CYBERSECURITY COMPLIANCE REGULATIONS
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.
Telcos, experts flag draft rules on cybersecurity as fears of overlap with MeitY guidelines loom
Telecom companies and legal experts are raising concerns about India's new cybersecurity rules, arguing they grant the government excessive access to user data and increase compliance burdens for providers. The rules could hold providers liable for user misuse of telecom resources, raising privacy and regulatory overlap concerns.
Cybersecurity is becoming more important but there is a shortage of trained hands
Cybersecurity job opportunities in India are booming, with a 14% increase in postings. Cloud-native security skills, AI, and threat intelligence are becoming increasingly important as businesses face evolving cyber threats like AI-driven attacks and ransomware. While a skill shortage exists, companies are investing in training and adopting comprehensive cloud security solutions to combat these challenges.
Regulate AI use, not the technology
Voices are calling for a pro-innovation approach to AI regulation led by sectoral experts, without being overly prescriptive or settling for a centralised one-size-fits-all law for this fast-evolving technology.
Over 2.75 lakh URLs whitelisted by 10,000 entities after TRAI guidance
Over 10,000 businesses have whitelisted more than 2.75 lakh URLs following TRAI's directive to ensure secure message transmission. The regulator has blacklisted 800 entities, disconnected 18 lakh numbers, and mandated the use of the DLT platform to curb spam calls and fraud effectively.
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EU AI Act checker reveals Big Tech's compliance pitfalls
The EU had long debated new AI regulations before OpenAI released ChatGPT to the public in late 2022. The record-breaking popularity and ensuing public debate over the supposed existential risks of such models spurred lawmakers to draw up specific rules around "general-purpose" AIs (GPAI).
Irdai to increase scrutiny of cyber security breaches after Star Health episode
Irdai is intensifying scrutiny of cybersecurity lapses in the insurance sector following a major data breach at Star Health Insurance. Over 31 million customers' data was compromised. The regulator has mandated an extensive audit of Star Health's cybersecurity framework. The audit aims to identify control gaps and recommend measures to prevent future breaches.
GPay UPI circle, more languages in Gemini: key takeaways from ¡®Google for India¡¯
Google announced that the Gemini AI model will be expanded to support more local languages, with Hindi already integrated. The tech giant is enhancing real-time updates on Google Maps, introducing reports and alerts for flooding and fog conditions.
NBFCs resilient under SBR framework: RBI economists
The performance of NBFCs has seen improvement since 2022 after the implementation of scale-based regulations. A study by RBI economists highlights the need for vigilance in cyber-security and climate risks. Gross NPAs have declined, and profitability indicators have improved. The sector remains resilient with double-digit credit growth and adequate capital.
Guardrails for growth: Fintech¡¯s next big challenge of balancing innovation with prudent regulation at ET Soonicorns Summit 2024
At the ET Soonicorns Summit 2024, on September 20, join the deep dive into the state of Indian fintech as experts are set to deliberate on ¡®Fintech: How to strike a balance between the regulatory lens and growth?¡¯ Gear up to gain a deeper understanding of the sector that is diversifying and poised for exponential growth amid regulatory concerns. Register now as seats are limited. Bengaluru beckons you!
Telecom operators seek to bring call, messaging apps under licence
Indian telecom operators requested Trai to bring OTT apps like WhatsApp, Signal, and Telegram under the new Telecommunication Act's licensing framework. Reliance Jio, Bharti Airtel, and Vodafone Idea stressed that monitoring these services is crucial for security and consumer protection, citing the broad definition of 'telecommunications' under the Act.
A world-first law in Europe is targeting AI. Other countries can learn from it
Governments globally have been taking steps to regulate the burgeoning field of AI, balancing its potential benefits with risks like privacy violations and misinformation. The EU's new law categorizes AI systems by risk level. Australia has been making efforts too, working on legislation to ensure AI's responsible development.
Machine learning, product management, cybersecurity driving demand for high-paying jobs: foundit
A foundit report revealed an increasing demand for AI, ML, and product management skills in India, translating to higher salaries. The article discussed how digital marketing, UI/UX design, and data analytics are key growth drivers. Additionally, it noted a shift toward skill-based hiring, with employers prioritizing adaptability and continuous learning over traditional qualifications.
SAP Labs India announces two global appointments
SAP Labs India announced two new global AI roles at its Bengaluru hub. Rahul Lodhe will be the global head of engineering for SAP Business AI Copilot Joule, focusing on integrating the technology across business lines. Sudhakar Singh, the new chief AI security officer, will lead AI security and compliance efforts, leveraging his 20 years in cybersecurity.
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.
RBI tells banks to find ways to bridge the gap between credit and deposit growth
The meeting addressed various banking challenges including credit-deposit ratio, cybersecurity, and digital frauds. Governor Das emphasized the need for robust cybersecurity controls and customer awareness initiatives to curb digital frauds.
Google tests new AI scam call detection feature amid rising cyber crime
Google is testing a new AI-based scam call detection feature. However, its legality is in question, as profiling callers based on conversation content without their consent is not permitted in India. In 2021, one scammer in India was responsible for 202 mn scam calls, which is about 27,000 fraud attempts every hour.
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.
How to reskill and upskill yourself in pharma industry
The Indian pharma sector is evolving rapidly, demanding reskilling amidst technological advancements and regulatory shifts. To thrive, professionals must embrace digital transformation, stay updated on regulations, and invest in continuous learning. Soft skills and adaptability are also crucial in navigating market dynamics. Reskilling is imperative for success in this dynamic landscape.
Government holds discussion with fintechs on cybersecurity, digital financial fraud
Government, FinTechs, law enforcement agencies collaborate on addressing cybersecurity, fraud. Workshop discusses registry creation, geotagging transactions, AML system. Topics include digital KYC audits, money mules. Fintech associations, regulators join to address cybersecurity and fraud challenges.
Technical leadership is becoming a critical differentiator at senior level hiring
C-suite leaders must now possess technical skills alongside traditional leadership qualities. Companies emphasize the importance of understanding tech for strategic decision-making. Technical expertise is increasingly becoming a requirement at all levels of leadership.
Domestic manufacturing of semiconductors is the next big space: MeitY Secy
A senior official from the Ministry of Electronics & Information Technology (MeitY) stated that domestic semiconductor manufacturing is a significant area of growth, with expectations of more companies entering the sector. S Krishnan, MeitY Secretary, emphasized the potential for a USD 2 billion digital economy in India and projected substantial growth in semiconductor manufacturing over the next 5-10 years.
Tech extra care for compliance
RBI's crackdown on Paytm Payments Bank underscores the need for robust compliance. The surge in demand for legal and compliance experts reflects this trend. Automation can streamline compliance processes, particularly in areas like data privacy, AML/KYC, cybersecurity, contract management, environmental health & safety, policy management, and regulatory reporting. Leveraging AI, ML, RPA, APIs, automatic evidence attachment, and blockchain technology can enhance efficiency and accuracy in compliance efforts.
70% GCCs have large security teams in India
The report titled ¡®Secure in India 2023¡¯ found that the maximum increase in cyber skill demand, among GCCs, is noted for cloud security (81%), followed by third-party risk management (78%) and cybersecurity risk assessments (75%).
Keep DigiWolves at bay
India is the most targeted country globally, facing 13.7% of all cyberattacks. State-sponsored cyberattacks against India increased 278% between 2021 and September 2023, with services companies, IT and BPO firms, seeing the highest share of attacks. Targeted cyberattacks on government agencies increased 460%, while SMEs saw a 508% increase.
Navigating top 10 cybersecurity risks in cloud-native environments
Adopting a proactive and holistic approach to cybersecurity in the cloud is crucial to navigating its associated risks. Organisations should enforce stringent access controls, conduct periodic assessments, and cultivate a pervasive culture of security awareness. Through these measures, they can develop cloud-native systems that are resilient, secure, and compliant. Such robust systems will not only be instrumental in protecting valuable IPs and assets but also help steer innovation within organisations.
Vehicles to soon drive around with 'shields' to fend off cyberattacks
The Ministry of Road Transport and Highways (MoRTH) has put forth a proposal for uniform Cyber Security and Management Systems (CSMS) provisions, specifically targeting certain categories of four-wheelers, encompassing both passenger and commercial vehicles. The objective is to fortify these vehicles against potential cyber threats that could compromise their functions.
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