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Gartner Forecasts Security and Risk Management Spending in India to Grow 12% in 2024

  GenAI-Driven Attacks Require Changes to Application and Data Security Practices and User Monitoring End-user spending on security and risk management (SRM) in India is forecast to total $2.9 billion in 2024, an increase of 12.4% from 2023, according to a new forecast from Gartner, Inc. Indian organizations will continue to increase their security spending through 2024 due to legacy IT modernization using cloud technology, industry demand for digital platforms, updated regulatory environment, and continuous remote/hybrid work. “In 2024, chief information and security officers (CISOs) in India will prioritize their spending on SRM to improve organizational resilience and compliance,” said  Shailendra Upadhyay , Sr Principal at Gartner. “With the introduction of stringent government measures mandating security breach reporting and digital  data protection , CISOs are facing heightened responsibility in safeguarding critical assets against evolving cyber threats.” Gartner a...
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Withdrawal in Less Than 10 Sec

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Published on Thursday, 14 June 2012 17:08

New software from NCR will allow consumers to initiate cash withdrawals from their banking accounts on mobile devices and then complete those transactions at an ATM by scanning a 2D barcode. The move initiative will make ATM transactions faster and secure by removing cards and PINs from the process at the ATM.
ncr

The entire transaction, while the consumer is in front of the ATM, can take less than 10 seconds. Consumers will authenticate through their existing mobile banking application and pre-stage the transaction via an embedded NCR Mobile Cash Withdrawal function. Consumers can use any iOS or Android smartphone at any location and at any time.

Once at their bank’s ATM, the consumer will use the embedded functionality to scan the 2D barcode on any participating ATM’s home screen, and the pre-staged cash transaction will be authorized and funds dispensed. The solution requires no additional ATM hardware such as barcode scanners or near field communication (NFC) readers. It can be deployed with a software upgrade.

Security
Security is always a concern when it comes to mobile cash withdrawals. According to NCR, it is a secure approach to traditional card-based ATM transactions. No consumer data is stored on the device or contained within the on-screen 2D barcode. Rather, scanning the barcode only identifies the location of the ATM and prompts fulfillment of the transaction. In turn, using a mobile device eliminates the threat of ATM skimming devices used by criminals.

“We live in a mobile world where the modern consumer expects to handle transactions using a variety of mediums. The solution will help financial institutions meet their customers’ expectations in the mobile channel, and help them deliver a differentiated and faster converged-channel experience,” says Michael O’Laughlin, senior vice president, NCR Financial Services.

The solution includes an integrated electronic receipt that delivers it to the user’s mobile app, eliminating the printed paper receipt and includes the ability to store and archive it for later retrieval. NCR is seeking strategic partnership opportunities with select financial institutions to pilot this new solution.

In another development, new technology to enable people to withdraw money from cash machines using their smartphone has been unveiled, reports BBC. Customers who use the Royal Bank of Scotland (RBS) or NatWest mobile banking app can now request cash, up to £100, via their smartphone.They are given a six-digit code to enter into an ATM to release the cash.

By Angela Sutherland 

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