In this post by zgoldmann, the author has discussed about the state of mobile banking cyber security in India. The author referred to this article about Indian cyber security that portrays one of the fundamental flaws of the tech age we are living in. Technology is moving faster than the rules and laws that may govern it. And even when laws and mandates do catch up with technology it is nearly impossible to make sure everyone complies with them.
This article addresses primarily the fact that Indian Banks have adopted new mobile banking technologies without protecting their customers by ensuring that their security is up to par. This leaves customers at extreme risk. Furthermore, because under the law these crimes have not been put into one specific category (financial or cyber), most banks are just blaming their customers where they can.
From what I can tell even though there are SOME laws and regulations in place about mobile banks, there need to be more and ones that are not redundant. But more than this, it seems as though India needs a regulatory body over mobile banking to ensure that both banks and consumers are fulfilling their duties, and not leaving themselves open to blind attacks. I think if this came into being and was effective, mobile banking would be much more widely accepted in India.
Techno legal experts from India’s exclusive ICT law firm Perry4Law and techno legal institution PTLB have been maintaining that India’s cyber security challenges have become too gruesome to be ignored. Cyber security issues in India have been ignored for too long. Mobile banking cyber security in India is one such aspect of Indian cyber security that has been ignored. It is high time for Indian government to do the needful in this regard.