The Parliamentary Standing Committee on Finance is taking action to address cybersecurity issues and the increasing incidents of cybercrimes and white-collar crimes in India. The committee has summoned representatives from banks and tech giants such as Apple and Google to provide detailed presentations on the subject on July 4.
The panel, headed by Lok Sabha MP Jayant Sinha, has called senior officials from various banks and the Indian Computer Emergency Response Team (CERT-In) to present their insights. The agenda of the parliamentary panel includes the oral evidence of representatives from Punjab National Bank (PNB), Bank of India, Yes Bank, and CERT-In on the topic of cyber security and the rising incidence of cyber and white-collar crimes.
The panel has also invited representatives from the startup ecosystem and big tech companies like Paytm, Flipkart, Google, and Apple to participate in discussions on the issue.
This meeting is taking place at a time when the Indian government is trying to regulate big tech companies more effectively. Earlier this year, the Ministry of Corporate Affairs had summoned representatives from these companies to discuss the proposed digital competition law.
Cybersecurity issues in India are particularly relevant due to the absence of a data protection law. The country has become one of the most affected by cyberattacks, with Indian organizations reporting an average of 1,787 cyber attacks per week between September 2022 and March 2023, compared to the global average of 983, according to cybersecurity solutions company CheckPoint.
The parliamentary panel has been proactive in addressing these concerns, holding multiple meetings on the subject, including ones with representatives from the Ministry of Home Affairs, Ministry of Finance (Department of Financial Services), NPCI, Reserve Bank of India (RBI), Indian Banks’ Association (IBA), and CERT-In.
By bringing together key stakeholders, including banks, tech giants, and government representatives, the committee aims to find effective solutions to combat cybercrimes and white-collar crimes. The discussions and presentations will contribute to identifying vulnerabilities, evaluating existing measures, and formulating strategies to ensure a safer digital environment.
It is important to note that a balanced view of the topic will be presented during the discussions, considering various perspectives and opinions. The goal is to establish effective regulations and safeguards without impeding technological innovation and growth.
The outcome of these discussions will be crucial in shaping future legislation and policies related to cybersecurity, data protection, and digital competition. As India continues to witness an increasing number of cybercrimes, it is vital to establish strong frameworks that protect individuals, organizations, and the economy as a whole.
Overall, this initiative by the Parliamentary Standing Committee on Finance highlights the government’s commitment to addressing pressing cybersecurity challenges and creating a secure digital ecosystem for India. The involvement of banks, tech giants, and startups signifies a collaborative approach to combating cybercrimes and building a resilient and secure digital infrastructure.
By prioritizing cybersecurity and adopting proactive measures, India can remain at the forefront of technological advancements while safeguarding against the risks posed by cyber threats. The efforts made by the parliamentary panel and its stakeholders will be crucial in enhancing the nation’s cybersecurity capabilities and ensuring a safer digital future.
