India Sees Large Rise In Cyber Crime in 2016: ASSOCHAM-PwC Study

by January 19, 2017 0 comments

This smartphone revolution has led to the emergence of e-commerce, m-commerce and other services, including app-based cab aggregators, who encourage digital payments for use of various services. The value added services such as cash back, bill payment facilities, loyalty points, rewards and ease of use have promoted increased usage of such digital platforms.

As the country is experiencing a digital revolution, the impact of this transformation makes it imperative for financial service players to revisit their cyber security resilience. The number of incidents occurring in banking systems has increased in the last five years. In the month of October 2016, an ATM card hack hit Indian banks, affecting around 3.2 million debit cards.  Hence, efforts are needed to enhance cyber security as businesses and citizens embrace this new digital wave, noted the study.

Addressing ASSOCHAM Masterclass Workshop “Securing the Cashless Economy”, Mr Sanjay Sahay, ADGP, Police Computer Wing, Bangalore, Karnataka said we should have our own standards & protocol and operating system.  The types of cyber security incidents such as phishing, scanning, website intrusions and defacements, virus code and denial of service attacks will continue to grow, highlighted the study.

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