As cyber threats loom, banks should focus on constant updation of cyber security: Pavan Duggal | Photo Credit: BCCL
New Delhi: In the midst of the Coronavirus pandemic, when the cases continue to rise. Now we are reporting cases close to 1 lakh a day but life has to go on. We have to live with the virus and it is forcing us to change our habits rapidly. The ways we work, the way we shop, and the way we use our bank.
While the government has been moving towards a cashless economy but are we ready?
On the India Revival Mission Council, Chandrashekhar of Center for Digital Future, Anil Bhandari of State Bank of India, Pavan Duggal, a Cyber Law Expert, Shree Parthasarathy of Deloitte India discuss digital banking in India and cybersecurity concerns related to it.
Speaking of whether the pandemic has accelerated the digitisation in banking, Bhandari said: "Because of the pandemic broke out so the concept of working from anywhere and working from home was kind of a new concept. People never thought that it will be possible to work from home. But after the pandemic broke out there was actually no other option. We were prepared for everything that may need disaster recovery and another continuity plan was in place but nobody thought of this unprecedented situation where the banks were most of the time not accessible to people."
The banking system is at a greater threat of cyber frauds when we are in the middle of the pandemic and there is an increase in the number of digital transactions that are taking place. Aknowlegeding the fact, cyberlaw expert, Duggal said: "Surely, banks are the target areas for Cybercriminals and that is why the constant requirement to update ..
Support the originator by clicking the read the rest link below.
