Feature

How to reap risk-free benefits of GST: Sivarama Krishnan, PwC

As GST knocks on our doorways, Sivarama Krishnan, cybersecurity leader of PwC breaks down how companies have to realign their systems to protect themselves from the new risks brought along with it. 

The Goods and Services Tax (GST) is about to be rolled out on July 1, and no time like the present to look at the various aspects of cybersecurity that will have to change in order to remain compliant with the new laws, while staying ahead of the risks that come with this reform.

At the India chapter of the first ever IDG Global Security Day, cybersecurity leader of PwC India, Sivarama Krishnan highlighted how the implementation of GST involves changes to existing information architecture as well as core accounting processes.

KEY TAKEAWAYS

1

Understand GST’s implications on system integration and implement appropriate solutions.

2

Evaluate the effectiveness of security controls to protect critical business data.

3

Ensure appropriate embedding of security controls to gain operational efficiencies and financial gains.

 

Krishnan defined the overview structure of a GST solution architecture, clarified the potential risks companies are being exposed to and explained the top concerns the enterprise needs to deal with, in order to be GST compliant.

“Enterprises need to have a holistic approach to these reforms and a sharp assessment of current systems before GST goes live,” he added. According to Krishnan, one of the biggest points of concern is the short timeline available to enterprises as GST goes live on July 1, 2017.

And that’s not all. The new process will lead to the piling up of a large amount of enterprise data outside the perimeter, transferrable over the internet. Additionally, large volumes of enterprise information will be shared with third parties, further highlighting the need for a stringent cybersecurity system in place.

Krishnan emphasized on some of the potential risks to data in the GST era, including alteration of business data, data leak due to unencrypted transfer lines, and risks posed by data access by third parties.

He advised organizations to understand and evaluate the implications of GST on the enterprise, and to secure themselves prior to the roll-out, to not only mitigate emerging risks but to also fully reap the benefits.

Watch: Sivarama Krishnan of PwC speaks on Cybersecurity in the GST era