With the growth of data and digital transformation in India, organizations face intense pressure to secure sensitive data from external and internal threats. As India implements initiatives like Digital India, there are concerns about a rise in cyber attacks and data breaches as more citizens use digital services. A data breach at one organization could have a devastating domino effect on other connected organizations. To securely enable India's shift to cashless digital payments and smart cities, strong security measures and education around cyber security are needed to prevent fraud and protect individuals and enterprises.

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India and Its Wall of Data
Security
With recent developments in technology and increasing volumes of data
now being stored and used, organizations are under intense pressure to
secure sensitive data from all types of external and internal threats. The
biggest challenge lies in being aware of the location and growth of basic
information, and the usage of their critical data assets.
But however disruptive and exciting your venture, there remains one
area of concern: compliance.
"The continuing proliferation of critical data across data stores, country
boundaries and cloud, along with the risks inherent to big data,
necessitates a transformation in how these data assets are safeguarded,"

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said Amit Walia, executive vice president and chief product officer,
Informatica.
Breaches on a nation-wide scale, like the recent case where more than 30
lacs debit cards got compromised, are very concerning. Organizations
recognize that sensitive information can potentially be at risk.
A possible domino effect of data breaches
No other country in the world is going through such a change as India is.
With implementing “Digital India”, one should take care on educating
the masses on the importance of cyber security. India is in the global top
three when it comes to cyber attacks and data breaches caused – a trend
that is not only here to stay, but will increase as India’s digital citizens
rise in numbers.
“One compromised device can affect the whole multi-tenant network of
a company. In this, cyber security becomes a must for both individual
users and enterprises alike. Otherwise, economic circles risk to be put in
a situation similar to a recent case where a Middle East-based hacker
group extorted a staggering $10 million from two Indian companies,”
says Mayukh of PerfectCloud.
Another unfortified concept is of smart cities – a foundation of the future
for Prime Minister Modi. With devices connected with each other,
sharing the cloud infrastructure, any data breach will have a devastating
domino effect. Battling illiteracy and empowering digital citizens
through knowledge – not only through innovative infrastructure and
increased digital services, is a must.

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Digital payments
Fear of fraud is high for any digital tool. And there's reliability; can
internet players ensure that there will be 100% uptime of the network?
India adopting cashless economy will need a strong defence mechanism
from security breach.
RBI does not prescribe standards of ‘security’
On the issue of security, however, the circular only requires the wallets
to have ‘adequate’ data security infrastructure and systems, for the
prevention and detection of frauds. The circular does not prescribe any
minimum standards of security to be followed by the wallets. Nor does it
establish liability in case of any fraud or loss that occurs due to the lack
of security measures.
The RBI establishes these factors for banks, for example, through the
Guidelines on Information Security, Electronic Banking, Technology
Risk Management and Cyber Fraud. With Indians being forced to go
cashless and turn to digital payments, the lack of such rules for non-
banks like Fintech corporations is not safe.
So, security experts got to work on:
 Safeguarding critical financial data from data breaches with
maximum return and minimum risk.
 Adjusting security postures as external attacks on financial
infrastructure and online properties increase and change.

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· Meeting the need to protect from the traditional concerns with
insiders and privileged users, while also dealing with the additional
hazards that compromise of these accounts may bring.
Conclusion
Security and privacy should be widely discussed with private entities
and experts, as well as security providers in order to maintain a flawless
data encryption model and eliminate data breach risks.