India's Central bank on Tuesday said it has set up a committee to review the cyber threats and suggest measures that would strengthen data security after interacting with industry and stakeholders. Last year, the Indian banking system suffered possibly its biggest data security breach in its history, leaving customers and their money at significant risk. Information related to 3.2 million debit cards from at least 19 commercial banks was leaked due to malware in ATM security systems.
With the move to digital payments, these fears take greater precedence with citizens vulnerable to data misuse and without any rights to protect that information and data. At the heart of any secure digital network are current technology, proper regulation and consumer protection. Critical issues regarding privacy, data security and the rights of customers have to be addressed.
Along with China, Russia, Saudi Arabia and South Korea, India is ranked among the top five nations most vulnerable to damaging cyber attacks, according to a recent book co-authored by data-mining experts from the University of Maryland and Virginia Tech in the United States.