Cyber-security setup by the Reserve Bank of India after the Indian government initiation to push the country to a fully digitalised economy after demonetisation in 2016 are not sufficient and needs security setting on the lines of the Atomic Energy and Space Commissions, says a study conducted by Indian Institutes of Technology (IIT)-Kanpur.
The Parliamentary committee was briefed by Profs Manindra Agrawal and Sandeep Shukla from IIT-Kanpur.
The institute recommended the parliament that companies dealing in digital transaction must have a chief cyber-security officer and data systems should function on need-to-know basis.
The experts also mentions that the existing security framework like the CERT-IN was inadequate to prevent cyber-attacks.
The study suggests that since the government was pushing Aadhaar-based financial transactions, securing the Aadhaar database against unauthorised usage must be taken care of in primary bases.
The study further said that recent revelations about leakage of Aadhaar data and transaction data are serious concerns and the government should take care of it.
Incidents of cyber crime in India are in steep rise, recording an increase over 100% in 2015 from 2014.Cyber-attacks had affected over 3 million debit cards in 2016.
EY India’s Fraud Investigation and Dispute Services report released on May had stated that mechanism to tackle cyber-crime in Corporate India is low. The report had stated that two-thirds of business houses were unable to detect a cyber-attack in real time.