Cybersecurity in the Indian Banking Sector
By Team Legistify / 2016-06-17
Banking customers are frequent victims of Internet-based frauds, phishing, vishing and other malware attacks. Irrespective of these threats, there is a continued interest and love for technology-backed innovations in the banking and financial services such as online banking and mobile banking, amongst others. The establishment of an IT subsidiary by RBI is a welcome step not only for the BFSI sector but also for IT security solutions providers like Quick Heal, as it will ensure better compliance with regulations to prevent data theft and to check banking fraud.

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The number of cybersecurity incidents has gradually increased in India over the last few years. Minister of State for Electronics and IT, Mr. PP Chaudhary stated that as per the information collected by India’s Computer Emergency Response Team (CERT-in), 44,679, 49,455 and 50,362 cybersecurity incidents took place in India during the years 2014, 2015 and 2016, respectively. These incidents include phishing, website intrusions and defacements, virus and denial of service attacks amongst others.

As per the ‘2016 Cost of Data Breach Study India', the average total cost of a data breach paid by Indian companies increased by 9.5 percent, while the per capita cost increased by 8.7 percent and the average size of a breach grew by 8.1 percent. Although, the government has taken certain cybersecurity initiatives as discussed below, more expansive and aggressive measures are required to meet the rising challenges.

Technologies and Threats are developing

Utilizing new channels of correspondence are essential to better serve clients, however, keeping pace with developing advancements and their related dangers are additionally key difficulties. Cell phones and applications are essential cases of the harmony between more noteworthy productivity and new sorts of cyber risks. Some money related foundations battle here, while others discover approaches to join ease of use and security.

As indicated by this current report’s hazard radar which depends on our review discoveries, phishing, botnets and portable malware were evaluated among the in all probability dangers confronted, and furthermore among the ones with the greatest effect. You can hire the best cyber complaint lawyer in India to take an action against online banking fraud.

Banking customers are frequent victims of Internet-based frauds, phishing, vishing and other malware attacks. Irrespective of these threats, there is a continued interest and love for technology-backed innovations in the banking and financial services such as online banking and mobile banking, amongst others. The establishment of an IT subsidiary by RBI is a welcome step not only for the BFSI sector but also for IT security solutions providers like Quick Heal, as it will ensure better compliance with regulations to prevent data theft and to check banking fraud.

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