As the nation is equipping to introduce the Goods and Services Tax (GST) from next month, experts have forewarned that the government and additionally firms ought to firewall their systems to manage progressively more complex cyber threats.
Charged as the nation’s greatest taxation reform since independence, the Goods and Service Tax (GST) is relied upon to become effective from July 1.
Experts opined there could be an ascent in the quantity of security incidents, if the government and private players don’t set themselves up sufficiently to address the potential cyber risks around the GST.
PwC India, Partner and Leader (Cyber Security), Sivarama Krishnan said there are a few threats that companies could get presented to subsequently of the new tax regime.
Threats thus of data leak, unapproved changes to master data and contribution of third parties – who will approach an organization’s data – are set to increment.
“Companies need to change their IT architecture with an attention on the GST. Solidifying and security setups of the systems that will be utilized as a part of the end-to-end technology landscape will be required,” he said.
Ansh Bhargava, Senior Consultant, Taxmann.com, was of the view that since the GST Network (GSTN) will be recording the data of 8 million taxpayers every month, “it is basic that this touchy financial information be protected against malignant assaults or security breaches in each conceivable way”.
“It is of most extreme significance that the cyber security unit is fit for recognizing security threats as well as directing examinations concerning cyber fraud and legal sciences at whatever point required,” he said.
On cyber threats, Rohan Khara of the mobile wallet organization, MobiKwik said even little glitches can mean real disturbances, which is the reason his organization has set up a robust technology foundation to deal with billions of transactions.
“We even utilize prescient investigation that can caution of cyber issues,” he said.
The master from PwC additionally said that keeping in mind the end goal to be immune from risks, companies must embrace new ways to deal with cyber security, administration and checking forms.
“The GST requires rebuilding of the IT forms. On the off chance that operationally security aligns with business targets, it will empower a seamless GST handle,” Krishnan said.
Rajeev Banduni, Co-originator and CEO GrowthEnabler instructed that with the hurried course of events regarding execution, providers and purchasers ought to evaluate the information security practices of the Application Service Providers (ASP) and GST Suvidha Providers (GSP) while handling for GST usage.
“These end-gadgets of ASPs and GSPs could be the following focus of cyber terrorists,” he advised.