Information and communication technology (ICT) related issues have not been managed properly in India by many successive governments. Whether it is regulatory frameworks or policy level decisions, ICT has not been given its due credit. As a result we have laws like cyber law and telegraph law that are fit to be repealed. Not only this, we have pathetic cyber security in India that makes almost everything vulnerable to cyber attacks and cyber crimes.
As per the Cyber Security Trends and Development in India (PDF), Indian cyber security needs a complete overhaul. The research report outlines the apparent and possible cyber threats to Indian computer systems and critical infrastructures, including to Indian banks. With the growing use of technology for banking business, technology driven crimes have also increased. There is an urgent need to ensure cyber security of banking sector of India on a priority basis.
The cyberspace landscape of India is fast changing. India has been stressing for use of e-governance for delivery public services. With increasing use of e-governance in various fields, banking related services would also be managed in an online environment to a greater extent. Indian banks have invested very poorly in the fields like cyber security, cyber forensics, e-discovery, etc. Thus, cyber incidences are neither detected nor properly reported to the relevant Indian authorities. This would raise complicated cyber law issues in the near future. Even regulatory compliances under the new Companies Act, 2013 would increase cyber obligations on the part of companies and their directors.
As on date we have no global cyber security treaty and international cooperation in the field of cyber security is still missing. The cyber security issues for Narendra Modi government would also not be easy to mange. Let us see how Modi government would make the cyber security of banks in general and India in particular more robust and effective.