13 DEC,2020 | MEDC
With Covid making work from home a necessity for millions, public dependence on online financialservices has risen sharply. This has led to a steep rise in the number of cyberattacks. RBI is repeatedly exhorting people to be more careful in their online transactions, as the financial services industry continues to remaina key target of professional hackers. The entire industry is coming under increasing stress, as hacking tools are now cheaper, simpler and more powerful, allowing lower-skilled miscreants to do more damage at a fraction of the earlier cost. Individual firm incentives to invest in cybersecurity are no longer enough. Public regulation and policy intervention is also needed to guard against underinvestment and protect the entire financial system from the actions of progressively sophisticated online criminals. Help could also be enlisted from the international community … since hackers know no borders, global cybercrime needs global enforcement. Fighting cybercrime now needs to become top policy priority, especially since poorer countries are more vulnerable to online financial risks.
*Photo Credit: Google