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Indian firms in hurry to implement GST could be skipping vulnerable loopholes in IT infrastructure: Report

With GST in place, businesses in India are expected to be heavily based online exposing them to cyber threats.

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Goods and Service Tax or GST as we know it is loosely connected with the humongous aftermath of the ‘WannaCry’ ransomware.  Reportedly, a Mumbai based mid-sized firm, PwC’s cybersecurity team fond security loopholes in the newly implemented information technology (IT) infrastructure for GST, underscoring the risk of the malware that affected 300,000 computers globally.

According to Economic Times report, IT firms in order to implement GST IT infrastructure at the earliest are allegedly overlooking a handful of vulnerabilities that could result in greater harm in the future. Sivarama Krishnan, leader-Cyber Security at PwC India was quoted saying, “Everyone is now rushing to meet the deadline for 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.”

With GST in place, a major part businesses in the country are expected to be heavily based online. It is said that many of these businesses might just not be aware of the possible threats they can fall into due to loopholes in the GST IT infrastructure. A developing economy, companies in India has recently been subjected to lot security and systems attack. Much recently, the WannaCry ransomware infected a large of number system and data stored on these computers were only decrypted in exchange of Bit Coins.  The caused a vague damage of worth hundreds of millions of dollars to private and public corporations. ALSO READ: After WannaCry, new Samba bug poses major threat to over 300,000 computers

A lot of Indian companies had their systems scanned and loopholes were found in their IT infrastructure making them more prone to security threats. For possible damage control, GST has allowed registered ASP (Application Service Providers) or GSP (GST Suvidha Providers) to support both the suppliers and buyers of IT infrastructure. While the US took the hardest hit by the ransomware attack, India was the third worst hit with over 40,000 computer systems affected across the country.

  • Published Date: May 26, 2017 4:01 PM IST