'The protection of secrecy and anonymity gets lost with this linking.'
Fraudsters lure individuals with false promises of recovering bonuses or maturity proceeds from lapsed policies.
Cyber crimes in 2016-2017: 1,372 cases. Cost: Rs 423 million.
Confident that a cyber attack won't affect you? Think again, says Nandakishore Harikumar.
Finance Minister Nirmala Sitharman on Monday held a performance review meeting with heads of public sector banks and asked them to make concerted efforts to garner deposits. Deposits have been growing 300-400 basis points lower than the credit growth in the last few months, creating an asset-liability mismatch for banks. During deliberations on the deposit mobilisation, she said that while the credit growth has picked up, mobilisation of deposits could further be improved to fund the credit growth sustainably, and asked banks to make concerted efforts to garner deposits by conducting special drives.
A fracture of interstate relations could be India's biggest risk coming out of the pandemic. This topped a list of critical risks for India over the next two years, according to Geneva-based World Economic Forum's Executive Opinion Survey (EOS), whose results were released on Tuesday. Other top risks include a debt crisis in large economies, widespread youth disillusionment, failure of technology governance and digital inequality.
The Indian Air Force (IAF) has confirmed that its crew are well-equipped to handle potential GPS spoofing incidents, asserting that all relief missions to earthquake-hit Myanmar were successfully completed as planned. The IAF's statement follows reports of GPS signal tampering during relief flights, which raised security concerns. Sources in the military establishment had earlier suggested that IAF transport aircraft carrying relief materials to Myanmar faced "GPS spoofing", prompting the IAF to assure that its crew are capable of handling such situations.
With the recent proliferation of cyberattacks, corporate executives need to devote increasing attention to protecting information assets and on-line operations, said a report released on Monday by the World Economic Forum.
GPS spoofing is considered to be a form of cyber attack that includes generating false GPS signals. The false signals result in misleading the navigation equipment which creates a significant risk to aircraft.
The study surveyed 545 IT and IT security practitioners in India with an average of 8 years experience in the field, he added.
Social media giant 'X' (formerly Twitter) has filed a lawsuit in the Karnataka High Court against the Government of India, challenging what it called unlawful content regulation and arbitrary censorship. The lawsuit argues that the government's use of Section 79(3)(b) of the Information Technology (IT) Act violates Supreme Court rulings and undermines free expression online. 'X' further claims that the government's Sahyog portal acts as a "censorship tool" that pressures platforms to remove content without proper legal review.
AI-driven and deepfake-enabled cyberattacks are anticipated to become increasingly prevalent in 2025 with sectors like healthcare and finance most prone targets, according to a recent report. The India Cyber Threat Report 2025 by the Data Security Council of India (DSCI) and Seqrite, spotlighted the evolving tactics of cybercriminals and the rise of AI-driven attacks as a major concern. "Artificial Intelligence (AI) will be used to develop highly sophisticated phishing campaigns utilising deepfake technology and personalised attack vectors, making them harder to detect.
Before heading abroad, ensure your travel insurance policy offers all essential coverage and has an adequate sum insured.
'I now see rates rising again, particularly after recent losses - especially the January wildfires in Los Angeles.'
'The use of AI, especially genAI is only going to get worse, especially in an enterprise ecosystem.'
Globally, the estimated average financial loss from cyber incidents was $2.7 million, a 34-per cent increase over 2013.
'Although one-in-five women in the UK will experience stalking at some point in their lives, there are no scientific studies around the stalking of athletes.'
Prime Minister Narendra Modi advocated for a global framework for artificial intelligence (AI) based on open source, emphasizing the need for trust, transparency, and the elimination of biases. Co-chairing the AI Action Summit with French President Emmanuel Macron, Modi highlighted the transformative potential of AI across various domains, including politics, economics, security, and society. He stressed the importance of democratizing technology, addressing concerns about cyber security and disinformation, and developing quality data sets free from biases. Modi also acknowledged the need for open-source AI ecosystems to foster trust and transparency, while emphasizing the importance of localized technology for effectiveness and usefulness. Recognizing the potential of AI to improve health, education, and agriculture, Modi proposed pooling resources and talent to leverage the technology for sustainable development goals. Addressing concerns about job displacement, he emphasized that while the nature of work may evolve, technology creates new opportunities. Modi highlighted India's leadership in AI adoption and data privacy solutions, emphasizing the nation's readiness to share its expertise and contribute to an AI future that benefits all.
English football giants Manchester United confirmed being hit by a cyber attack in a 'sophisticated' operation.
'Its nature changes, new types of jobs are created.' 'We need to invest in skilling and re-skilling our people for an AI-driven future,' Prime Minister Narendra Modi said in his opening speech at the AI Action Summit in Paris, co-hosted by India.
Even as India's internet base continues to widen, with the country set to have over 900 internet users by 2025, a parallel rise in cyber threats has become a matter of huge concern. Experts say that the sudden surge in digital adoption left little time to develop a cybersecurity backbone for the country. This has put large amounts of data at risk.
Senior bankers anticipate discussions on issues related to technology, cyber security, and customer protection.
Metropolitan Stock Exchange of India (MSE) plans to raise Rs 120 crore from investors in an attempt to stay afloat. The beleaguered exchange's board has approved issuance of 1.19 billion equity shares of face value Rs 1 at a premium of Rs 1 through private placements, according to a disclosure on its website.
Cyber crimes caused by the insured's employees also get covered under the policy but would exclude the actual perpetrator.
The fundamental responsibility for preventing such crimes and for bringing the criminals to justice rests with the State, and it cannot abdicate that function.
The Union Finance Ministry on Tuesday said that aggregate business of public sector banks (PSBs) has shown strong growth of 11 per cent in the first half of the financial year 2024-25 (H1FY25) to touch Rs 236 trillion. The operating and net profit were also robust. At Rs 1.5 trillion, operating profit grew by 14.4 per cent year-on-year (Y-o-Y) while the net profit saw an impressive 25.6 per cent jump at Rs 85,520 crore in the first half of FY25.
This "Special Eleven Team" has been equipped with a dedicated control room, a senior officer said.
Reserve Bank Governor Shaktikanta Das on Thursday described cryptocurrencies as "clear danger" and said that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. The government is in the process of finalising a consultation paper on cryptocurrencies after gathering inputs from various stakeholders and institutions. Reserve Bank of India (RBI) has been flagging concerns about cryptocurrencies, which are seen as a highly speculative asset.
'The major worry for everyone using Internet-linked devices today is whether the latest download on his smartphone or laptop is a bait from a digital hacker who is out to secure access to his hard-earned money,' notes T A Ramalingam, chief technical officer, Bajaj Allianz General Insurance.
A single security lapse could lead to complete wipe out of your crypto assets in seconds, with no recovery in sight, warns Nikhil Sethi.
rediffGURU Aasif Ahmed Khan counsels students on the best career options in tech and engineering.
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
It said a "sudden rise" in terrorist-financing investigations was seen in 2023 and this was attributed to events arising out of incidents in Manipur that led to such probes in more than 50 cases.
Annual premiums do not exceed what you readily shell out for an OTT subscription.
'The message that we intend to leave with at the end of this trip is one of real gratitude for the friendship and the close partnership that President Biden and Prime Minister Modi have enjoyed over the last four years, but also one of tremendous optimism because we see a lot of opportunity in the future.'
Domains spoofing the legitimate Olympics Web site, while fake mobile apps masquerading as transport, booking, or other planning apps are also certain to be leveraged by fraudsters during the event, cybersecurity firms say, which puts Indian users also at risk.
Nearly 22 per cent of the cyber attacks which took place in the country last year were on the banking sector.
Senior bankers point out that while they will eventually attract qualified professionals, onboarding them takes time.
The average cost of data breaches in India reached $2.18 million in 2023, marking a 28 per cent increase since 2020, according to the Reserve Bank of India's (RBI) Currency and Finance report for 2023-24. The report said that India's average data breach cost was still below the global average. The most common attacks in India are phishing which was at 22 per cent and stolen or compromised credentials was 16 per cent. The automotive industry is highly vulnerable to cyber attacks, whereas the banking and financial services sector, benefiting from stringent regulations, enjoys comparatively stronger protection.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
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