India must have a cyber security framework: Deloitte

Cost of cybercrime can be up to $575 billion per year, says report

GN Bureau | August 17, 2017


#cyber regulation   #Deloitte   #Cyber security   #Cyber crime   #electronics and IT   #digital  
(Illustration: Ashish Asthana)
(Illustration: Ashish Asthana)

In absence of proper regulatory and supervisory capabilities, some regulators in Asia-Pacific region believe the next financial crisis might be triggered by a cyber attack, said a new report on cyber security.

According to Deloitte's ‘cyber regulation in Asia Pacific’ report, cyber attacks are increasing in frequency and sophistication and it is estimated that the cost of cybercrime can be up to $575billion per year, and the financial services sector is a key target. The report was released on August 17 across the globe.
 
"Cyber risks are only set to increase as financial institutions become more data-driven digital businesses, and as more financial services are delivered online. If cyber risks and responses are not well managed, it could even threaten the stability of the financial system,” said Kevin Nixon, global & Asia-Pacific leader, centre for regulatory strategy, Deloitte.
 
Only those financial institutions who have robust cyber security and cyber risk management will be able to retain customers, maintain trust and enhance their competitive edge, Nixon said.
 
On cyber regulations in India, Deloitte stated in the report, “Even though India is making leaps and bounds on the ‘Digital India’ initiative, it still does not have a cyber security framework.”
 
“The government has introduced the National Cyber Security Policy in 2013 to provide an umbrella framework for defining and guiding actions related to cyber security… While the policy was well received, it has lacked an implementation framework and is yet to be adopted by (electronics and IT) industry,” the report noted.
 
Regulators and agencies are scrambling to conduct cyber audits of IT and network infrastructure of their respective sectors in order to identify the gaps and to put in place remedial measures, said Shree Parthasarathy, partner – risk advisory services, Deloitte Touche Tohmatsu India LLP. 
 
“While we go digital, India Inc and the government have to embrace the fact that cyber security is not an option. We need to accelerate the pace of implementation of security measures, before it is too late and before citizens start losing trust the system,” he said.
 
The report noted that India's financial services regulators have been active in the cyber security space.
 
As early as 2011, the RBI released a comprehensive set of guidelines on information security, electronic banking, technology risk management and cyber frauds.
 
In June 2016, the RBI issued a circular on cyber security frameworks in banks that sets out detailed guidelines for such financial institutions.
 
“The RBI is also planning on conducting annual cyber audits and has established a specialised cell (C-SITE) to conduct detailed IT examinations of banks' cyber security preparedness, to identify the gaps and to monitor the progress of remedial measures,” the report said.
 
It also highlighted the work being carried out by Insurance Regulatory and Development Authority and Securities and Exchange Board of India in cyber security.  
 

Comments

 

Other News

On a personal note: Javed Jaffrey

After his much-appreciated debut in Meri Jung in 1985, Javed Jaffrey inspired a new generation of dancers. He then turned from dance to comedy. The versatile actor constantly changes his styles and his live, film, TV and radio appearances always promise novelty and surprise. In 2014 he joined the Aam A

Allegations against CJI: Inquiry will strengthen the independence of the judiciary

Yes, we must stand rock solid with the judiciary and the judges. We must protect the independence of the judiciary too. What does this mean in the present context of a very serious charge of sexual harassment levelled by a former employee of the court against the CJI?  We are told that there is a larg

“Managing data is challenging”

The Centre for Railway Information Systems (CRIS) is a society set up by the railways ministry in July 1986 to provide IT related services to the Indian Railways. CRIS deals in a gamut of functions, like passenger ticketing, freight operations, train dispatching and control, crew management, e-procurement,

A boost to those who need it most

What are 600 million people? Almost twice the population of the US. What are 500 million people? About three-fourth of the population of Europe. Why are we talking about these numbers? Well, because as per a study by Sandhya Krishnan and Neeraj Hatekar (‘Rise of New Middle Class in India and Its

Expanding Eureka!

Abright yellow van with figures of children playing with a whirligig, a Newton’s cradle, a magnetic compass rolls into the Government Higher Primary School in Kittaganahalli, on the outskirts of Bengaluru. Students in the playground leave what they are doing and mill about it in excitement. For they

The spark in the classroom

Not many children dream of starting an idyllic school of their own when they grow up. But Ramji Raghavan, founder of the Agastya International Foundation – which fosters the creative learning of science in stude



Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter