially with GST and new IT systems that the tax law needs. While the recent ransomware attack was a trigger, we found that many companies were vulnerable and have loopholes in a lot of areas. In addition to that, newer variants of the exploit kit used in Wannacry ransomware are already in the making.”
India was the third nation which was worst hit by the recent ransomware attack, WannaCry. As per the reports, approximately 48,000 computers were affected by this attack. However, no major financial institution or corporate reported any disruption being caused as a result of this. This has been raising eyebrows and there are ambiguities pertaining to whether or not these institutions have disclosed the attack.
The experts of IT industry are of the opinion that if the systems aren’t secured, then there is a huge risk of leakage and manipulation of confidential and sensitive information.
- See more at: https://www.gstkeeper.com/news/gst/companies-leaving-serious-security-loopholes-amidst-the-hustle-to-get-gst-ready#sthash.eygWBRfM.dpuf
Location: Infobahn Networks llp, TC 11/415-3,Navodaya gardens, Nalanchira, Thiruvananthapuram, Kerala 695015, India

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