ATM frauds have become very prominent these days. The cyber criminals have devised novel methods to successfully compromise the banking channels and their computer systems. Internet banking frauds have also increased tremendously all over the worlds.
In the latest move, an international gang of cyber criminals successfully breached the security of National Bank of Ras Al Khaimah PSC (RAKBANK) and Bank of Muscat Oman.
These banks were victims of the multi-million-dollar ATM heist. It has been claimed that this could have happened by compromising the computer systems of Pune-based ElectraCard Services, which provides credit card payments processing services for the UAE-based bank.
As per the version of US federal prosecutors, RAKBANK and Bank of Muscat Oman were hacked by a global cyber-crime ring that first breached the computers at an outsourced Indian credit card processor in December and then the computers of a similar American processor to gain access to critical data that made the crime possible. The cyber thieves are believed to have stolen $45 million (Rs 247 crore).
This has put some pressure upon India to make its cyber security more effective and ensure a data protection law in India. Recently the national cyber security policy of India was cleared by the cabinet committee on security. However, we have still to take care of the weak cyber law of India that deserves to be repealed.
India is presently negotiating a very important Free Trade Agreement with Europe. Further, India is expecting a Data Secure Nation Status from European Union. Once this status is granted, formal objections against India as a weak data protection nation would be discarded out rightly. This would also attract more outsourced work in India.
However, the European Union has been unwilling to give India the status given the lack of enforcement, accountability and penalty guidelines in the country’s existing cyber law of India.
Whatever the result of these negotiations may be, we must adopt cyber security best practices in India to safeguard our own as well as outsourced data and information. Further, cyber security infrastructure must be established by those handling high end works.