Cyber crimes caused by the insured's employees also get covered under the policy but would exclude the actual perpetrator.
'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.'
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.
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 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.
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.
'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.'
India's e-commerce market alone is projected to reach $200 billion by 2026, making it a prime industry for ambitious entrepreneurs, explains rediffGURU Harsh Bharwani.
'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.
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.
Link your UPI app to a separate bank account or wallet that has only a limited sum.
Senior bankers point out that while they will eventually attract qualified professionals, onboarding them takes time.
Concerned over household savings moving towards alternative investment avenues, RBI Governor Shaktikanta Das on Thursday asked banks to mobilise deposits through innovative products and services by leveraging their vast branch network. "Banks are taking greater recourse to short-term non-retail deposits and other instruments of liability to meet the incremental credit demand. "This, as I emphasised elsewhere, may potentially expose the banking system to structural liquidity issues," he said.
Annual premiums do not exceed what you readily shell out for an OTT subscription.
Failure in examinations, the inability to get an expected score or admission to an educational institution of one's choice often precipitates distress in students and may increase the risk of suicide, warns Dr Rakesh K Chadda.
Nearly 22 per cent of the cyber attacks which took place in the country last year were on the banking sector.
'We found certain banks having lakhs of such accounts with apparently no valid reason.'
The accelerating pace of digitalisation, fuelled by the COVID-19 pandemic, has led to a record-breaking year for cybercrime with ransomware attacks rising 151 per cent in 2021, and an average of 270 cyberattacks per organisation being faced, a new study showed on Tuesday. The World Economic Forum's 'Global Cybersecurity Outlook 2022', released during its online Davos Agenda summit, further said that each successful cyber breach cost a company $3.6 million (nearly Rs 27 crore) last year, while the average share price of the hacked company underperformed NASDAQ by nearly 3 per cent even six months after the event in case of the breach becoming public. The WEF said the global digital economy surged on the back of the COVID-19 pandemic, but so has cybercrime and nearly 80 per cent of cyber leaders now consider ransomware a 'danger' and 'threat' to public safety.
'There's a huge need for advancements in current security incident logging and monitoring practices.'
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9 per cent of the previous year's amount, according to a RBI report. The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats. As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
A plea that the banking regulator's stress should be on the strategic role of boards and an increase in the remuneration of independent directors were among the issues put forward to the Reserve Bank of India's (RBI's) top brass in its interaction with the full boards of state-run banks held on Monday. The meeting, the first leg of first-of-its-kind interactions with the boards of state-run banks, will now be followed by those of private banks in Mumbai on May 29. The RBI's press release, issued late on Monday, did not refer to the specific points that found mention in the deliberations, but top sources told Business Standard the twin concerns were taken up in the open-house interaction with the banking regulator's brass.
In a recent blogpost, Google said hijackers routinely attempt to sign in to sites across the web with credentials exposed by third-party breaches. If netizens use strong, unique passwords for all their accounts, this risk disappears, it said.
Capital markets regulator Sebi on Wednesday came out with a cybersecurity framework for all portfolio managers having an asset base of at least Rs 3,000 crore. The new guidelines will come into force from October 1, 2023, the Securities and Exchange Board of India (Sebi) said in a circular. Under the framework, Sebi asked portfolio managers to report all cyber-attacks and breaches experienced by them within 6 hours of detecting such incidents.
The increasing involvement of Big Tech in the financial system could give rise to concentration risk and there are potential spillovers, which call for closer attention, Reserve Bank of India (RBI) Governor Shaktikanta Das said on Tuesday. "...enormous amounts of consumer data is being generated and leveraged upon by a few entities (the so-called Big Tech) by virtue of their huge customer base. "Such developments raise concerns on concentration risk and potential spillovers as their level of engagement with the financial system strengthens in the years to come," Das said at the Global Fintech Fest 2022.
Even as cyber threats continue to rise in India - the second-largest global active internet user base - the country is currently facing a big skill gap in the cybersecurity domain and represents just six per cent of global cybersecurity jobs, finds a report. As of May 2023, the industry had about 40,000 open opportunities, indicating the growing demand for skilled cybersecurity professionals. However, the demand-supply gap stood at 30 per cent, projecting a major skill challenge in the industry, finds the study by tech staffing firm TeamLease.
From compromised machines to mass email lists for spamming, electronically-transferring funds out of bank accounts to phishing attacks -- India's 100 million internet users have become prime targets for hackers across the globe.
To check digital frauds, the government has disconnected 70 lakh mobile numbers so far involved in cybercrime or financial frauds, Financial Services Secretary Vivek Joshi said on Tuesday. Emerging from a meeting to discuss issues related to financial cyber security and increasing digital payment fraud, Joshi, who chaired the meeting, said banks have been asked to strengthen the system and processes in this regard. More such meetings would take place, he said, adding the next meeting is scheduled in January.
The papers noted that the 5G network is built on easily accessible and open Internet protocols and it inherits all the vulnerabilities of previous generations which make it vulnerable to cyber-attacks and compromising the security of the entire system.
A Europe-like cyber security defence alliance is the need of the hour, say banking technology experts.
Smaller cities in India run the risk of a cyber attack when compared to the bigger ones. A report released by Symantec Corp reveals that smaller and emerging cities such as Bhubaneshwar, Surat, Cochin, Jaipur, Vishakhapatnam and Indoreare increasingly facing the risk of cyber attacks, with 25 per cent of bot- infections in India reported in such cities.
India continues to rank as the third top source of overall malicious activity including spam, malware, phishing hosts and bots
'The absence of cyber security framework for ATMs is like a dream come true for hackers.'
Nikhil Anand, senior vice president, operations, at NLB Services explains why professionals who are adept at data, cloud computing and cybersecurity will earn well in 2024.
There is a secured system to tackle cyber attacks and there is a segregation of nuclear generation from the administrative segment, There is a secured system to tackle cyber attacks and there is a segregation of nuclear generation from the administrative segment, he said.
Install blockers to prevent falling prey to cryptojacking.
With the widespread use of new technologies, inter-connectedness and dependency, newer risks, threats and vulnerabilities have emerged.
The third quarter of the year -- in the months of July, August, September -- the world has witnessed 500,284,715 cyber attacks, according to a report by an Internet security firm.
'There is a need for an innovation sandbox where the PSBs can collaborate and then they can do their own innovation on top of it.'
iPhone maker Apple has warned its users about ongoing Pegasus-like sophisticated spyware attacks that target a very small number of individuals often journalists, activists, politicians and diplomats.
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