Financial cybercrime in India has been steadily increasing over the years. For the year 2015-16, the Reserve Bank of India (RBI) reported 16,468 cyber crimes related to ATM, debit card, credit card and net banking frauds. The number of frauds reported by the RBI were 13,083 in the year 2014-15 and 9,500 in the year 2013-14. The data was provided to a question raised in the Lok Sabha by MPs Dushyant Singh and Manoj Tiwari. The answer was given by minister of state for electronics and information technology. He added additional information from National Crime Record Bureau (NCRB) collects and maintains statistical data of police recorded cognizable crimes. Meanwhile, the RBI set up the Reserve Bank Information Technology Pvt Ltd (ReBIT) to take care of its IT requirements, including the cyber security needs of the bank and its regulated entities. ReBIT will focus on IT and cyber security including research for the financial sector and assist in IT systems audit and assessment of RBI regulated entities, in addition to implement and manage internal or system wide IT projects. The agency will have four main verticals it will work in – cyber security, research and innovation, systems audit and project management. The ministry of electronics and information technology (MeitY) has also issued a consultation paper which calls for developing a framework for security of digital wallets operating in the country. As part of the guidelines reccomended, the governement's will CERT-In shall notify the categories of incidents and breaches that are required to be reported…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...