Vastavam web: As the country is gearing up to usher in the Goods and Services Tax (GST) from next month, experts have cautioned that the government as well as firms should firewall their systems to deal with increasingly more complex cyber threats.Billed as the country’s biggest taxation reform since independence, the Goods and Service Tax (GST) is expected to kick off from July 1.PwC India Partner and Leader (Cyber Security) Sivarama Krishnan said there are several threats that companies could get exposed to as a result of the new tax regime.
Threats as a result of data leak, unauthorized changes to master data and involvement of third parties — who will have access to a company’s data — are set to increase.”Companies need to modify their IT architecture with a focus on the GST. Hardening and security configurations of the systems that will be used in the end-to-end technology landscape will be required,” he said.”It is of utmost importance that the cyber security unit is not only capable of detecting security threats but also conducting fraud investigations and forensics whenever needed,” he said.
On cyber threats, Rohan Khara of mobile wallet company MobiKwik said even small glitches can mean major disruptions, which is why his company has set up a robust technology infrastructure to handle billions of transactions.”The GST requires restructuring of the IT processes. If operationally security aligns with business objectives, it will enable a seamless GST process,” Krishnan said. Rajeev Banduni, Co-founder and CEO Growth Enabler advised that with the rushed timeline of implementation, suppliers and buyers should assess the information security practices of the Application Service Providers (ASP) and GST Suvidha Providers (GSP) while processing for GST implementation.