It is said that without proper precautions and security policies, the highly reactive nature of cybersecurity leaves us vulnerable to cyberattacks. Is it safe to utilise new payment platforms? How government and companies should mitigate cyberattacks and minimise its damages arising out of this situation? Examine.

The recent demonetization made online transactions inevitable for now and businesses and people who faced the cash crunch are forced to go online. In this context, the online platforms are playing a significant role though some of them have serious vulnerabilities.

Some of the new platforms such as Paytm have the required security standards. Though we can not tell they safe since there many ways the attacker can attack.With necessary precautions taken while doing online transactions always we can avoid being attacked and be safe in the online world.Some precautions to be taken

  1. Don’t share username/password,OTP kind of confidential data
  2.  Try to use double authentication
  3. Keep updating browsers and apps
  4. Check for authenticity of websites and applications
  5. Don’t click suspicious links

How Government and companies can mitigate:

  1. Create awareness ,educate and train people about the usage ,benefits and risks in online payments
  2. Govt should bring in cyber security policy and make companies to follow high standards while developing their platforms, to punish the attackers and the safegaurds for the victims of cyber attacks
  3. Companies should make their platforms more easy to use,secure according to the standards
  4. Establish a cyber security agency who are expertise in handling cyber attacks to minimize the damage and trace and find the attacker

Moving to cashless economy is desirable for any economy but it also comes with the added challenges and risks and no system is fault proof. Government , companies and people should collaborate to achieve the maximum benefits from the digital payments with minimum possible damage.

 

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