Today, digital services have facilitated the simplification of a number of day-to-day processes, including banking, verifications, entertainment, availing government-led services and researching about any desired product or service online. Indians had spent 150 billion hours on Android phones in 2016, overtaking the U.S. Based on findings by App Annie, India surpassed the U.S. as the second largest smartphone market, spurred by the rise in homegrown smartphone production. Following the launch of subsidized data plans through mobile network Jio in September 2016, India’s monthly wireless data consumption reached 1.3 billion GB in March 2017, up from 200 million GB in June 2016. The easy availability of smartphones and unprecedented affordability of data now ensures that Indians can access the internet with ease, but the ease of access has come at a cost.
Surely, digital technologies, as they are very beneficial, have been a boon for the entire country in one way or the other. But sadly, they are as beneficial for cyber attackers waiting to steal sensitive financial details or compromise the data of a user.
The cyber attacks have taken the world by storm and there is hardly any country left which hasn’t been affected by them. India too has been affected and the extent of online and cyber financial transactions are on a rise. India’s rapid transition to a cashless economy since Prime Minister Narendra Modi’s demonetization drive last year has exposed new avenues for virulent cyber threats across the nation.
India’s rise as a digital power not only requires digital awareness among the burgeoning set of internet users, it also demands the strengthening of the IT infrastructure with regards to security.
Home Minister Rajnath Singh has directed intelligence and security agencies to further enhance technical and legal capabilities to deal with increasing cases of financial cybercrimes especially ones linked to usage of cards and e-wallets. Singh chaired a meeting on the same on Tuesday which was attended by senior officials from the home ministry as well intelligence and security agencies who also gave detailed presentations on the pattern of online financial crimes.
The recent Equifax data breach in the U.S and its aftermath have forced data-rich companies and startups in India to closely review their security protocols, scrutinise potential cyber threats closely and deploy methods that can mitigate growing risks.
