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

Monday, December 19, 2016

As India embraces a cashless economy, there has been a sudden spurt in new mobile wallet companies — but most of these start-ups are setting up digital shops without knowing the cyber risks involved, a top executive from US-based cyber security firm FireEye has emphasised.

This is a dangerous trend when the country still lacks proper infrastructure and legislation to fight against cyber criminals.

“While India is rapidly embracing a cashless consumer economy, payment technologies are growing in adoption faster than awareness of the risks involved,” Vishak Raman, Senior Regional Director for India and SAARC, told IANS.

“Many of these are running as startups without sufficient attention to security. The rapid shift to digital transactions will greatly increase our collective exposure to cyber security threats — essentially fraud and theft,” Raman added.