CYBER RISK MITIGATION
93% of Indian executives anticipate cyberbudget increase in 2025: report
93% of Indian executives plan to increase their cybersecurity budgets in 2025, with 17% expecting increments of 15% or more, a 1% rise from last year. This underscores the critical importance of cybersecurity, which 61 % of executives identified as their top risk mitigation priority, surpassing digital risks (60%), inflation (48%), and environmental risks (30%).
93 pc of Indian execs surveyed see cyber-budget increase next year: PWC report
A new PwC India report reveals that 93% of Indian executives plan to increase their cybersecurity budgets next year. Cybersecurity is the top risk mitigation priority, driven by recent breaches and new regulations. Cloud-related threats are a major concern, but many feel unprepared to address them.
India at forefront of digital revolution, says RBI Deputy Governor Patra
India's digital economy is booming, with fintech driving digital payments and e-markets expanding rapidly. Deputy Governor of Reserve Bank of India, Michael Debabrata Patra, stated that the digital economy currently makes up a tenth of India's GDP and is projected to reach a fifth by 2026.
AI-driven cyber attacks top risk for enterprises, says report
According to Zachary Ginsburg, senior director, research in the Gartner Risk & Audit Practice, while the upcoming US election generates headlines over the candidates' regulatory, trade and other proposals, organisations have difficulty considering the actual risk implications from the many scenarios that might unfold.
Taiwan's Defence Minister warns of war, global trade risks amid Chinese military drills
Taiwan's Defense Minister Wellington Koo stated on Wednesday that a Chinese blockade of Taiwan would be considered an act of war with serious repercussions for global trade, according to a report by Taiwan News. Notably, during its "Joint Sword-2024B" military exercises, China practised blockading key ports and targeting maritime and ground locations, according to reports from Taiwan.
FM Sitharaman okays more senior-level posts in PSU banks
Union finance minister Nirmala Sitharaman has approved the creation of additional senior level posts in nationalised banks to enhance administrative efficiency. The number of Chief General Manager posts across 11 Nationalised Banks is increased from 80 to 144, with corresponding increases in other senior positions.
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Shaktikanta Das asks emerging economies to strengthen risk buffers; warns banks of growing AI use
RBI Governor Shaktikanta Das urged banks to fortify their liquidity buffers against potential threats and cautioned about the financial stability risks posed by AI and tech provider concentration. He emphasized the importance of risk mitigation measures and the need for emerging economies to strengthen policy frameworks amidst monetary policy divergences affecting capital flows and exchange rates.
The rise of crisis consultants: Why this segment is looking for more personnel
In today¡¯s unpredictable business world, the need for crisis consultants is rising due to complexities such as regulatory challenges and social media impact. These experts, from diverse backgrounds like cybersecurity and public relations, help businesses to predict, prevent, and manage crises effectively.
RBI asks banks to use info from all relevant sources for risk assessment
The Reserve Bank of India has directed banks, NBFCs, and other entities to utilize all relevant information sources for risk assessments. This measure aims to mitigate money laundering, terrorist financing, and proliferation financing risks. It highlights the importance of an enterprise-level risk assessment and advises against a siloed approach to ensure effective risk management.
India, a StAR FinCrimefighter: Country's growing capacity in asset recovery & tackling cybercrime threats
India's institutions have shown substantial effectiveness in recovering stolen assets and combating cyber-enabled fraud. The Financial Action Task Force's Mutual Evaluation Report on India highlights efforts including the Indian Cyber Crime Coordination Centre's asset recovery system and initiatives to manage risks linked to virtual digital assets.
New criminal laws, technology integration, disaster mitigation, eradicating Left Wing Extremism: Policy highlights of Modi 3.0
The Modi 3.0 government has achieved significant milestones in its first hundred days, including the implementation of new criminal laws, amendments to the Disaster Management Act, and initiatives to eradicate Left Wing Extremism by March 2026. Efforts also include the training of officers, launching mobile applications, and signing peace agreements in disturbed regions.
FM Sitharaman asks PSBs to push deposit drive by taking 'concerted efforts' following RBI's consistent warnings
Finance Minister Nirmala Sitharaman chaired a meeting in Delhi to review Public Sector Banks' performance. Discussions included areas like Deposit Mobilisation, Digital Payments, Cyber Security, and Access to Credit under Financial Inclusion. Sitharaman urged banks to focus on efficient customer service, rural outreach, and increasing credit flow for initiatives like PM Surya Ghar Muft Bijli Yojana. Collaboration against fraud and cyber risks was also emphasized, along with implementing new credit assessment models for MSMEs.
In crypto world, the hacker is God
When a cyber villain affects a system, it's as unstoppable as an earthquake or pandemic. Traders, for example, who have had their cryptocurrencies and funds locked on WazirX due to a recent cyberattack are now facing the consequences. Due to these incidents, what is now coming to the fore is that unlike banks or stock exchanges, most local crypto platforms categorise ¡®cyber breach¡¯ as a ¡®force majeure¡¯ event (or, an ¡®Act of God¡¯).
Infosys McCamish facing fourth class action suit over 2023 data breach
Mails seeking comment from Infosys were directed to response made during Q1 earnings where CEO Salil Parekh said ¡°McCamish is in the process of coordinating with its clients to ensure all the notifications are provided. In addition, the U.S. State Attorney Generals and Insurance Commissioners have also been notified.¡±
Indian financial system looks strong amid global headwinds: RBI Deputy Governor M Rajeshwar Rao
Reserve Bank of India (RBI) Deputy Governor M. Rajeshwar Rao delivered the J P Morgan India Leadership Series Lecture, highlighting India's robust financial system amidst global challenges. He noted India's strong macroeconomic fundamentals and steady economic growth, emphasizing improvements in the banking sector's metrics like capital adequacy and asset quality.
Global tech outage eases after widespread disruption, new focus seen on risks
A CrowdStrike error caused global IT outages, impacting FedEx, Meta, and healthcare. Delta canceled 20% of flights. Microsoft aids recovery. Pete Buttigieg noted resolving issues. CISA reported increased phishing. Stock changes for SentinelOne and Palo Alto Networks. Airlines used handwritten boarding passes. President Biden was briefed. Insurers face claims; Mass General Brigham focuses on urgent care.
As we rely more on software & cloud systems, so does the need to address cyber vulnerabilities
Microsoft's Windows OS faced major outages globally, impacting various sectors like aviation, banking, and hospitals. The disruptions were linked to a Falcon sensor malfunction from cybersecurity company CrowdStrike. Both companies assure no cyberattacks, with efforts to restore systems ongoing. The incident highlights the vulnerabilities of digital technology systems and the importance of cybersecurity measures and cooperation between public and private sectors.
AI seen more as an opportunity than risk: PwC's Sam Samaratunga
PwC India's risk business has seen rapid growth, with partner count set to exceed 100. Global trends like AI and climate change shape risk management strategies. Companies seek to understand and mitigate risks for long-term resilience. AI presents both opportunities and challenges for businesses.
Rise in cyber threats make companies go for unified security command
As the digital world expands, demand for cybersecurity leaders grows. Organizations recognize cyber risks can lead to financial losses, reputational damage, and threaten public safety. This surge drives demand for cyber insurance across sectors like finance, healthcare, and technology. Senior cybersecurity roles are crucial, requiring deep technical knowledge, business acumen, and skills in regulatory compliance.
HSBC cuts Elastic Run valuation; Hero MotoCorp doubles down on Ather
HSBC has cut its valuation estimate for B2B ecommerce firm Elastic Run by nearly half, bringing it under $1 billion. More on this in today¡¯s ETtech Top 5.
Need proactive risk mitigation measures to tackle cyberattacks: RBI DG
RBI deputy governor Swaminathan J emphasized proactive risk mitigation strategies in the face of cyberattacks and emerging banking risks, addressing challenges in regulations, corporate governance, and assurance functions to ensure bank safety and stakeholder trust.
Skill gap in workforce, AI advancements make cyber attacks more threatening in India
India is witnessing an unpredented surge in cyber attacks. There is also a big skills gap in the cyber security workforce, and advancements in AI are making the problem more acute. While AI is a threat, it is also an opportunity. Synergy between AI and human expertise may be the key to safeguarding the country¡¯s expanding digital ecosystems.
CERT-In warns of critical vulnerability in Apple devices; Here's how you can reduce the risk
CERT-In has issued a high-risk warning regarding a critical vulnerability in various Apple products, including iPhones, MacBooks, iPads, and Vision Pro headsets. The vulnerability could allow attackers to execute arbitrary code remotely, posing a significant threat to users' security. It is crucial for users to take immediate action by updating their devices and following CERT-In's precautionary measures to mitigate the risk.
Cyber attack, data breach among top risks for businesses in India: Survey
The biennial survey said that India's dependency on technology is likely to increase with the widespread adoption of digital infrastructure like the Unified Payments Interface, Aadhaar, and Open Network for Digital Commerce. "With increasing digitisation, cybercrimes continue to become rampant with costs and complexities associated with such breaches forcing organisations to look at risk mitigation and transfer mechanisms to better manage cyber risks," the survey noted.
Cyberattack is top concern for businesses in India: Aon Survey
Companies that participated in Aon¡¯s 2023 Global Risk Management Survey listed business interruptions and failure to attract or retain top talent as the other top concerns
AI risks need to be better understood and managed, research warns
Joe Burton, a professor at Lancaster University, UK, contends that AI and algorithms are more than mere tools used by national security agencies to thwart malicious online activities.
Saket Modi-founded cyber-risk mitigation firm Safe Security raises $50 million
The latest infusion, which takes Safe Security's total funding to over $100 million, comes at a time when startups are facing a funding winter as inflationary pressures hit sales cycles as well as the movement of money in technology companies.
Sebi working to mitigate cyber risks
Under the proposed system, all trade data of clients with one exchange will be stored at servers of the other exchange in their data center. This will ensure that in case of any cyber attack it does not affect the smooth functioning of the market.
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