Cyber crimes, cyber attacks and cyber frauds are engulfing India and we are not in position to tackle these incidences. There are many causes for this situation. Firstly we have no dedicated cyber security laws in India and there is no deterrent whatsoever while committing these criminal activities. Secondly we have a weak cyber law and the present cyber law of India must be repealed. Thirdly, the cyber security infrastructure of India is still missing. Finally, we have no mandatory legal requirements that companies and banks must report to their clients and Indian government about any cyber breach. It is only now that Indian government is planning a legislation mandating strict cyber security disclosure norms in India.
Obviously, these conditions are very suitable for increased corporate financial frauds and IT related frauds in India. In fact, IT and cyber frauds in Indian companies are increasing at an alarming rate. Similarly, banks in India are openly flouting the cyber law due diligence and cyber security requirements prescribed by Reserve Bank of India (RBI). Banks in India are not at all following the cyber security due diligence for banks in India prescribed by RBI. On the contrary, the way RBI senior official are releasing statements exempting the accused banks of most severe accusations, it seems RBI is encouraging banks in India to commit crimes and flout regulations. The situation has become so worst that RBI governor Duvvuri Subbarao stressed upon a need to take steps against money laundering in India.
It seems Indian government is well aware of what is happening at the corporate and banks level. The Serious Fraud Investigation Office (SFIO) of India got more powers to deal with white color crimes and serious frauds in India. The government is also planning to bring a fraudulent multi level marketing companies’ regulation in India. It is also contemplating blocking of multi level marketing (MLM) companies website in India.
At Perry4Law Organisation and Perry4Law’s Techno Legal Base (PTLB) we welcome these initiatives and efforts of India government. We also strongly recommend that all the aspects discussed in this work must be made part and parcel of proposed legislations in this regard.