DSCI-PayPal India report lays out digital payments security measures

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New Delhi: India needs a long-term strategy for managing the dynamic global cyber security environment and controlling cybercrime, a joint study by Data Security Council of India and PayPal India has suggested.

This forms part of the eight recommendations of this joint study ‘Securing India’s Digital Payment Frontiers’ released here on Friday.

The key objective of this study were to analyse the country’s journey in digital payments and it’s cyber security dynamics, prevailing cyber threat landscape, policies, regulations, standards along with the future trends and best practices at the enterprise level.

Gulshan Rai, National Cyber Security Coordinator, Government of India said this report will shape various policies and projects in coming future.

Rama Vedashree, CEO, DSCI said: “Considering the pace at which fintech revolution is transforming India and the success witnessed in digital payments momentum, it is absolutely critical that stakeholders give attention to a comprehensive cyber security strategy and framework.”

Edwin Aoki, Global Vice President, Chief Architect and Technology Fellow at PayPal said: “Through the study, we have evaluated the digital payments environment and highlighted the impact of cyber security on users to illustrate the importance of a holistic cyber security framework”.

The other recommendations of the joint report include standardisation of data protection laws and cyber security framework; comprehensive regulatory guidelines on technology risk management, payment security management and business continuity management.

The report also recommends mechanism for encouraging threat intelligence sharing across the digital payment ecosystem.

Besides a strong startup innovation program for cyber security and the fintech industry, the report has suggested public-private partnerships for cyber security skills and workforce development.

It has also made a case for regulatory sandbox environment for cyber security testing.

There should be an incentivising model for companies to make cyber security and data protection a priority for Boards and C-Suites, the joint study suggested.

Source: Business Line

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