Following recent data breaches, some Indian banks are advertising for cybersecurity and forensics specialists to work with their CISOs. But finding qualified staff could prove challenging.
The Reserve Bank of India's "New Umbrella Entity" initiative, designed to support a digital retail payments system similar to National Payments Corp. of India, would be a game-changer to boost digital innovation in the payments industry, according to a panel of experts.
The Reserve Bank of India's draft of a framework for new self-regulatory organizations, including one that would help oversee payment system operators, fails to adequately address security issues, some observers say.
The Reserve Bank of India's plans to create a self-regulatory organization by April to help oversee the digital payments system could help reduce the complexity of RBI's efforts to help ensure payments security, some security experts say.
Reserve Bank of India is proposing the creation of a new digital retail payment system, similar to the National Payments Corp. of India, to expand the reach of digital payments to those who don't use banks and help reduce the dependency on cash.
The discovery of an apparent data breach at Indian IT service firm Wipro could hurt the firm's reputation, as well as the reputation of other outsourcing companies, some observers say.
When taking steps to guard against fraudulent transactions through contactless payments, organizations must carefully balance the level of security versus customer convenience, says SriramNatarajan, COO at Quatrro.
DSCI is working with the FIDO Alliance in an effort to eliminate the use of passwords for authentication in India. But some security practitioners question whether that's a realistic approach that will prove effective. go
To comply with the Reserve Bank of India's security master direction, organizations must involve their boards in risk assessments and building security awareness, a panel of experts says.
Organizations in India need to ramp up their authentication efforts in light of a 40% increase in cashless transactions since the start of the COVID-19 pandemic, which has led to increases in attempted fraud, security experts say.
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