Data security after Capital One data breach
In what could be a major deterrent for governments looking to promote digital transactions and attempting to store data online, a data breach in a financial firm has led to the loss of personal information of 106 million people in the United States and in Canada.
What had happened?
The total loss to the financial firm was in the tune of USD 100-150 million which the company mainly had to forego in customer notifications, credit monitoring and obtaining legal support.
The hack did not lead to the loss of credit card numbers or any financial information but other personal details like Social Security numbers, contact information, credit scores, and bank account numbers were leaked.?
Can this happen in India?
Yes, India can also suffer such an attack as there are several loopholes that have emerged in our data security due to mismatch technology, interlinks, and lenient data handling.
However, the Reserve Bank of India is focused on resolving this issue and its agenda for 2018-19 includes enhancing the level of protection against cyber risks which will ensure continuous protection against the changing contours of internet-based security threats.?
Also in light of the increasing popularity of digital payments, data protection and cybersecurity norms need to be strengthened and the government along with the RBI is focusing on further modulating the Know Your Customer (KYC) norms to make them more effective.?
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