India Take Lead In App Security
India leading the way in terms of app-based trading security
When it comes to anything related to finance, security and protection is the key. Given the constant threat of cybercrime and the fact that the global economic crisis only happened a mere decade ago, it makes sense that safety remains firmly at the top of all agendas.
Keeping Security A Priority
Technological advancements are, of course, a welcome thing. We are always seeking new ways to do things better or faster, innovators are constantly working on the next big invention that will change our lives.
However, the newer the technology, the more chance there is of it having flaws or errors that can let criminals run riot. Innovators are now having to not only discover how to give us the best possible service in terms of speed and efficiency, but also with regard to safety.
And, in India, one of the world’s fastest growing tech hubs, it looks as though such security measures are about to reach the next level.
The Securities and Exchange Board of India (Sebi) has recently announced plans to drastically enhance cybersecurity by implementing a new series of guidelines. These will dictate that fingerprint or eye scans will be necessary for any form of stock trading taking place via mobile applications.
After seeking comment and feedback from brokers, traders, security experts and mobile developers, Sebi concluded that the best way to minimise the risk of exposure to fraud would be to put such regulations in place. And, while the regulations are specific to mobile apps, work is being done to incorporate the wider trading environment.
These regulations may require a period of adjustment – apps may need to be redeveloped, and updated accounts and personal security measures will be necessary – but it is hoped that after a few months, security will be significantly improved.
India has been the victim of numerous large-scale cyber-attacks in recent years, and Sebi understands that to keep criminal activities at bay, large-scale developments need to be undertaken. And, while it is yet to be seen whether or not such biometric scans will be a success, it certainly shows that efforts are being made and that developments are heading in the right direction.
Around The World
Of course, if such efforts are being undertaken in India, you can be certain that other countries around the world are considering similar security approaches. And, while development progress can be slow – this is a very new technology, after all – it is positive news that stock exchanges, traders and developers are working in harmony to eliminate the global cybercrime challenge.