DSCI & PayPal Report reveals various success factors to build a Robust
New Delhi, 9 March 2018: Data Security Council of India (DSCI) & PayPal India today released a joint study- ‘Securing India’s Digital Payment Frontiers’ highlighting the current state of cyber security in the digital payments ecosystem. The key objective of this study were to analyse India’s journey in digital payments and its cyber security dynamics, prevailing cyber threat landscape, polices, regulations, standards along with the future trends and best practices at the enterprise level.
Dr. GulshanRai, National Cyber Security Coordinator, Government of India said “I wouldlike to congratulate DSCI and PayPal for coming up with this report. The reportwill shape various policies and projects in coming future”. He also said “Tosecure digital payments we have to focus on infrastructure as well as end usertools. It is also important for service providers to step forward in thisdirection.”
RamaVedashree, CEO, DSCI said“Considering the pace at which Fintech Revolution is transforming India andthe success witnessed in digital payments momentum, it is absolutely criticalthat stakeholders give attention to a comprehensive cyber security strategy andframework. We believe securing digital payments is important for reposing trustand accelerating adoption. We are pleased to partner with PayPal and bring ourcollective experience in cyber security & digital payments with insights,learnings and recommendations for enabling a secured digital payments ecosystemin the Indian context.”
EdwinAoki, Global Vice President, Chief Architect and Technology Fellow at PayPalsaid “Indiahas emerged as one of the leading and fastest growing digital economies with aclear vision of becoming a cashless society. Enabling that visionrequires strong foundations to build trust in the system and protect customersand the fintech sector from abuse by malicious actors. The cybercrimelandscape is a rapidly evolving global threat, and the success of the industryrequires investment in security best practices, training, and effectiveregulation. Through the study, we have evaluated the digital paymentsenvironment and highlighted the impact of cyber security on users to illustratethe importance of a holistic cyber security framework. With global expertisefrom our presence across 200 markets, we are geared up to help India secure thedigital payments space.”
The studyincludes a perspective on the evolving digital payments sector in Indiaincluding global perspectives on Fintech revolution as well as the impact ofcyber security on various aspects of the industry. In addition to consumer bestpractices, key takeaways from the report include recommendations in the areasof public policy and enterprise security. Opportunities, threats and risks inthe sector are highlighted stressing the importance of a holistic cybersecurity framework.
Keyrecommendation proposed are as follows:
Withadvancements in emerging tools and technologies like cryptocurrencies, IoT,automation, machine learning, and analytics redefining the future and Fintechindustry, the report recommends future deliberations towards ensuring thatthese technologies can primarily be used to transform the Indian financialservices industry to make it robust, resilient and offer a secure experience.
India’sdigital payments industry currently worth around USD 200 Billion, is expected togrow five-fold to reach USD 1 Trillion by 2023, as per a report by Swissfinancial services holding company Credit Suisse. A recent report by TheReserve Bank of India stated that digital payment transactions stood at 1.06billion in the month of December 2017. The Government of India is targeting toreach 25 billion digital transactions by the end of this fiscal year(FY2018).