The latest ransomware attack “WannaCry” has become a horror for most of the organization and countries. Looking at the speed at which it has spread has in fact raised questions on cybersecurity. Especially in countries like India where the nation is moving towards digitization through initiatives like “Digital India”, this attack has raised doubts on the safety of digital transactions.
With a strong motive to create a cashless economy, the shift towards digital payments has already increased significantly in India. In a survey, around 88% of the respondents showed their willingness to make use of digital payments and 48% were already using it for more than 75% of their transaction. However, all of them were concerned about the security, especially in the end devices. As more number of users is shifting towards digital payments, the chances to security risks such as online fraud and information theft are also increasing. Tax and advisory service provider point out the lack of awareness and poor digital payment ecosystem as a reason for online fraud and virus attacks.
Addressing the issues, there is a requirement of regulatory framework, foolproof security measures, convenience and immediate settlements to ensure long-term success for digital payments.