'Immediate need to boost security as mobile transactions grow'

Moneycontrol Bureau

Mobile frauds are becoming an area of great concern for companies as 40-45 percent of financial transactions are done through mobile devices and this number is expected to grow to 60-65 percent by 2017, according to a joint study by Assocham and EY.

There is an immediate need to enforce data security measures, the study adds.

"There is a need to increase the number of cybercrime cells and laboratories in the states and provide requisite manpower, training and infrastructure to them. There is a need to establish a centralized repository for cybersecurity standards, best practices and guidelines, which can be used by law enforcement agency for preventing and investigating cybercrime," it said.

Credit and debit card fraud cases top the chart of cybercrimes with 46 percent complaints followed by Facebook’s 39 percent. Other major cyber complaints includes cheating through mobile (21 percent) and hacking of e-mail ID (18 percent) among others.

While India is in the process of defining key initiatives with regards to cybersecurity, many countries such as US, Australia and Canada have already implemented various key initiatives aimed at the improvement of critical infrastructure for cybersecurity and addressing cybercrime.

The report called for a dedicated central agency which will be responsible for driving all the cybercrime prevention initiatives with collaborations with private sector, and training and awareness across the country.

It also said it will be beneficial to have collaborations with International Cyber Security Protection Alliance, such as the Australian Cyber Security Centre (ACSC), National Crime Agency’s National Cyber Crime Unit (NCCU) and the UK’s CEOP. This will help in not only adopting the best practices but also in increasing the capability, knowledge, training, skills, capacity and expertise of cybersecurity task forces.