Inadequate cyber security a major threat

Mr Santosh Kumar, advocate, said, “Cyber security is a major concern and in a country like India getting access to the system of another person is not at all difficult at all since most of the individual computers run on pirated software.” He said the use of mobile phone as a means to transfer funds was fraught with many dangers. A majority of the mobile phone users were not even aware of the functionalities of their phones, much less the vulnerabilities. He said these vulnerabilities come to the fore in the event of misuse of digital transactions by criminals and the havoc that is created in terms of loss of money without the knowledge of the person. He said RBI had recognised the risks stemming from insolvency of e-money institutions (in the specific case, the mobile operator) for customers and merchants.