As India prepares for the upcoming general budget, key measures to bolster cybersecurity over the next five years are set to be prioritized. Amidst the nation’s rapid digitalization, particularly through initiatives like the UPI payment interface, safeguarding a largely non-tech-savvy population from evolving cyber threats to financial and personal data is essential.
Addressing Cybersecurity Threats Across Industries
The budget should allocate funds to develop and strengthen cybersecurity frameworks across various sectors, including healthcare, BFSI, and critical infrastructure. Furthermore, it is recommended to implement industry-specific security protocols to provide customized protection for each sector.
Mitigating the Misuse of AI
Investment directed towards advanced AI-driven threat detection and mitigation technologies is the need of the hour. Towards this, a regulatory framework can be created to monitor and control the use of AI, addressing its potential misuse.
Formulating a Comprehensive National Cybersecurity Policy
A comprehensive national cybersecurity policy is pertinent, integrating the efforts of state and non-state actors. In this direction, Collaboration among governmental and non-governmental agencies should be promoted to streamline cybersecurity efforts and share threat intelligence.
Regulations for the BFSI and Fintech Sectors
Stringent regulations and compliance standards enforcement is necessary in the BFSI and Fintech sectors. Regular cybersecurity audits and assessments for financial institutions therefore should be mandated to ensure robust protection.
Dedicated Cybersecurity Budget
A specific cybersecurity fund is required to ensure focused investment, preventing funds from being diluted into broader IT or digital initiatives.
Capacity Building and Skill Development
It is important to increase funding for cybersecurity training programs to address the workforce skill gap. To achieve this, collaborations with educational institutions to develop specialized cybersecurity courses and certifications must be fostered.
Public Awareness and Education Campaigns
Nationwide awareness programs are recommended to educate citizens about safe online practices, cyber hygiene, and recognizing cyber threats. An annual cybersecurity awareness week/month with activities and workshops nationwide is advisable to enhance public awareness in this regard.
Investment in Advanced Cybersecurity Technologies
Increased investment in research and development for advanced cybersecurity technologies, including AI-driven threat detection, blockchain security, and quantum encryption, is the need of the hour. Public-private partnerships should be encouraged to leverage expertise and innovative solutions.
Protecting Critical Infrastructure
We strongly recommend fund allocation specifically for protecting critical infrastructure, such as power grids, transportation networks, and healthcare systems, from cyber threats. Towards this, it is advisable to mandate and fund regular security audits and vulnerability assessments for critical infrastructure sectors.
Policy and Regulatory Framework
The implementation of a comprehensive national cybersecurity policy must be funded and regularly updated to address emerging threats. Resources should also be allocated for enforcing compliance with cybersecurity regulations across industries, particularly BFSI and Fintech.
Incident Response and Threat Intelligence
Establishment and funding of a national-level cybersecurity incident response team is critical to coordinate and manage responses to major cyber incidents. Investment in platforms and mechanisms for real-time threat intelligence sharing between government agencies and private sector entities therefore should be made.
International Cooperation
We strongly advocate fund allocation for participating in international cybersecurity forums and initiatives to stay updated with global best practices and foster international cooperation on cyber threat mitigation.
By focusing on these critical areas, the Indian government can ensure a comprehensive approach to cybersecurity, safeguarding the nation’s digital infrastructure and citizens’ data in an increasingly interconnected world.
About Ruchin Kumar
Ruchin Kumar, Vice President, S. Asia at Futurex has over 26 years of IT industry experience. Ruchin specializes in providing customer-specific solutions across various industries in APAC. Ruchin is actively involved in various policy-related discussions on Cyber Security. He is a member of the Fintech Convergence Council and Payment Council of India, which focuses on working and guiding the various Government regulatory bodies like SEBI, IRDAI and RBI in drafting policies related to payment aggregators, banks, and other fintech organizations.
Ruchin has implemented numerous projects of strategic significance, including RTGS, CTS – RBI/NPCI, Cloud Security Transformation, UIDAI Aadhaar, GSTN, Project Insight (Income Tax), UPI – NPCI, BBPS – NPCI, CCTNS, and Mission Mode Projects of MeitY, which have revolutionized data security in government and financial transactions.