Emerging Information Technology in Indian Banking Sector and its Cyber Security
| International Journal of Economics and Management Studies |
| © 2018 by SSRG - IJEMS Journal |
| Volume 5 Issue 2 |
| Year of Publication : 2018 |
| Authors : Sivathas P |
10.14445/23939125/IJEMS-V5I2P103
How to Cite?
Sivathas P, "Emerging Information Technology in Indian Banking Sector and its Cyber Security," SSRG International Journal of Economics and Management Studies, vol. 5, no. 2, pp. 16-22, 2018. Crossref, https://doi.org/10.14445/23939125/IJEMS-V5I2P103
Abstract:
Our world is changing fast and with it, so is the information technology that drives it. Collaboration and hybridization are quickly becoming the new normal, through the smart use of innovative technologies and new delivery models. This is happening in all fields because of the immortal desire to make things simpler. The use of Personal Computer (PC) banking or online banking or internet banking or e- banking saved us from many hours and simplified live in many ways. The quick and speedy availability of access to internet expands every walks of life of human being. The facility to transact money without the physical and personal appearance before the bank counters’ ease the customers to do lot in trade and commerce. In this digital world, the data are communicated through electronic means and the question is whether it is securely transmitted and protected? At many times, the answer is “not known” or “no”. When internet banking was introduced in the country, it was felt that having a password-protected account was adequate to ensure safety, but not anymore. The cyber threat landscape has changed. A few years ago, most frauds were related to identity thefts, the techniques adopted by fraudsters were easy to trace and these did not involve big money either. But over the years, online heist has become an organized crime. Hackers are spread across the globe. The attacks involve compromising a bank's database with system level implications. Hence, this article discusses the type of threats and measures to sustain or combat the cyber insecurity and also the legal framework available in India.
Keywords:
Internet banking, E-banking, Legal issues, cyber security.
References:
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http://www.trai.gov.in