Many corporate boards of directors in India have made progress in recognizing cybersecurity as a priority. But clearly, they still have a lot of work to do. Panelists at a recent ISMG summit in Bengaluru offer insights.
Despite multiple government agencies being formed to fight cybercrime, efforts need to be made for better coordination between them, said Lt Gen (retd) Rajesh Pant, the newly appointed national cybersecurity coordinator, PM Office, Government of India.
The Reserve Bank of India is proposing that financial technology firms be allowed to test new products and services that might require the relaxation of certain compliance regulations in what's called a "regulatory sandbox" approach.
Latha Reddy, India's former deputy national security adviser, says the nation should designate election infrastructure as "critical information infrastructure" to help ensure that cybersecurity is a much higher priority. She also spells out other critical steps.
Singapore Prime Minister Lee Hsien Loong has formed a committee to conduct a comprehensive review of data security practices and suggest recommendations for preventing data breaches that affect critical infrastructure. How are security experts reacting?
An essential component of protecting payment information is devaluing the data that is transmitted so it's of no use to hackers, says Lance Johnson, executive director of the PCI Standards Security Council.
The National Internet Exchange of India, an autonomous body under the Ministry of Electronics and IT that maintains the .In registry and country code Top Level Domains, has switched to a new outsourcer for operations and maintenance. Some security experts are criticizing the move.
Recent data leaks, including the SBI incident that affected millions of customers, have once again stirred up a debate on the role of auditors in cybersecurity. But a bigger issue is the need to invest in appropriate security technologies and implement stronger policies and awareness programs.
With the general election approaching this spring to constitute the 17th Lok Sabha, cybersecurity leaders say India must be prepared to thwart foreign cyberthreats and protect electronic voting machines against hacking by using appropriate security measures.
The Reserve Bank of India intends to do away with the one-time password authentication process for online transactions. In a step in that direction, for the first time, it's allowing widespread tokenization of debit, credit and prepaid card transactions to enhance the safety of digital payments.
Forty-three states have reached a settlement with Neiman Marcus over its 2013 data breach, one of several breaches from that period blamed on in-memory malware. The retailer will pay $1.5 million and must use encryption and tokenization to protect card data.
Although the Reserve Bank of India mandated that banks complete the shift from magnetic stripe debit and credit cards to EMV chip-and-PIN cards by Jan. 1 to help reduce fraud, there's still plenty of work to be done.
Efforts to protect privacy must be carefully balanced against the need to practically implement advanced technologies, argues Jared Ragland, senior director for policy in APAC at BSA/The Software Alliance, an advocacy group for software companies.