India Is Driving Towards Self Reliant Digital Economy

The pandemic has demonstrated we can have our people work from anywhere in the world and India, one of the fastest-growing internet and smartphone markets in the world, will play a vital role in the phenomenal growth and would account for a sizeable 2.2% of the market by 2023,at the same time, the global digital payment market is estimated to grow at 23.8% CAGR in the next five years to become a $12.4 trillion market by 2025.

As the consumers are adopting one or multiple digital payment systems at a much faster rate than ever before. Digital payment revolution worldwide is primarily led by the exploded adoption of digital and mobile wallets, which accounted for 49% of the total spending globally. This growth in digital economy, influenced the malicious Microsoft Office Files On Rise and the systemic weaknesses and growing reliance on Microsoft Office files by cybercriminals, resulted 20% jump in ransomware globally with 7% of phishing attacks capitalized on COVID-19 pandemic and 176% increase in malicious Microsoft Office file types,coupled with increasing in the IoT malware attacks to 50% rise of IoT malware attacks.

The world is shifting from web-based business to mobile app-centric and for businesses to reduce frauds and ensure better reachability to their users, using mobile identity is a smarter way, as it identifies users through their active mobile connection. Use of fake number, landline number, VOIP numbers, or one-time burner phone numbers makes it difficult to identify authenticated users. Due to the increased cross border digital and mobile fraud, executives are under pressure to reduce risks escalating frauds related to OTPs, messages with malware, spam messages, etc.

With everyone more remote and mobile than ever before, businesses are highly exposed and the cybercriminal industry is very aware of that. It’s imperative that organizations move away from makeshift or traditional security strategies and realize this new business normal is no longer new.

The number of daily digital transactions in India clocked 125 million. However, post COVID-19, the figures dropped by a sweeping 30% due to lockdown restrictions, as well as financial challenges at the microeconomic level. The daily digital transactions average at about 100 million now for a volume of Rs 5 trillion. This was primarily due to the steep decline in the number of UPI transactions which barely reached 1 billion a month in April and was valued at Rs. 1,51,000 crore. However, digital transactions have increased by 23% between June and July alone and the IMPS and card payments seem to be the second and third most preferred choices for Indian consumers.

Many has stopped doing the e-transactions, because of the fear of cybercriminals ,they are too sophisticated to use known malware variants and there is 50% increase in IoT malware attacks, Work-from-home (WFH) employees or remote workforces can introduce many new risks, a number that mirrors the number of additional devices that are connected online as individuals and enterprise alike function from home, including Internet of Things (IoT) devices like refrigerators, baby cameras, doorbells or gaming consoles. IT departments are besieged with countless devices swarming networks and endpoints as the footprint of their corporate expands beyond the traditional perimeter. Unchecked IoT devices can provide cybercriminals an open door into what may otherwise be a well-secured organization.