GS Paper 3
Syllabus: Internal Security
Source: The Hindu
Context: Global cybersecurity firm Kaspersky warns of an increase in cyberattacks on Android and iOS devices in the Asia Pacific (APAC) region
Status of Mobile banking in India:
- 26% of Indian adultshave a digital bank account and that figure is expected to hit 39% by 2023 and 46% by the year 2027.
- According to a 2020 Statista survey across 25 States in India, two-thirds of respondents said they had a smartphone.
Mobile banking Trojans are dangerous malware that can steal money from mobile users’ bank accounts by disguising the malicious application as a legitimate app to lure unsuspecting people into installing the malware.
- A Trojan is a malicious code or software that looks legitimate but can take control of your device, including smartphones.
- The perpetrators infect the device through legitimate-looking and high-ranking malicious apps on Google Play, smishing (phishing messages sent through SMS)
Examples of threats:
- Anubis mobile banking trojan virus: It has been targeting Android users since 2017.
- Roaming Mantis is another prolific malware targeting mobile banking users.
- BianLian Malware
Issues in regulation:
- The lack of adequate cybersecurity and the dearth of talent in banking (technology, engineering, data and security experts) could potentially lead to a further rise in cyberattacks on user devices.
- Interoperability compounds problems: Countries are trying to make payments from one platform to other interoperable:
- China, for instance, has ordered its internet companies to offer their rival firms link and payment services on their platforms.
- India, a new law demands all licensed mobile payment platforms to be capable of providing interoperability between wallets.
Conclusion and way forward:
It helps to be careful and extremely cautious when using a mobile device to make payments. Apart from the usual digital hygiene practices like keeping the phone up-to-date and rebooting regularly, consumers can ensure they use their phones for banking only when the device is connected to a secure VPN. iOS 16 users can turn on the Lockdown Mode as it limits the device’s functionality and protects it from any potential malware.
Q. Cyber security is a very important topic for Mains. Do have a ready-made note prepared on various aspects, issues, and solutions related to it.