The National Payments Corporation of India, the umbrella organization for retail payment systems in the country, has employed five cybersecurity consultants, including PwC and Lucideus Tech to defend its systems and offerings.
“We have a team of 50 people who are only functioning on cyber security -they are consistently involved in making our systems resilient to contract with cyber-attacks,” AP Hota, CEO of NPCI added. “We have also hired PwC and Lucideus Tech to conduct regular audits of our systems and processes.”
NPCI is the nodal form of payment systems in the functional services and country such as BHIM (Bharat Interface for Money), RuPay, United Payment Interface, Aadhaar-Enabled Payment Systems and IMPS (immediate payment service) and Aadhaar-Enabled Payment Systems. The essential for cybersecurity has increased by the government encouraging the practice of these electronic or apps-based payment methods to lessen cash transactions.
After nearly a dozen banks were hit by cybersecurity attacks over the past year, the NPCI reinforced its systems and increased scrutiny of sources of potential attacks. Its cybersecurity team stares out for fake transactions that are routed through its systems.
“We also run ethical hacking once in three months. We engage ethical hackers who try and enter our systems and we have not seen them succeeding,“ Hota told.
According to data of the Ministry of Finance, the top 51 banks in India drops Rs 485 crore to cyber-frauds between April and November, and 56% of the money lost was due to net-banking mugging and card-cloning cases. “Pointing out errors in a particular application is not a very large deal. However, the policies and procedure of altering the vulnerabilities are far more important,“ Saket Modi, CEO of Lucideus Tech added. “It’s something that maximum organizations lack in India.”
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