Volume : 9, Issue : 3, MAR 2023

DRA ANNUAL NATIONAL CONFERENCE ON RESEARCH, EDUCATION AND SUSTAINABLE DEVELOPMENT: OPPORTUNITIES & CHALLENGES

A STUDY OF CYBER RISK GOVERNANCE IN INDIA’S DIGITAL TRADING ECOSYSTEM: COMPARATIVE PERSPECTIVES

SHIKHA KUCHHAL, AJAY KUMAR GARG

Abstract

India's digital trading platforms—such as e-commerce websites, online stock exchanges, and digital payment systems—are expanding rapidly. However, this growth has brought with it new cybersecurity risks. This study looks at how well these platforms are protected against online threats, such as hacking, data theft, and financial fraud. We used different research methods, including reviewing past data, studying real cases, and interviewing experts in cybersecurity. The study focuses on the Indian scenario and also compares India’s practices with those of countries like the United States, United Kingdom, and Singapore. It was found that while India has made some progress, there are still major gaps. These include weak enforcement of data privacy laws, poor monitoring of third-party vendors, and limited use of advanced technologies for early detection of cyber threats. In comparison, other countries have stricter rules and centralized systems for dealing with such risks. Based on these comparisons, the paper suggests practical steps for India to improve its cyber governance. These include setting up a central authority for cyber risk management, making regular audits mandatory, encouraging companies to invest in cyber safety tools, and building strong partnerships between the government and private sector. The main aim is to make digital trading in India more secure, trustworthy, and future-ready.

Article : Download PDF

Cite This Article

-

Article No : 64

Number of Downloads : 972

References

1. CERT-In. (2017). Annual Report 2016-17. Ministry of Electronics and Information Technology, Government of India. https://www.cert-in.org.in/

2. CERT-In. (2018). Annual Report 2017-18. Ministry of Electronics and Information Technology, Government of India. https://www.cert-in.org.in/

3. CERT-In. (2019). Annual Report 2018-19. Ministry of Electronics and Information Technology, Government of India. https://www.cert-in.org.in/

4. CERT-In. (2020). Annual Report 2019-20. Ministry of Electronics and Information Technology, Government of India. https://www.cert-in.org.in/

5. CERT-In. (2021). Annual Report 2020-21. Ministry of Electronics and Information Technology, Government of India. https://www.cert-in.org.in/

6. PwC India. (2021). Cybersecurity in India: Threat Landscape and Industry Response. https://www.pwc.in

7. Deloitte India. (2021). Digital Risk Management in India: 2021 Tech Risk Report. https://www2.deloitte.com/in

8. KPMG. (2020). Third-Party Risk Management Survey India 2020. https://home.kpmg/in

9. NASSCOM-DSCI. (2020). Cybersecurity Services Landscape in India. Data Security Council of India. https://www.dsci.in

10. Reserve Bank of India. (2020). RBI Master Direction on Digital Payment Security. https://www.rbi.org.in

11. SEBI. (2018). Cyber Security and Cyber Resilience Framework for Stock Brokers. Securities and Exchange Board of India. https://www.sebi.gov.in

12. Ministry of Electronics & IT. (2017). Digital India Programme Overview. Government of India. https://digitalindia.gov.in

13. IDC India. (2021). FutureScape: Cybersecurity Predictions for India 2021. IDC Research India Pvt. Ltd.

14. Ernst & Young. (2019). Global Information Security Survey 2019–20: India Insights. https://www.ey.com/en_in

15. Singh, P., & Sharma, R. (2019). Cybersecurity challenges for Indian e-commerce platforms. International Journal of Digital Security and Forensics, 11(3), 140–154.

16. Mehta, S., & Varma, A. (2018). Third-party risk and governance in Indian fintech. Journal of Financial Cybersecurity, 6(2), 98–112.

17. World Economic Forum. (2020). Global Cybersecurity Outlook 2020. https://www.weforum.org

18. IBM Security. (2020). Cost of a Data Breach Report 2020 – India Edition. https://www.ibm.com/security

19. Cybersecurity and Infrastructure Security Agency. (2021). Cyber Essentials Toolkit. U.S. Government. https://www.cisa.gov

20. National Institute of Standards and Technology (NIST). (2018). Framework for Improving Critical Infrastructure Cybersecurity (Version 1.1). https://www.nist.gov/cyberframework

21. OECD. (2020). Digital Security Risk Management for Economic and Social Prosperity. OECD Publishing. https://www.oecd.org

22. Cyber Security Agency of Singapore. (2020). Singapore Cybersecurity Strategy 2020. https://www.csa.gov.sg