As India Goes Digital, A Robust Cyber Security Infrastructure Is NeededMaking digital payments

As India embraces a cashless economy, there has been a sudden spurt in new mobile wallet companies -but most of these start-ups are setting up digital shops without knowing the cyber risks involved, a top executive from US-based cyber security firm FireEye has emphasised. This is a dangerous trend when the country still lacks proper infrastructure and legislation to fight against cyber criminals.

In a first, the Central Bureau of Investigation (CBI) on Friday registered a complaint against 15 people for allegedly claiming fraudulent refunds worth Rs 6.15 lakh from the leading payment gateway Paytm. A Paytm spokesperson, however, said in a statement that the platform has robust risk management practices but the case has brought the risks to the fore. Paytm registered over seven million transactions worth Rs 1.2 billion in a day after the demonetisation drive began on 8 November.

As threats become more pervasive and frequent in India, organisations are slowly becoming aware about the need for advanced protection. In 2016, India faced a wave of cyber security incidents, ranging from targeted attacks on government organisations to ATM malware attacks. The sophisticated, financially-motivated espionage actor groups focusing on critical systems and maturing businesses will be prevalent in 2017 as these enterprises are often vulnerable to compromise.

With IANS Inputs

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement