India Now Wants Providers to Report Data Breaches Within 6 Hours

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India Encourages Service Providers to Report Breaches Within 6 Hours; Suggests Keeping KYC Records for 5 Years
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India and its cybersecurity nodal agency have directed all ISPs and cryptocurrency exchanges to comply with the new KYC recordkeeping and data breach reporting directives.

All cyber breaches must be reported within six hours of discovery, said the Computer Emergency Response Team (CERT-In) under the Indian government’s Ministry of Electronics and Information Technology. This includes reporting carpet pulls immediately.

For KYC records, exchange providers and custodial wallet providers in India are also required to keep these records for at least five years.

“During LEA (Law Enforcement Agency) requests and investigations, we have seen numerous instances of intermediaries and service providers failing to store or provide data and appropriate records. These guidelines will simplify the date records to be maintained and properly reported to CERT-In process of security incidents,” said Jiten Jain, director of Voyager Infosec’s digital lab, in an interview with Financial Express.

Minergate

As India does not have a broad framework for virtual assets, the response and reporting guidelines for crypto players are now incorporated into the country’s larger technology and financial practice.

Ishan Arora, a partner at Tykhe Block Ventures, recently told The Economic Times, “[f]It is not a bad step for IATs and cryptocurrencies to be treated in a similar way in cybercrime law, as long as it is well thought out and keeping all stakeholders in mind. “

However, a detailed crypto framework is not expected anytime soon, as India’s finance minister recently made it clear that the government is in no hurry to legislate. However, due to legislative delays, the industry has begun to warn developers and investors of a crypto “brain drain”.

EarnU CEO and founder Paul Rogash thinks a slow government could be a good step:

“Now the minister is signaling informed decision-making. We are sure that the government will work to introduce regulations that could otherwise divert activity abroad, or could affect the black market, which will hinder the economy,” he told the local newspaper.

However, uncertainty about the legislation has certainly led India’s CoinSwitch Kuber exchange to temporarily stop buying INR deposits in cryptocurrencies. While the exchange has now unfrozen the transfer method after two weeks, the country still does not support instant UPI transfers from cryptocurrency providers.

Meanwhile, major Indian banks have also reportedly asked the National Payments Corporation of India (NPCI) to create a formal directive for buying and selling virtual digital assets (VDAs) in India.

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