The rise of digital transactions due to the demonetisation move and subsequent cash crunch has generated immense concern in the government concerning cyber security, or rather, the lack of it in India.
The rise of digital transactions due to the demonetisation move and subsequent cash crunch has generated immense concern in the government concerning cyber security, or rather, the lack of it in India. So in wake of rise in digital payments, the Home Ministry has asks digital payment and e-commerce companies to beef up their cyber security mechanisms, in order to prevent any kind of attack.The e-commerce space, especially in retail, where the digital action is the strongest in terms of numbers, is dominated by Flipkart, Amazon, Snapdeal, eBay, ShopClues and others.
According to the sources, in order to maintain quick and safe digital transactions, the Home Ministry said that Information Technology Ministry and concerned agencies have been told to communicate the concerns of the government to the companies involved in e-commerce. And because now the government is encouraging the adoption of digital payments among the people, it is ensuring that there would be no threat of cyber attacks.
Deputy National Security Advisor Arvind Gupta was quoted by Business Standard as saying,”Cyber security issues are now top of the national security agenda and such issues are given more importance than even the nuclear issues that used to top the international security agenda.” The deputy NSA further added, “Now, with India going towards less cash economy, major thrust for the government is to promote digital transactions, banking industry must make a robust infrastructure so that digital transactions are secured.”
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The government data reflects the usage of digital payments apps have shown great rise as the number of daily transactions through e-wallet services such as Paytm, Oxigen and MobiKwik has shot up from 17 lakh to 63 lakh which is a growth of about 271%, within a month of announcement of note ban. The number is likely to increase in coming months.