Content by Suparna Goswami

E-Wallet Authentication Methods: Are They Inadequate?

Suparna Goswami  •  April 26, 2019

Most of India's e-wallet companies are taking an inadequate, single-factor approach to user authentication, relying only on one-time passwords delivered via SMS, some security experts say.

Cyberattack Hits State Bank of Mauritius' India Operations

Suparna Goswami  •  October 5, 2018

The East African institution State Bank of Mauritius says its India operations may have lost $14 million as a result of a cyberattack Tuesday. Although the bank did not confirm the exact nature of the attack, some security experts suspect it involved fraudulent transactions via the SWIFT network.

Cryptojacking a Growing Threat to Government Sites

Suparna Goswami  •  September 20, 2018

Researchers say hackers are increasingly using Indian government websites to mine cryptocurrencies. Security experts urge government authorities to take steps to mitigate the risks of cryptojacking, which can cause performance problems.

Will RBI's Local Data Storage Mandate Be Relaxed?

Suparna Goswami  •  July 16, 2018

The finance ministry has proposed relaxing a directive from the Reserve Bank of India, the nation's central bank, that requires certain foreign payment-related firms to store local data in India.

RBI Mandate for Domestic Data Storage Proves Controversial

Suparna Goswami  •  June 7, 2018

While some payment companies are strongly protesting the Reserve Bank of India's mandate that they store all data locally by October 15, portraying compliance as costly and impractical, others support the move as a way to ensure data is protected.

GDPR: Payments Sector Compliance Challenges

Suparna Goswami  •  May 28, 2018

Compliance with the EU's General Data Protection Regulation, which is now being enforced, will be tougher for large organizations in the payments sector because they have huge volumes of data, says Swati Sharma, a security specialist at British Telecom.

Digital Payments in Japan: Addressing Security

Suparna Goswami  •  May 25, 2018

As Japan continues it push toward digital transactions, it's taking steps to ensure security, including adopting the PCI Data Security Standard, says Jeremy King, international director of the PCI Security Standards Council, who offers an update.

Report Offers Recommendations on Securing Digital Payments

Suparna Goswami  •  May 18, 2018

To secure India's growing digital payments ecosystem, it's vital to have comprehensive regulatory guidelines as well as a threat sharing platform, according to a new report by the Data Security Council of India and PayPal.

Aditya Birla Group Hit by Cryptojacking Attack

Suparna Goswami  •  May 11, 2018

Aditya Birla Group, one of the largest conglomerates in India, has been cryptojacked, with more than 2,000 computers of various companies within the group affected, according to the Economic Times. What can be done to help prevent such attacks?

RBI Mandates Domestic Storage of Payments Data

Suparna Goswami  •  April 12, 2018

The Reserve Bank of India is requiring that payment system operators store all their data domestically. Many security practitioners and payment companies in India have lauded the move, stating that the mandate could lead to quicker resolution of breach cases.

Securing Digital Payments

Suparna Goswami  •  March 20, 2018

Developing nations that are moving to digital payments, especially for the unbanked, need to keep in mind security lessons already learned in other markets, including Europe, says Steve Marshall, founder at Risk-X, a U.K.-based audit and risk assessment consulting firm.

PCI Offers Lower Fees in Developing Markets

Suparna Goswami  •  March 15, 2018

The PCI Security Standards Council is offering 40 percent lower fees for participating organizations in nations with lower-income economies. "We want to encourage countries in Africa and South Asia to get engaged with us," Jeremy King, international director at PCI SSC, tells ISMG in an exclusive interview.

Mitigating the Insider Threat: Lessons From PNB Fraud Case

Suparna Goswami  •  February 21, 2018

Now that it's been confirmed that an insider at Punjab National Bank paved the way for $1.8 billion in fraudulent transactions, RBI, the nation's central bank, is reiterating the need to strengthen security measures tied to SWIFT interbank transactions, and security experts are offering risk mitigation advice.

More SWIFT-Related Fraud Revealed: How Banks Must Respond

Suparna Goswami  •  February 20, 2018

Following banks in India and Russia reporting losses due to fraudulent transactions via the SWIFT interbank messaging platform, security experts are advising banks to be more vigilant and to take certain security steps, including better securing of remittance transactions.

$1.8 Billion Fraud Case at PNB Raises Security Questions

Suparna Goswami  •  February 16, 2018

Some security practitioners are questioning the audit standards and internal controls maintained by state-run Punjab National Bank in the aftermath of the bank's Wednesday announcement that it had detected fraudulent transactions totaling more than $1.8 billion.