SHREYA KEDIA
Just as our country is taking steady steps to adopt a digital economy, ‘Legion’, a hacker group, has reminded us just at the right time about the risks involved in the process and given a reality check on India’s susceptibility to cyber crimes. The past week, about a handful of personal social media accounts of bigwigs, including politicians, journalists and businessmen, were hacked and derogatory comments posted. The purpose behind it is to hold personal data and crucial information hostage; some even demand ransom.
The hacker group has even claimed that India’s cyber security area is weak and that it already has access to sensitive data. However, there’s more to this identity heist, for the area is not limited to hacking emails and social media accounts. With a rise in the usage of e-platforms and digital payment methods, post-demonetisation, India’s vulnerability to malware attacks and cyber threats too is set to rise. The threat of cyber attacks has now become a reality which the Government must acknowledge and side by side take steps to protect the consumers, banks and businesses alike from consistent cyber attacks.
A recent Norton Cyber Security Report said that consumers in India are increasingly becoming aware of the cyber threats, but their online behaviour is often contradictory and puts them at risk to ‘ransomware’, malware and attacks from cyber criminals. CERT, the nodal cyber security agency in the country, too has warned of potential cyber attacks on micro-ATMS and point of sale (PoS) terminals by hackers. Besides, many experts too have signalled that ATMs are easy targets for hackers. In one of the biggest security breaches, about 32 lakh ATM cards were hit by data break-ins. Although the debit cards were blocked and re-issued to avert loss of financial data en masse, the incident has raised security concerns of online banking in the country.
In yet another incident, PayTm, a mobile payment company, has registered a case against seven persons on charges of criminal conspiracy, forgery to the tune of Rs 3.2 lakh. The matter has now been taken up by the Central Bureau of Investigation.
Along with demonetisation pushing the country towards the e-platform, is Prime Minister Narendra Modi’s thrust for Digital India which makes it all the more pertinent to step up measures to lower the risk of cyber threat. Be it Internet banking or ATM transactions, or bank dealings, swiping of debit/credit cards, transfer of funds et al, fraudsters are always a step ahead to devise ways and means to fool the customers and also the banks. In light of increasing cyber security risks, the need of the hour is not just strict laws, but stringent implementation of the same. Along with strong penalties and punishments, efforts must be made to improve digital literacy. Cyber crimes happen not because of the expertise of the hacker, but due to lack of awareness.
In times when information technology has come to play an important role in our day-to-day lives, with increasing dependence on Internet services, whether it is related to personal, social or governance-related issues like online shopping, online education system, games or social networking sites or transferring salaries of employees, the Government and banks must work in tandem to educate people about how to keep themselves safe in this new world. Technology, when used properly, is a boon; otherwise it’s a bane. In fact, online banking can be self-defeating in the wake of cyber crimes and computer hacking.
The easiest targets for such digital frauds are the rural people, senior citizens and such others, who are mostly not literate to safeguard themselves from data fraud. Post-demonetisation, there will be many who would be using the e-platform for the first time. It is encouraging that the Prime Minister has asked those who are digitally literate, to help others initiate digital payments. But one can just hope that those helping others do it without any dubious intent.
Another key fraud-prone area is tele-banking, where frauds on individual account holders are increasing alarmingly as money from debit cards on gullible customers are being withdrawn by fraudsters. They call up posing as bank officers and ask for personal details like password. Innocent customers pass on the information only to find that their accounts have being emptied within a short period of time.
To prevent such crimes, banks will have to play an equal role in educating customers regarding protection of their secret information – which must never be shared. Customers must also be sensitive regarding protocol to be followed during withdrawal. Also, banks have to keep upgrading their cyber security. It is also the responsibility of banks to train account holders while issuing cards, so that basic safety standards are maintained.
For long-term goals of a digital business environment, collective efforts on part of the Government, banks and also the customers are required to transact safely. Digital India is essential and not a dream too far, but it must not come at the cost of security of citizens. If indeed, we are serious about moving towards a less cash economy, the change has to be gradual and not hasty, keeping in mind the challenges.
(The writer is Assistant Editor, The Pioneer)