India faces significant data security challenges as organizations strive to protect sensitive information amid increasing cyber threats and data breaches. With the rise of digital payments and smart city initiatives, comprehensive cybersecurity measures are essential to prevent systemic risks. The lack of standardized security regulations for fintech and digital wallets raises concerns about potential vulnerabilities in India's push towards a cashless economy.

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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," 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.

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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.
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

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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.
· 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.