Digitisation and technology are becoming an integral part of all sectors across the globe, whether it is oil and gas, finance or diamonds, where De Beers seems to be taking a close look at that. In the Indian markets also, cyber security is a big theme. The Home Ministry has recently constituted a committee, which met on July 17 and 24, and there has been discussions about the need for an effective cyber security law in the country.

Says Brijesh Singh, Inspector General-Cyber Crime, Maharashtra: “If you look at the payment card industry in the US and many parts of Europe, they are still using magnetic strip cards, which can be easily cloned. We shifted to EMV chips long back. In many of these areas, we are much more advanced than the so-called Western countries."

Singh said a legal framework to improve cyber security will be in place soon.

According to cyber security expert Amit Dubey, it is high time to update the country's laws, investigation processes and other preparations. "We really need a nationwide cyber investigation cell . Cybercrime can happen anywhere, it can affect anybody, so a specified jurisdiction or geo-location boundaries is not applicable. We need a central body which can take care of these advance cybercrime cases along with these local cyber cells,” he observed.

Dubey also pitches for a research unit as the criminals are running ahead of the policy. The research wing can work on new kinds of cybercrimes. "We should proactively update ourselves to handle those kind of investigation and efforts are required to update our investigation processes and make people aware of these issues,” he added.

Khushbu Jain, Lawyer, Supreme Court noted: “Today, crimes are very specific and we need changes in rules to deal with phishing, fake news and spoofing. Apart from these, there is the issue of jurisdiction; we are fighting as far as jurisdiction is concerned, we are fighting a lot when it comes to collection of evidence is concerned.”