MERI-Journal of Management & IT

Open Access Open Access  Restricted Access Subscription Access
Open Access Open Access Open Access  Restricted Access Restricted Access Subscription Access

Digital Economy in India:Technical Challenges


Affiliations
1 Netaji Subhas Institute of Technology, Delhi University, India
     

   Subscribe/Renew Journal


Digital economy is a worldwide network of economic activities facilitated by information and communication technologies. The true brunt of demonetisation might hit the masses by the end of the current fiscal year. Cyber history of the financial system casts a gloomy shadow on the security assurances made by the government and other security providers. 3.2 million debit cards were compromised in October, 2016. Digital wallets in India lack hardware-based security layer. In NRI, India was ranked 91 out of 139 countries. Digital currencies provide greater anonymity than credit cards. However, digital currencies are a disruptive technology. Liberty Reserve( now defunct) was the "coin of the realm". India appointed its first chief information security officer (CISO). Transactions are secured with 128 bit SSL encryption and two factor authentication. A comprehensive approach to physical, technical, and administrative security controls is the need of the hour. The creation of a National Cyber Security Agency (NCSA) would improve India's .resilience and defense systems.

Keywords

Digital Economy, Information and Communication Technologies(ICTs), Phishing, Trojan, CERT-In, Suckfly, Danti, Section 43A, Swish, Bitcoin.
User
Subscription Login to verify subscription
Notifications
Font Size

  • Rogoff, K. S. (2016). The curse of cash. Princeton: Princeton University Press.

  • Hansen, L. and Nissenbaum, H. (2009). Digital Disaster, Cyber Security, and the Copenhagen School. International Studies Quarterly 53, Pages: 1155–1175

  • Moore, T. (2013). The promise and perils of digital currencies. Texas: International Journal of Critical Infrastructure Protection, Edition 6, Pages 147–149

  • As India Gears Up for Cybersecurity Challenges, Threats Are Multiplying. (2016, August 19). Retrieed February 18, 2017, from https://securityintelligence.com/ as-india-gears-up-for-cybersecuritychallengesthreats-are-multiplying/

  • XE Currency Charts: XBT to USD. (n.d.). Retrieved February 15, 2017, from http://www.xe.com/currencycharts/?from=XBT&to=USD&view=10Y

  • Forbes India Magazine - Demonetisation gives a boost to banks, fintech companies. (n.d.). Retrieved February 18, 2017, from http://www.forbesindia.com/article/the-demonetisation debate/demonetisation-gives-a-boost-to-banks-fintechcompanies/45111/1

  • Network Readiness Index. (n.d.). Retrieved February 18, 2017, from http://reports.weforum.org/global-information-technology-report-2015/networkreadinessindex/

  • Virtual Currencies; Bitcoin & What Now after Liberty Reserve, Silk Road, and Mt. Gox? (n.d.). Retrieved February 18, 2017, from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2393537

  • FURTHER READING

  • 2017 Will Be A Busy Year For Digital Payment. (n.d.). Retrieved January 18, 2017, from http://www.cxotoday.com/story/2017-will-be-a-busy-year-for-digitalpayment/

  • Bad Guys and Good Stuff: When and Where Will the Cyber Threats Converge Symposium: Terrorism and Business 12 DePaul Business Law Journal 1999-2000. (n.d.). Retrieved January 18, 2017, from http://heinonline.org/HOL/LandingPage?handle=hein.journals/depbus12 &div=10&id=&page=

  • Biometrics-Enabled Tech To Become Enterprise Reality. (n.d.). Retrieved January 20, 2017, from http://www.cxotoday.com/story/biometrics-enabled-tech-to-become-enterprise-reality/

  • Blockchain, Cognitive Computing To Drive Cloud. (n.d.). Retrieved February 10, 2017, from http://www.cxotoday.com/story/blockchain-cognitive-computing-and-server-less-to-sway-cloud-this-year/

  • Budget 2017: Digital Push Will Drive Cloud Growth. (n.d.). Retrieved February 8, 2017, from http://www.cxotoday.com/story/budget-2017-digital-push-will-drive-cloud-growth/

  • Kambampati, S. (2016, September 21). Is India Prepared for a Cyber Attack? Retrieved January 25, 2017, from https://thewire.in/67398/india-is-unprepared-for-future-cyber-attacks/

  • Mukul, A. S. (2017, January 06). Digital push: Demonetisation propels ramping up cyber safety. Retrieved February 18, 2017, from http://indianexpress.com/article/india/digital-push-demonetisation-propels-ramping-up-cyber-safety-4461084/

  • Need For Widening The Scope Of IT Act 2000. (n.d.). Retrieved February 5, 2017, from http://www.cxotoday.com/story/need-for-widening-the-scope-of-it-act2000/

  • New cyber security law in the offing for Singapore. (n.d.). Retrieved February 5, 2017, from http://www.computerweekly.com/news/450298922/New-cyber-security-law-in-the-offing-for-Singapore

  • Project MUSE - Free Labor: Producing Culture for the Digital Economy. (n.d.). Retrieved January 19, 2017, from https://muse.jhu.edu/article/31873

  • Rise Of Hybrid Cloud: What Businesses Can Expect For 2017. (n.d.). Retrieved February 14, 2017, from http://www.cxotoday.com/story/the-rise-of-the-hybrid-cloud-what-we-can-expect-for-2017/

  • Studio, A. (n.d.). The Shillong Times. Retrieved February 14, 2017, from http://www.theshillongtimes.com/2016/12/13/security-challenges-to-a-cashless-economy/

  • Survival. (n.d.). Retrieved February 16, 2017, from http://www.tandfonline.com/doi/abs/10.1080/00396338.2013.784468?jou rnalCode=tsur20

  • Understanding the Digital Economy. (n.d.). Retrieved February 2, 2017, from https://books.google.co.in/books?id=dpf2hL6EGcC&printsec=frontcover #v=onepage&q&f=false

  • Union Budget 2017: Digital India, Cyber Security And More. (n.d.). Retrieved February 7, 2017, from

  • http://www.cxotoday.com/story/union-budget-2017-pro-digital-pro-technology/

  • Union Budget 2017: IT, E-Commerce Sector's Wishlist. (n.d.). Retrieved February 7, 2017, from http://www.cxotoday.com/story/union-budget-17-tech-e-comm-sectors-budget-wishlist/

  • Union Budget 2017: It's Digital All The Way. (n.d.). Retrieved February 7, 2017, from http://www.cxotoday.com/story/budget-2017-18-digitization-major-focus/

  • What is the Digital Economy? (n.d.). Retrieved January 29, 2017, from http://www.horizon.ac.uk/what-is-the-digital-economy/

  • Why Digital Wallets Are Just Not Safe In India. (n.d.). Retrieved February 15, 2017, from http://www.cxotoday.com/story/are-indian-digital-wallets-prone-to-cyber-attacks/

  • W. (n.d.). As India braces for digital payments future, how secure are banks from cyber attacks - ET Retail. Retrieved February 16, 2017, from http://retail.economictimes.indiatimes.com/news/industry/as-india-bracesfor-digital-payments-future-how-secure-are-banks-from-cyber-attacks/ 56075892


Abstract Views: 585

PDF Views: 6




  • Digital Economy in India:Technical Challenges

Abstract Views: 585  |  PDF Views: 6

Authors

Luv Aggarwal
Netaji Subhas Institute of Technology, Delhi University, India

Abstract


Digital economy is a worldwide network of economic activities facilitated by information and communication technologies. The true brunt of demonetisation might hit the masses by the end of the current fiscal year. Cyber history of the financial system casts a gloomy shadow on the security assurances made by the government and other security providers. 3.2 million debit cards were compromised in October, 2016. Digital wallets in India lack hardware-based security layer. In NRI, India was ranked 91 out of 139 countries. Digital currencies provide greater anonymity than credit cards. However, digital currencies are a disruptive technology. Liberty Reserve( now defunct) was the "coin of the realm". India appointed its first chief information security officer (CISO). Transactions are secured with 128 bit SSL encryption and two factor authentication. A comprehensive approach to physical, technical, and administrative security controls is the need of the hour. The creation of a National Cyber Security Agency (NCSA) would improve India's .resilience and defense systems.

Keywords


Digital Economy, Information and Communication Technologies(ICTs), Phishing, Trojan, CERT-In, Suckfly, Danti, Section 43A, Swish, Bitcoin.

References





DOI: https://doi.org/10.25089/MERI%2F2017%2Fv10%2Fi2%2F151161