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Digital economy to boost cyber crime? Assocham-PwC study warns of threat

The study said the attacks on Indian websites have increased nearly five times in the past 4 years

IANS  |  New Delhi 

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Joint study by Assocham and PwC said that an ATM card hack hit the Indian banks in October 2016, affecting around 3.2 mn debit cards

As shifts to a economy, cyber-threats are at a new high with the number of such incidents occurring in banking systems increasing in the last five years, a study here said on Tuesday.

The joint study by and said that an hack hit the Indian banks in October last year, affecting around 3.2 million debit cards.

"Hence, efforts are needed to enhance as businesses and citizens embrace this new digital wave," the study noted.

The study said the attacks on have increased nearly five times in the past four years. However, the country's budgetary allocation towards was only about Rs 42.2 crore in 2012-13.

"Despite the growing threat, India's budgetary allocation towards was about Rs 42.2 crore in 2012-13, up 19 per cent from Rs 35.45 crore in 2010-11, whereas the spends $658 million through Department of Homeland Security and $93 million through US-CERT in 2013," the study said.

The study revealed that demonetisation has given an impetus to services and mobile wallets have witnessed a massive rise in

"The result has been that leading mobile wallets have witnessed growth upwards of 100 per cent in app download numbers and have similarly seen an increase upwards of 400 per cent increase in wallet recharges," said.

"Moreover, cyber-threats will only rise as is seeing a shift towards a The types of incidents such as phishing, scanning, website intrusions and defacements, code and denial of service attacks will continue to grow," the study added.

"Globally, most countries are facing a shortage of professionals with the expertise, training and motivation needed to deal with cyber criminals, and is no exception," said Secretary General D.S. Rawat.

"What we urgently need is serious effort in capacity building and setting up high-end cyber labs that are capable of critically inspecting every component before these are deployed in critical across industry sectors."

Rawat added: "There is an ever-growing threat to the economy, financial sector, key government departments and set-up, which in turn leaves internal security at risk."

The study said that by identifying flaws and issues, the decision-makers will be better placed to implement appropriate security controls, design additional secure architectures, monitor targeted attacks and maintain effective for their IT, OT and CT networks.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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