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Published in:

Volume 8 Issue 2
February-2021
eISSN: 2349-5162

Unique Identifier

JETIR2102008

Page Number

85-91

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Title

CHALLENGES IN DATA SECURITY: DIGITAL PAYMENT LANDSCAPE IN INDIA

ISSN

2349-5162

Cite This Article

"CHALLENGES IN DATA SECURITY: DIGITAL PAYMENT LANDSCAPE IN INDIA", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.8, Issue 2, page no.85-91, February-2021, Available :http://www.jetir.org/papers/JETIR2102008.pdf

Abstract

The Technological innovations and disruptions in the field of electronic exchange of financial transactions are shifting the gears of our lives meaningfully and providing the end consumers with speed, convenience, choice and savings. Certainly, the digital revolution which has been widespread in the world has reached India as well, and it’s mounting vigorously day-by-day. Technical advancements are empowering digital payment solutions providers to offer tailored experiences that are smooth and customer centric. However, the same innovations are also being leveraged by nasty players in the cyberspace to attack establishments as well as customers to enact fraud. Since India is still at an initial implementation juncture of its digitization journey, it is absolutely essential that the right atmosphere for digital payments include an inclusive cyber security policy supported by a robust framework to help all stakeholders involved in the network. Annexation of two cyber related risks, (cyberattacks and data theft) in the ‘Top 5 global risks’ is a wakeup call for the world and India in particular. Malicious cyber commotion pose fears at an individual, enterprise and national level. As India rapidly switches to a digital payment ecosystem, dangers are also moving from cash to cyber and the emerging environment is already facing refined cyberattacks. This therefore demands appropriate stakeholders to be prepared and team up to provide protected and dependable payment instruments to the end consumers. In order to determine the right balance between enablement and security, it is crucial that a collaborative effort be embarked on to establish an inclusive cyber security framework for digital payments in India. This paper sketches key apparatuses and references to help fast-track such an initiative. Incipient tools and technologies like cryptocurrencies, IoT, computerization, machine learning, and analytics are redefining the future and digitization of finances is not resistant to these developments. This paper therefore serves as an equipped snapshot of the Digital Payment Ecosystem, Threats and associated Cyber Risks, Strategy, Regulatory Framework and some best practices. This research is an effort to figure out a set of approvals towards safeguarding the evolving digitized payment apparatuses network in India.This study identifies various success factors to build a robust and resilient digital payment environment in India.

Key Words

Digitization, Information Technology, Cyber security, Data theft, Privacy, Digital payments,

Cite This Article

"CHALLENGES IN DATA SECURITY: DIGITAL PAYMENT LANDSCAPE IN INDIA", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.8, Issue 2, page no. pp85-91, February-2021, Available at : http://www.jetir.org/papers/JETIR2102008.pdf

Publication Details

Published Paper ID: JETIR2102008
Registration ID: 305476
Published In: Volume 8 | Issue 2 | Year February-2021
DOI (Digital Object Identifier):
Page No: 85-91
ISSN Number: 2349-5162

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Cite This Article

"CHALLENGES IN DATA SECURITY: DIGITAL PAYMENT LANDSCAPE IN INDIA", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.8, Issue 2, page no. pp85-91, February-2021, Available at : http://www.jetir.org/papers/JETIR2102008.pdf




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