E-Security Essential for Long-Term Dividends from E- Ecosystem

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As we are moving towards IoE, there is a developing interest in security services among various companies. There is a huge amount of data stored in cloud computing. This way, it expands the risk of breach of data. With data security threat incidents going up to an alarming number, companies are getting more and more mindful of the undesirable potential outcomes of security dangers.

In a digital business era, enterprise security is undergoing some transitions and security is now an integral part of IT infrastructure. Presumption is taken that until 2020; there will be an incredible loss of cash in the market because of security breach of data i.e., hacking.

In India, the enterprise security market is mushrooming as companies see more value in investing in security and monitoring of data in the internet ecosystem. Technology research firm Gartner has recently estimated that the security spending in India would reach to $1.23B in 2016.

It is a need of time that companies and governments should invest in security concerns of e-wallet companies and net banking so that they support the cashless movement. At this point of time when e-wallet companies such as Paytm and Mobikwik are getting countless subscribers, there is a need to establish a solid framework to deal with the security of data.

I would like to share information of CERT-In that I recently read. This entity is operational since January 2004. The constituency of CERT-In is the Cyber Community. CERT-In is the national nodal agency for responding to computer security incidents as and when they occur.

In the recent Information Technology Amendment Act 2008, CERT-In has been designated to serve as the national agency to perform the following functions in the area of cyber security:

  • Collection, analysis and dissemination of information on cyber incidents
  • Foremast and alerts of cyber security incidents
  • Emergency measures to handle cyber security incidents
  • Coordination of cyber incident response activities
  • Issue guidelines, advisories, vulnerability notes and whitepapers relating to information security practices, procedures, prevention, response and reporting of cyber incidents
  • Such other functions relating to cyber security as may be prescribed

The recent demonetization by our Honorable Prime Minister Shri Narendra Modi is commendable and if mobile wallets become realistic, the next investment plan should be focused on securing the data for the sustainability of the cashless movement.

2 thoughts on “E-Security Essential for Long-Term Dividends from E- Ecosystem

  1. Sonia Kapur says:

    Thank you for a very interesting article. Cyber security is so very important in today’s world. In your opinion what measures should the Modi government take up to ensure cyber security for safer cashless transactions based on Aadhar card?

    Liked by 1 person

    • mytechnoviews says:

      Thank you for following my blog. Yes, cyber security is one of the major factor. Government and RBI should encourage cashless transactions by making it free of cost by eliminating the transaction fees. On the cyber security front, Banks should focus on having a more secured banking platform for its customers to do cashless transactions and increase customers’ confidence level on it

      Like

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