In recent times, India’s financial systems have been heavily targeted by malicious cyber actors due to an indefinite cyber framework. This can be further explained through the cyber attack instances of millions of debit cards being hacked in the past few years.
About 70% of the organizations have experienced some form of cyber-attack with phishing, Distributed Denial of Service (DDoS) or spam. The rising incidents of cyber frauds in digital payments, the Hitachi ATM data breach in 2016, surge in ransomware attacks such as Wannacry and Petya, Yahoo data breach etc. signifies that India requires updated technologies as well as policies to protect millions of personal data.
The breach of the latter isn’t just a done to hinder daily activities, but also a carry forward to activities such as cyber-espionage which are an attack to a country’s national security.
Global Systems Of Hacking
The attackers today are progressively building advanced technologies to target core banking systems especially concerned with payments. Their activities are becoming more and more aggressive and assertive than before to interrupt the victim’s capability to respond. They are further collaborating across multiple geographies heightening the attacker’s anonymity by requiring no additional resources to carry out the attacks.
As hackers are operating globally and collaborating across multiple geographies, it is therefore fundamentally critical to ensure that jurisdictions and organisations across the world collaborate to counter this growing threat. In the new era of digital payments, where technologies are constantly changing and evolving, there are numerous cybersecurity challenges to consider.
Cyber-attacks are more sophisticated and now target the entire payments life cycle.
Need For A Coordinated And Integrated Approach
Silos that exist between lines of business, payment operations (across payment types, business functions, and geographies), cybersecurity, risk, compliance, technology, treasury, and business continuity hamper the carefully coordinated response needed to prevent, detect and respond to attacks.