In this post
by zgoldmann, the author has discussed about the state of mobile
banking cyber security in India. The author referred to this
article about Indian cyber security that portrays one of
the fundamental flaws of the tech age we are living in.
Technology is moving faster than the rules and laws that may govern
it. And even when laws and mandates do catch up with technology it is
nearly impossible to make sure everyone complies with them.
This article addresses primarily the fact that
Indian Banks have adopted new mobile banking technologies without
protecting their customers by ensuring that their security is up to
par. This leaves customers at extreme risk. Furthermore, because
under the law these crimes have not been put into one
specific category (financial or cyber), most banks are just
blaming their customers where they can.
From what I can tell even though there are SOME laws
and regulations in place about mobile banks, there need to be more
and ones that are not redundant. But more than this, it seems as
though India needs a regulatory body over mobile banking to ensure
that both banks and consumers are fulfilling their duties, and not
leaving themselves open to blind attacks. I think if this came into
being and was effective, mobile banking would be much more widely
accepted in India.
Techno legal experts from India’s
exclusive ICT law firm Perry4Law
and techno legal institution PTLB
have been maintaining that India’s
cyber security challenges have become too gruesome to be
ignored. Cyber
security issues in India have been ignored for too long.
Mobile
banking cyber security in India is one such aspect of
Indian cyber security that has been ignored. It is high time for
Indian government to do the needful in this regard.
