Establish a new Cyber Protection Authority, introduce more dynamic and proactive regulations, formulate a more responsive consumer grievance redressal mechanism, strengthen cybersecurity law enforcement capabilities, and improve global coordination and collaboration are the five cybersecurity policy recommendations made by the Parliamentary Standing Committee on Finance in its report titled "Cyber Security and Rising Incidence of Cyber/White Collar Crimes" presented to the parliament on July 27. The Parliamentary Committee made these recommendations, targeted at the digital financial ecosystem, after noting the rampant rise in the number of cyber frauds and cyber crimes in the country, especially around digital payments and lending, and the deficiencies in the current cybersecurity regulations to address these frauds. I. Establish a Cyber Protection Authority The Committee recommended the establishment of a Cyber Protection Authority, a centralized overarching regulatory authority specifically focused on cyber security. "This proposed authority would shoulder the responsibility of safeguarding the nation's critical IT infrastructure and networks from cyber threats" and also collaborating with state governments, district administration, and private sector entities to "develop and implement robust cyber security policies, guidelines, and best practices," the Committee explained. The authority would also be the "primary point of contact for cyber security information sharing and incident response coordination including effective enforcement at the ground level." Article continues below ⬇, you might also want to read: Summary: CERT-In’s Cybersecurity Guidelines For Government Entities Six Strategies To Improve Cybersecurity In The Financial Sector Globally: RBI Deputy Governor Summary: RBI’s Draft Cybersecurity Norms For Payment System Operators (PSOs) And…
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