Cyber crimes posing threat to digitalization

A soaring cyber crime graph threatens to paralyze the rapid growth in the country’s banking and financial sectors these days. Unless and until an effective mechanism is devised to keep this growing threat at bay, the much hyped growth of digital services has hardly any chance to percolate any benefit to the country’s economy. Cybercriminals are still at work to siphon off crores of money from many accounts with sophisticated digital applications, making online payment system more vulnerable in mobile wallets, forcing the stakeholders to go for a set of tight mechanisms to rein in the threat. A joint survey by Data Security Council of India (DSCI) and PayPal spokes volumes of a slew of measures to firmly deal with this threat to restore the confidence of the investors and customers which include some policy strictures and tight regulations for online payment. The experts in the panel have suggested a tight framework of cyber security management in the companies with an efficient IT set up. The study report strongly feels the need a set of government policies to ensure safety of the public interest, privacy and information transpired with the service providers. Many government agencies and cyber security experts have welcomed the suggestions to avoid the impending cyber threats and the pubic disaster thereof. CERT-In, a reputed government agency has heaped huge praise on the report saying that the recommendations would help the country restore the confidence of the millions of people who have been directly or indirectly bearing the brunt of this escalating cyber threat. Same sentiment echoes in the national cyber security coordinators who are happy with the panel’s stress on infrastructure to ensure a safe and secured digital payments across the country. They, further pined hopes on the prompt initiatives by Visa and Mastercard to make it more convenient.