Cyber Financial News

Modi has said while seeking global cooperation to deal with cybercrimes. In an exclusive interview with PTI, he said the World Bank has estimated that cyber attacks could have caused losses of around USD 5.2 trillion to the world during 2019-2023, but their impact goes beyond just financial aspects into activities that are deeply worrying.Read the full interview here He said these can have social and geopolitical implications. «Cyber terrorism, online radicalisation, use of networked platforms to move funds from money laundering to drugs and terrorism — are just the tip of the iceberg,» he said. Modi said cyberspace has introduced an entirely new dimension to the battle against illicit financial activities and terrorism. «Terrorist organisations are using technology for radicalisation, moving money from money laundering and drugs into terror funding, and capitalising on emerging digital avenues such as the dark net, metaverse, and cryptocurrency platforms to fulfil their nefarious aims,» he said. Stressing the need for taking the cyber threats very seriously, the prime minister said one angle of their adverse impact is the financial losses they cause. Further, he said, cyber attacks can also have implications for the social fabric of nations. Modi said the spread of 'deep fakes' can cause chaos and loss of credibility of news sources.

British officials are warning organisations about integrating artificial intelligence-driven chatbots into their businesses, saying that research has increasingly shown that they can be tricked into performing harmful tasks. In a pair of blog posts due to be published Wednesday, Britain's National Cyber Security Centre (NCSC) said that experts had not yet got to grips with the potential security problems tied to algorithms that can generate human-sounding interactions — dubbed large language models, or LLMs.

Binance, one of the leading cryptocurrency exchanges, has announced the listing of CyberConnect (CYBER) and Sei (SEI), with trading set to commence on August 15, 2023, at 12:00 (UTC). The trading pairs for these new listings include CYBER/BNB, CYBER/BTC, CYBER/FDUSD, CYBER/TRY, CYBER/USDT, SEI/BNB, SEI/BTC, SEI/FDUSD, SEI/TRY, and SEI/USDT.

Following the recent Kroll cybersecurity breach, FTX Derivatives Exchange, a financially distressed cryptocurrency trading company, has opted to temporarily suspend accounts of impacted users accessing its claims portal.

Why Cyber Crimes Are Increasing In India? #cyberpu...

Palo Alto Networks CEO Nikesh Arora has urged companies to modernize their cybersecurity systems, cautioning that bad actors have become much faster at breaching company defenses than ever before. 

Germany — Cyber crimes in Germany fell 6.5% in 2022, federal police said on Wednesday, a notable shift after a sharp increase the previous year, though authorities said the quality of the crimes was more severe. Authorities had been on high alert for cyber attacks and related crimes in the wake of Russia's war with Ukraine.

cybersecurity advisory panel will investigate risks in cloud computing that will also include Microsoft Corp's role in the recent breach of government department email systems by suspected Chinese hackers, Bloomberg News reported on Thursday. The Cyber Safety Review Board (CSRB) will focus on risks to cloud computing infrastructure, including identity and authentication management, and will look at all relevant cloud service providers, the report said, citing people familiar with the matter.

According to data from the “Data Breach Investigation Report 2023” by Verizon, SMBs experience 699 incidents annually with 381 cases of confirmed data disclosure and large businesses face 496 incidents annually with 227 cases of confirmed data disclosure. System intrusion is the top common threat. There are several safeguards’ companies can implement to protect themselves, says the report.

Union Health Ministry has undertaken various measures in collaboration with the Indian Computer Emergency Response Team (CERT-In) to ensure data security and protect the privacy of patients from cyber threats, the Lok Sabha was told on Friday. Advisories issued by the CERT-In are disseminated to all authorised medical care entities and service providers in the country for compliance, Minister of State for Health S P Singh Baghel said in a written reply in the Lower House.

In the process of stopping over 1.5 million cyberattacks between March and May, the cybersecurity arm of the former smartphone goliath BlackBerry identified malware families that actively try to hijack computers to mine or steal cryptocurrencies.

New rules governing when publicly traded companies must report serious cyberattacks to financial regulators center on materiality. Executives disagree on whether the concept is as simple as it seems. The U.S.

Government organisations faced over one lakh cyber security incidents till June this year, while financial institutions saw over four lakh incidents, numbers presented in the Lok Sabha on Wednesday showed. Government organisations have faced 1,12,474 cyber security incidents till June this year, minister for electronics and IT Ashwini Vaishnaw said in the Lok Sabha on Wednesday in a written response.

New Delhi: A parliamentary panel has called for immediate compensation to cyber fraud victims by financial institutions, saying this will go a long way in demonstrating steadfast commitment to consumer protection and will push these firm to bolster their security measures. The committee strongly believes that there should be an «automatic compensation system as devised by the RBI and it should be the financial institution's sole responsibility to immediately compensate the hapless customer, pending further investigation and final traceability of funds», the Standing Committee on Finance headed by BJP MP Jayant Sinha has recommended in its report.

Hospital operators are taking a hard line on how their vendors and suppliers secure their systems, amid a string of third-party cyber incidents that have caused data breaches and lawsuits at healthcare providers. The Health 3rd Party Trust Initiative, an industry group comprising major healthcare providers, on Thursday published best practices for assessing the cybersecurity of suppliers, such as enforcing clarity about service expectations, specific questions to ask vendors and blueprints for resolving security issues.

By Douglas Gillison

NSA Ajit Doval on Monday participated in the 'Friends of BRICS' meeting in Johannesburg on the sidelines of the Brics NSA meet and called for collective efforts to deal with cyber risks involving terrorists and radicals. At the meeting, the issue of cybersecurity was discussed at length, ET has learnt. In addition to Brics, the following 'Friends of Brics' countries participated — Belarus, Burundi, Iran, UAE, Saudi Arabia, Egypt, Kazakhstan and Cuba.

Ajit Doval participated in the 'Friends of BRICS' meeting in Johannesburg in South Africa on Monday. Apart from BRICS, the following Friends of BRICS countries — Belarus, Burundi, Iran, UAE, Saudi Arabia, Egypt, Kazakhstan and Cuba — also participated in the meeting.

ORIOL CYBER GROUP – a leading Cybersecurity Group from France has decided to launch in India as a 50:50 Joint Venture with LD Sharma – a leading Digital Marketing Expert.ORIOL GROUP is a risk management and security company that provides large companies, private and public investors, international institutions and governmental sectors with technical support as well as access, investment and development support in complex and risky markets and/or environments. Created to specifically serve the interests of Belt and Road Initiative partners and participants, ORIOL has operational capacities in Africa, the Middle East, Central and Eastern Europe, Asia.

AI) to create malicious software, draft convincing phishing emails and spread disinformation online, Canada's top cybersecurity official told Reuters, early evidence that the technological revolution sweeping Silicon Valley has also been adopted by cybercriminals. In an interview this week, Canadian Centre for Cyber Security Head Sami Khoury said that his agency had seen AI being used «in phishing emails, or crafting emails in a more focused way, in malicious code (and) in misinformation and disinformation.» Khoury did not provide details or evidence, but his assertion that cybercriminals were already using AI adds an urgent note to the chorus of concern over the use of the emerging technology by rogue actors.