NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, July 11, 2017

As India shifts to a cashless economy, cyber-threats are at a new high with the number of such incidents occurring in banking systems increasing in the last five years, a study here said on Tuesday.

The joint study by Assocham and PwC said that an ATM card hack hit the Indian banks in October last year, affecting around 3.2 million debit cards.

“Hence, efforts are needed to enhance cyber security as businesses and citizens embrace this new digital wave,” the study noted.

The study said the attacks on Indian websites have increased nearly five times in the past four years. However, the country’s budgetary allocation towards cyber security was only about Rs 42.2 crore in 2012-13.