Cyber Security Issues in India

Abstract

Over the past year, India has experienced a number of noteworthy and unusual occurrences that have elevated the importance of cyber security for the country's banking industry to a level never seen before. The Government of India's current endeavor, known as the flagship Digital India programme has been the most significant contributor in this regard. The programme aims to convert India into a knowledge economy and society that is enabled by technology. The abrupt increase in digital transaction value and volume, which reached all-time highs in March 2017, is evidence of the faster transition to electronic payments. With the total number of accounts surpassing 29.18 crore  the Pradhan Mantri Jan Dhan Yojana (PMJDY) has contributed to the ongoing expansion in inclusive banking penetration, bringing new and uninitiated customers into the fold of financial services. Incidents and risk concerns also became apparent. The penetration of a major bank's SWIFT payment application and the ensuing large-value fraudulent fund transfer were two of the significant occurrences. Another was the widespread compromise of numerous banks' debit cards through a sophisticated and persistent attack on a payment processor.