Securing Digital Payments: Imperatives for a Growing Ecosystem

by Prasad Krishna last modified Feb 09, 2017 01:40 AM
A round-table conference was organised by ORF and Koan Advisory on “Securing Digital Payments: Imperatives for a Growing Ecosystem”, at “The Claridges”, APJ Abdul Kalam Road, New Delhi, between 11.30 - 13.30 on February 3, 2017. Udbhav Tiwari attended the round-table conference.

The discussion was very enriching, with stakeholders from the government, industry and civil society participating in the event. The discussions mainly focused on:

  • Most Pressing Challenges - Convince v/s Security balance, Lack of Sector Specific Security Standards, User Digital Literacy (esp Security), Lackof economic incentives, Lack of clear liability guidelines, capable security talent.
  • Mobile proliferation - Massively, device dependent (Chinese models), increase in attack surface, fragmentation makes security harder toimplement and enforce, low amount high volume fraud, user literacy, etc.
  • Regulatory Harmonisation - Yes, they can and should be, current process is largely law based, only public consultation, needs to move to amultistage holder model, ISO model is ideal - allows for industry, civil society and governments to participate at equal level, knowledge and perspective sharing. Core legislation/regulations with minimum standards and principles with detailed document made by multistakeholder body.
  • Infrastructural liabilities - 4 main ones - - device, connectivity medium, payment and transfer switches (Gov & Private) and service provider server. Ways to overcome - Standards, Critical Infrastructure protection, Digital Literacy, High audit and liability requirements, Testing (Red Team/Blue Team)

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