Union Minister Rajeev Chandrasekhar has said that security in the digital economy is a global challenge.

Union Minister Rajiv Chandrasekhar on Monday said that security in the digital economy is a global challenge and a collective approach is needed to tackle it.

He was addressing the G20 delegates at the Global Digital Public Infrastructure (DPI) Summit at the third Digital Economy Working Group (DEWG) meeting in Pune, Maharashtra.

„Digital economic security is neither an internal issue nor an area where selective cooperation is sufficient,” said the Minister of State for Electronics and Information Technology.

He said that a common understanding should be developed to improve the domestic, legal, technical and economic aspects of security in the digital economy.

„With the growth of health tech, fintech, e-commerce, artificial intelligence and the Internet of Things, businesses now hold huge data sets that hold consumers’ sensitive and personal data. Sector-wise, most cybercrimes are reported in the financial services sector, followed by the healthcare sector and social Crimes in the media,” he said.

These are key sectors where data breaches not only incur economic costs but also affect consumer confidence and business credibility, the minister said.

„Meanwhile, security threats such as ransomware, data breaches, phishing attacks and denial-of-service attacks threaten ordinary people, businesses and governments. Such crimes and loss of consumer confidence can ultimately slow digital transformation and economic growth,” he said.

Chandrasekhar added that the big players in computing have the resources to constantly update their security mechanisms, while the same cannot be expected from small businesses, i.e. startups and MSMEs that are at the forefront of innovation.

„As security in the digital economy is a global challenge, a partnership approach involving governments, businesses and development agencies is needed to build trust, improve awareness and deliver digital solutions,” he said.

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Briefing on the security agenda, the Minister said firstly, it is important for the government to recognize the security threats that hinder innovation and trust in essential services.

„Security in the digital economy is not a domestic issue or a sufficient domain for selective cooperation. We need to develop a common understanding to improve the domestic legal, technical and economic aspects of security in the digital economy so that each country can devise specific ways of cooperation, exchanges and goals,” he said.

These benchmarks are significant as more and more players enter the digital economy, which need to be transformed into cyber resilience, he said.

„Our approach is driven by the need to bring about multi-stakeholder collaboration between governments, businesses and international organizations. There are also other important stakeholders, namely citizens and consumers who play an important role in implementing best practices of the day-to-day situation,” the minister said.

In the current era of digitization, it is important for countries to invest in reassessing and realigning their strategies for digital capacity, development and reskilling in line with the changing demands of the industry, Chandrasekhar said.

„I firmly believe that the G20 must seriously discuss these issues and work to achieve outcomes that benefit workers worldwide,” he said.

The Minister said the summit is an excellent opportunity to exchange knowledge and best practices of TBI implementation and further advance the global digital economy.

„The global digital economy has seen significant growth and change in recent years, driven by advances in technology, increased internet penetration and the proliferation of smartphones and other connected devices. This has fundamentally changed the way businesses operate, the way consumers use products and services, and the overall global economic landscape,” he said. He said.

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Citing the United Nations Conference on Trade and Development (UNCTAD) report in 2020, the minister said the value of global e-commerce alone exceeded $26 trillion in 2019, and today’s numbers will undoubtedly be much higher.

He said the Indian market has evolved simultaneously with the growing number of adopters of digital technologies such as smartphones, supported by affordable data plans and widespread internet penetration.

„Therefore, it is not surprising that India has created a huge market for digital services like e-commerce, digital payments and online entertainment. 'Make in India’ and 'Digital India’ have contributed significantly to this evolution. 'Make in India’ has supported the production of digital devices, At the same time, Digital India has promoted the safe adoption of digital services,” he added.

Along with its efforts to implement the plans, India is actively working on several policies to further India’s vision for a global standard cyber legal framework.

„This framework includes key legislation such as the Digital Personal Data Protection Bill, which focuses on respecting the rights of individuals when processing digital personal data,” the minister said.

Other key laws, such as the National Data Governance Framework Policy, aim to ensure privacy and security and secure sharing of personal and anonymized data for research and innovation, he said.

„The draft Digital India Act will harmonize laws, regulate emerging technologies like AI, and incorporate industry input on blockchain and Web 3.0 regulations to protect digital citizens from harm,” he added.

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