Many cos do not have mechanism to report cyber breaches: Cloudsek founder

It is a challenge to report cyber incidents to every app.

Cyber security firm Cloudsek on Friday said that several companies in India handling digital transactions do not have a mechanism to report about security breaches in their systems.

Cloudsek Founder and Executive Chairman Rahul Sasi said gaps in regulations need to be addressed to curb cyber breaches and protect users.

''Many of the companies have no mechanism to alert them (about cyber breaches). There are over 100 apps doing this. It is a challenge to report cyber incidents to every app. We are doing our part. We have a small team which is trying to reach as many people as we can but the problem is that it is not 100 per cent,'' Sasi said during a roundtable on 'Cybersecurity in Fintech Sector'.

At the roundtable, cyber experts said the proposed personal data protection bill will put more responsibility on companies dealing with data and there will be more standards for them to comply with.

A Parliamentary panel is at present working on a personal data protection bill. The draft bill provides for a penalty of Rs 15 crore or 4 per cent of the total worldwide turnover of any data collection entity, including the state, for violation of personal data processing provisions.