Cyber resilience in Indian Financial Services is the Need of the Hour

by

in

By Sizwe Snail

Abstract

The Fourth Industrial Revolution (4IR) describes new ways in which we introduce and use technology into our societies (e.g. the use of cyber systems, artificial intelligence (AI) and nanotechnology). The increased internet activity on social networks, e-governance and commercial services, and the Internet of Things (IOT) has amplified the vulnerability of both citizens and governments to cyber criminals. These offences are currently being regulated by The Electronic Communications and Transactions Act 25 of 2002 (ECT Act). A legal framework has been set out for how different offences will be dealt with and also the sentencing of those offences. Any person who commits cyber-related crimes that are described in the sections below will be found guilty of an offence.

Section 85 of ECTA provides that anyone who is not authorised to access data or information system and becomes aware of such unauthorised access and remains accessing it is guilty of an offense. Section 86(1) provides that hacking, intentionally accessing a data subject’s data or personal information without their consent is unlawful and as such a person who commits such conduct is guilty of an offence. Section 86(2) provides that it is unlawful to intentionally interfere with data in a manner that results in disrupting the data or lead to the data becoming useless and ineffective. Section 86(3) makes it unlawful to obtain, sell, produce or distribute a device that will be used to overcome security measures that were used to protect data.

Section 86 (4) provides that it is unlawful to overcome copyright security measures protection. Section 86 (5) provides that it is unlawful to create a partial of total denial of service (denial of service attack). Sections 87, 88 and section 89 provide that it is unlawful to commit Cyber Fraud, Cyber Extortion, and Forgery and Uttering. Under the ECT Act, if someone is found to have committed an offence in relation to the above-mentioned sections, the maximum penalty would be a fine (unspecified) or imprisonment of not more than 5 (five) years.