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Demonetization and hurried augmentation in usage of digital platforms

Before demonetization, the recent breach of debit cards of several prominent banks had set the ball rolling in banking system about various measures to be taken for augmenting the cyber security of digital platforms. Post- demonetization, the ensuing chaos with government withdrawing 86 per cent of the currency in value terms from circulation, new technological measures by financial services firms has flooded the digital platforms to ease the liquidity situation in public circulation. Wallet firms like MobiKwik and Paytm have launched financial services and apps that enable merchants which use their platform to accept payments from customers even those who don t use these wallets. Due to shortened time frame of launch of these new technological financial services, there is a high likelihood that security features may be overlooked or compromised with. New features are being added to existing applications after working less than a week on it. There can be a risk that an application is not completely foolproof. With an increase in number of online transactions and the possibility that in the hurry of developing new applications, the companies may have missed out on basic security functionality of these features. This may have a major security repercussion in a country that recently witnessed some of the largest banks of the country getting compromised which may be in debit cards, ATM cards, or servers. There is also a possibility of breach-blindness wherein someone may have hacked into your system and only makes a move after 9-10 months. If this happens, a person will only be affected after 9-10 months.  In this backdrop, cybersecurity companies have been receiving increasing demand from their clients to weed out vulnerabilities and address them before any breach occurs.

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