Protecting card data with privileged access management controls

Cybercriminals are always on the lookout for ways to exploit privileged credentials, as these credentials often provide them with access to sensitive data and systems. During the holiday season, when employees are more distracted and the pace of work is faster, the risk of cyber-attacks increases

- Sumit Srivastava

India is one of the fastest-growing e-commerce markets, with growth from small towns as well as cities. Thanks to the availability of low-cost Internet and improved logistics infrastructure in Tier2 and Tier3 cities, the Indian e-commerce sector is growing at a phenomenal pace.

The growth in e-commerce can also be attributed to the change in shopping habits due to the Covid-19 pandemic and the lockdown that came with it. Most Indians became acquainted with the benefits of online shopping during the pandemic, and this habit continues even today and is preferred by many. A report by Bain and Flipkart, 'How India Shops Online 2022', states that the e-commerce market is expected to reach $50 billion in 2022. The report says that rising affluence in the country will fuel consumption and increase shopper spending, with India's e-retail market estimated to grow to $150$170 billion by 2027. This is a 25%-30% annual growth and a doubling of market penetration to 9%-10% over the next five years.

While these numbers are impressive, this growth can drop drastically if the industry does not take serious steps to address the issue of online fraud. For instance, according to the annual report by the RBI for the year ended March 2022, card and Internet fraud surged to a whopping $1.55 billion in 3,596 cases, compared to $1.19 billion in 2,545 cases in the same period a year ago. When e-commerce sales or online sales surge, payment fraud correspondingly increases.

If you are an organisation that handles credit or debit card information, now is the time to revisit the Payment Card Industry Data Security Standard (PCI DSS) guidelines so that you can protect your organisation, safeguard customer data, preserve trust, and avoid hefty penalty fees.