Hacking attacks, a species of cybercrime, has been on the constant rise in the recent years. Not too long ago, Microsoft’s online store, the Heartbleed bug, numerous Gmail Accounts(?), Yahoo, etc became victims of hacking attack. Even some gaming companies were not spared.
More recently this summer the J.P. Morgan Chase & Co., popularly known as “Chase”, got attacked and while investigations are ongoing on the hacking event, it was believed that information from about 76 million households and 7 million small businesses was stolen. The information stolen could be names, addresses, phone numbers and email addresses. However, the financial giant claims that sensitive information such as Social Security Number, account number, passwords, date of birth remained uncompromised.
At this time when the whole of Indian Banking System is moving towards digitization and computerization, one cannot abstain from being skeptical about the security and counteractive mechanism in place given the infrastructure deployed in the Indian setting.