The following article is based on my own interpretation of the said events and/ or publicly available information. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.
Avantika Bhargava, MBA 2016-18, Vinod Gupta School of Management, IIT Kharagpur
Digitisation has crept within government and businesses in India after the night of 8th November 2016. The reluctance which prevailed amongst us due to inefficient online banking systems was forced upon and now what stands in front is the hard earned money unprotected. This is not an exaggeration. Let me explain why.
Considering the spiked growth in online transactions, cybercriminals can now comfortably run their organised business operations. Ransomware is a league that haunts many businesses and individuals.
If critical files in our personal laptop become inaccessible someday by a ransomware operator by encrypting and scrambling the data, only to find out that we need to pay a sum to the cyber attacker to gain access to those CRITICAL files. It sounds disastrous. On successful payment, they shall deliver the decryption key as a perfect business partner as the mafia is cautious about its reputation and do not soil it.
In order to avoid this malware mafia and its bigger plans, India is trying to push biometric authentication for Aadhaar based transactions but fingerprints also stand under the radar because of wear out. Problem with an iris or finger print scan is that one can cut off your thumb and still use it to gain access. A very recent technology which uses infrared to read blood veins in the palm has come out as an answer to this problem.
While India needs to gear up, a new regulation will come into force from 2018 in the EU mandating tough penalties to check the growth of this malware mafia of honest criminals.