‘Two-factor authentication in India far more secure than digital payments in US’

Saket Modi, Chief Executive and co-founder of Lucideus Technologies, has categorically stated that the digital payment companies in the US were 8 times more vulnerable to fraudulent attacks compared to India.

Thanks to the two-factor authentication introduced almost half-a-decade back in India, the number of frauds that are happening here are “very less”, he said, adding “we have a fairly good ecosystem. Even today, the US has not been able to mandate the two-factor authentication”.

He conceded to the rise in the number of hacking incidents, before pointing out that a majority of digital systems, not just in India, but around the world were very vulnerable to various kinds of hacks. “This can be seen from the low (single number) convictions over reported cyber crime incidents around the world. The primary reason being that for physical crime, there is the Penal Code or jurisdiction with a defined boundary, while in the internet, it is virtual.”

More job opportunities

“The opportunity for cyber security professionals is, therefore, huge. We need to build capacities to answer not just the security of digital India but of a digital world.”

Modi was here to announce the company’s partnership with Sathyamangalam-based Bannari Amman Institute of Technology (BAIT) towards grooming cyber security professionals.

“We will provide the curriculum and faculty so they train the students and make them industry-ready after their college days,” he said.

Lucideus has inked agreements with half-a dozen institutes, he said, but the association with BAIT would be one of its kind in Tamil Nadu, he told BusinessLine on the sidelines of an event.

“Every company and individual has the risk of being affected by crime crime. It is therefore imperative to be aware, prepared and secure.”

The company has trained over 50,000 students over the past six years.

“Considering the requirement for such professionals, and the rising number of sophisticated attacks, we are intent on imparting training many more.”

He further said that the proposed Justice Srikrishna Committee report in Parliament is a robust document that has been well thought of, and once passed would provide the right policy framework, particularly when digital transformation is happening in the country.

Cyber War Room

“We are in talks with a few global companies to create a Cyber War Room, a new technology in India,” said Rahul Tyagi, Vice-President, Lucideus.

Thus stating, he said that one such facility would be kick-started at BAIT campus very soon.

“Students will get to practise in a simulated environment. Practicals is the key in the education of cyber security. A lot has been taught on the theory side, but that will not suffice. We are trying to bridge this gap.”