A former executive director of the Central Bank of India, Malay Mukherjee, was subject to credit card fraud in June 2014, losing Rs 65,000. Another two general managers of Indian Bank are also reported to have been hit by credit card fraud.
The Reserve Bank of India (RBI) has taken a series of steps, including the introduction of PIN and chip-based cards to reduce the number of fraud incidents, but there are many point-of-sale terminals that lack the new security features.
Although the Indian finance sector is taking steps towards increasing cyber security levels, there is still a severe gap between the rate at which cyber crime is detected and the rate of arrests. That bank officials are falling for card fraud shows that India is still in its infancy in terms of tackling cyber threats, and that stronger action is necessary at all levels.
According to the latest available figures from the National Criminal Records Bureau, 2876 cyber crimes were registered and 1522 arrests were made in India under the IT Act in 2012. This seems a relatively small number of crimes registered (0.01%) compared to India’s Internet usage, which is estimated to be around 24.3 crore Internet users as of June 2014. If these crimes are simply not being detected, then it is necessary to protect valuable information from criminals as a matter of best practice.
Organisations throughout India are beginning to benefit from ISO27001 certification, the internationally recognised best practice for implementing an Information Security Management System (ISMS). Since 2006, India has seen the amount of ISO27001 certifications more than quadruple, making it one of the fastest growing ISO27001 adopters of any given country. Achieving ISO27001 certification shows to both clients and stakeholders that information security is taken seriously and you are willing invest time and money into securing your customer’s confidential data.
For further information on ISO27001, download our free green paper which explores the many benefits organisations have taken by adopting this standard. If you are at the stage of looking to implement ISO27001 best practices, take a look at our toolkit which provides all the pre-written templates, policies and guidelines needed to effectively implement an ISO27001-aligned ISMS.