The cybersecurity landscape is constantly evolving, and CISOs need to be prepared to defend against increasingly sophisticated attacks.
The cybersecurity landscape is constantly evolving, and CISOs need to be prepared to defend against increasingly sophisticated attacks.
1. Safeguard critical infrastructure from advanced attacks: CISOs must prioritize the protection of vital systems such as power grids, water networks, and transportation infrastructures, which face an escalating risk of cyber attacks.
2. Minimize the attack surface: CISOs should focus on reducing vulnerabilities within their organization by identifying and resolving potential entry points that can be exploited by attackers.
3. Enhance security awareness and training: Recognizing that employees are often the weakest link in security, CISOs need to concentrate on improving security awareness and providing comprehensive training programs to empower employees in identifying and mitigating security threats.
4. Embrace security automation: CISOs can enhance operational efficiency and effectiveness by implementing automation solutions for tasks like vulnerability scanning and incident response. This allows CISOs to dedicate more time to strategic initiatives.
5. Foster a robust security culture: Establishing a strong security culture is imperative for organizations to defend against cyber threats. CISOs should collaborate with leadership and employees to cultivate an environment of heightened security awareness and individual responsibility.
a) The increasing prominence of artificial intelligence (AI) and machine learning (ML) technologies.
b) The growing adoption of cloud computing services.
c) The proliferation of Internet of Things (IoT) devices.
d) The escalating frequency of cyber attacks targeting small and medium-sized businesses (SMBs).
By effectively addressing these challenges, CISOs can position their organizations to successfully mitigate cyber threats in 2023 and beyond.
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DoS.CO.CSITEG/SEC.1/31.01.015/2023-24 10th April 2023
Summary of the Circular:
Regulated Entities (REs) outsource a substantial portion of their IT activities to third parties, which exposes them to various risks. In order to ensure effective management of such risks, RBI issued a draft Master Direction on Outsourcing IT Services in June 2022. Based on the feedback received, RBI released a finalized version of Master Direction on Outsourcing of Information Technology Services on April 10, 2023.
Applicability of the Circular:
These Directions shall be applicable to the following entities, collectively referred to as ‘regulated entities’ or ’REs’:
Implementation Schedule for the Circular:
The master directions shall be effective from 1st October 2023.
Key Pointers from the Master Direction:
Portfolio managers are professionals/ entities responsible for managing investment portfolios on behalf of clients or organizations. They make investment decisions based on market research, risk assessment, and the client's objectives. Their goal is to maximize returns while minimizing risk by diversifying the portfolio across various asset classes.
Portfolio managers work closely with their clients to understand their financial goals, risk tolerance, and investment preferences. Then, they use this information to construct a customized portfolio that meets the client's specific needs. Depending on the size of the portfolio and the complexity of the investments involved, portfolio managers may work independently or as part of a larger team of investment professionals. Overall, the role of a portfolio manager is to help clients achieve their financial goals through a carefully constructed and diversified investment portfolio that balances risk and return.
It applies to all the portfolio managers with assets under management of INR 3000 crore or more under discretionary and non-discretionary portfolio management services taken together, as on the last date of the previous calendar month should comply with the provisions of Cyber Security and Cyber Resilience.
Discretionary portfolio management is where the portfolio manager has full authority to buy and sell securities on behalf of the client without needing their approval for each transaction. The manager creates a customized portfolio based on the client's objectives, risk tolerance, and preferences, using their own analysis of market conditions and economic trends.
Non-discretionary portfolio management service, on the other hand, is a type of investment management service where the portfolio manager makes investment recommendations to the client, but the client retains ultimate decision-making authority for each transaction. In this type of service, the portfolio manager provides investment advice and suggestions to the client, but the client must approve each transaction before it is executed.
The rapid advancement of technology in the securities market highlights the importance of maintaining strong cyber security measures and implementing a cyber-resilience framework to safeguard data integrity and prevent privacy breaches. Robust cyber security and resilience are crucial components of operational risk management, especially for Portfolio Managers who must provide essential services and perform critical functions in the securities market.
The guidelines annexed in the circular shall be effective from 1st October 2023.
In conclusion, the Securities and Exchange Board of India (SEBI) has issued a circular requiring portfolio manager with assets under management of INR 3000 crore or more under discretionary and non-discretionary portfolio management services to comply with the provisions of Cyber Security and Cyber Resilience. Portfolio managers play a crucial role in managing investment portfolios on behalf of clients, and their goal is to maximize returns while minimizing risk by diversifying the portfolio across various asset classes. Discretionary portfolio management is where the portfolio manager has full authority to buy and sell securities on behalf of the client without needing their approval for each transaction. Non-discretionary portfolio management service, on the other hand, is a type of investment management service where the portfolio manager makes investment recommendations to the client, but the client retains ultimate decision-making authority for each transaction.
The circular emphasizes the need for a strong cybersecurity and cyber resilience framework to safeguard data integrity and prevent privacy breaches, given the rapid advancement of technology in the securities market. The circular also provides guidelines for portfolio managers to articulate a comprehensive cybersecurity and cyber resilience policy document based on the guidelines listed in the annexure. The key pointers from the annexure include governance, identification, access control, network security management, and security of data. The circular will be effective from 1st October 2023.
In summary, the circular is a significant step in ensuring that portfolio managers have a robust cybersecurity and cyber resilience framework in place to manage their clients' investment portfolios. The guidelines provided in the annexure will help portfolio managers to identify and classify critical assets, establish strong access controls, implement network security management, and ensure the security of data. By complying with the provisions of Cyber Security and Cyber Resilience, portfolio managers can provide essential services and perform critical functions in the securities market while minimizing risks and maximizing returns.
GISEC 2023 is one of the largest cybersecurity events in the world, set to take place in Dubai on March 14, 2023 to March 16, 2023. This event is significant in the field of cybersecurity because it brings together cybersecurity experts, industry leaders, and innovators from around the world to discuss the latest cybersecurity threats, challenges, and solutions. GISEC 2023 is an opportunity for attendees to learn about emerging cybersecurity technologies, network with industry leaders, and gain insights into the future of cybersecurity. The event provides a platform for organizations to showcase their innovative cybersecurity solutions, collaborate with peers, and develop strategies to strengthen their cybersecurity defenses.
The GISEC 2023 event is scheduled to be held in Dubai World Trade Center, United Arab Emirates, on 14, 2023 to March 16, 2023.
Cybersecurity threats and challenges faced by organizations have been on the rise in recent years. With the increasing digitization of businesses and the growing number of devices connected to the internet, cybercriminals have more opportunities to exploit vulnerabilities and steal sensitive data.
Phishing and social engineering attacks: Cybercriminals use social engineering tactics to trick individuals into divulging sensitive information such as passwords or credit card details.
Malware attacks: Malware is malicious software that can infect computers and other devices, compromising their security and allowing cybercriminals to steal sensitive data.
Ransomware attacks: Ransomware is a type of malware that encrypts the victim's data, making it inaccessible, and then demands payment in exchange for the decryption key.
Insider threats: Employees or other insiders may intentionally or unintentionally compromise organizational security by accessing sensitive data or sharing confidential information.
Third-party risks: Organizations are increasingly reliant on third-party vendors and partners for various services, and these relationships can introduce cybersecurity risks.
Advanced persistent threats: Advanced persistent threats (APTs) are complex, targeted attacks that can go undetected for long periods, allowing cybercriminals to steal sensitive information or cause significant damage.
These and other cybersecurity threats and challenges make it essential for organizations to have effective cybersecurity defenses in place. Traditional security measures such as firewalls and antivirus software are no longer enough, and organizations must adopt innovative solutions to keep up with evolving cyber threats.
Traditional cybersecurity solutions, such as firewalls and antivirus software, have been the standard approach to protect organizations from cyber threats for many years. However, they have limitations that make them insufficient for dealing with today's sophisticated cyber-attacks. Some of these limitations include:
Inability to detect and prevent new and advanced threats: Traditional security solutions are designed to detect known threats, but they often fail to detect new and advanced threats that use sophisticated techniques such as polymorphism and obfuscation.
Limited visibility: Traditional security solutions often lack visibility into the entire network, including endpoints, servers, and cloud environments, making it difficult to detect and respond to threats across the entire attack surface.
Reactive approach: Traditional security solutions are often reactive, meaning they identify and respond to threats after they have already infiltrated the system. This can result in significant damage and data loss before the threat is detected and contained.
Lack of integration and automation: Traditional security solutions may not be integrated with each other or other IT systems, making it difficult to manage and respond to threats in a timely manner. Additionally, the lack of automation can lead to delays in threat detection and response.
Innovative cybersecurity solutions are needed to overcome these limitations and effectively protect organizations from today's sophisticated cyber threats. Innovative solutions such as artificial intelligence, machine learning, and automation can improve threat detection and response times, provide greater visibility into the entire network, and enable proactive threat prevention. For example, advanced threat detection systems that use machine learning algorithms can analyze large amounts of data to identify patterns and anomalies that may indicate a threat, enabling security teams to respond quickly and effectively.
Furthermore, cloud-based security solutions and identity and access management solutions can provide greater visibility and control over the entire network, including cloud environments and mobile devices. By adopting innovative cybersecurity solutions, organizations can stay ahead of evolving threats and protect their critical assets and data.
Innovative cybersecurity solutions have the potential to offer a range of benefits for organizations, including:
Improved threat detection and response times: Innovative solutions such as artificial intelligence, machine learning, and automation can help organizations detect and respond to threats more quickly and effectively than traditional security solutions.
Greater visibility and control over the entire network: Cloud-based security solutions and identity and access management solutions can provide greater visibility and control over the entire network, including cloud environments and mobile devices.
Proactive threat prevention: Innovative solutions can enable proactive threat prevention by identifying and remediating vulnerabilities before they can be exploited by cybercriminals.
Better compliance with regulations and standards: Innovative solutions can help organizations comply with regulations and standards such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS).
Reduced costs: Innovative solutions can help organizations reduce costs associated with cybersecurity by automating manual processes and reducing the need for human intervention.
Increased scalability and flexibility: Cloud-based security solutions can provide organizations with increased scalability and flexibility by allowing them to easily scale their security infrastructure up or down as needed.
Overall, innovative cybersecurity solutions can help organizations improve their security posture, reduce risk, and protect their critical assets and data from cyber threats.
GISEC 2023 is a major cybersecurity event scheduled to take place in Dubai on March 14, 2023 to 16 2023. The theme of the event is "Shaping the Future of Cybersecurity with Innovative Solutions", and its goal is to explore the latest trends and best practices in cybersecurity, with a focus on innovative solutions that can help organizations stay ahead of evolving cyber threats.
The event aims to bring together leading cybersecurity experts, thought leaders, and solution providers from around the world to share their insights, experiences, and ideas. Attendees will have the opportunity to learn about the latest cybersecurity technologies and solutions, network with peers, and attend keynote speeches, panel discussions, and other sessions focused on cybersecurity topics.
GISEC 2023 will cover a range of topics related to cybersecurity, including cloud security, data protection, threat intelligence, identity and access management, and incident response. The event will also feature sessions on emerging technologies such as artificial intelligence, machine learning, and blockchain, and how they can be used to improve cybersecurity.
Overall, the goal of GISEC 2023 is to provide attendees with a comprehensive understanding of the latest cybersecurity trends and best practices, as well as the opportunity to connect with peers and solution providers to help them enhance their cybersecurity posture and protect their organizations from cyber threats.
GISEC 2023 will offer a wide range of sessions, workshops, and exhibitions focused on various aspects of cybersecurity. Some of the key sessions and workshops that attendees can expect to see at the event include:
Keynote speeches: The event will feature keynote speeches from leading cybersecurity experts, offering insights into the latest trends and best practices in the field.
Panel discussions: Panel discussions will cover a variety of topics related to cybersecurity, such as cloud security, data protection, threat intelligence, and incident response. These sessions will offer attendees the opportunity to learn from experts and ask questions.
Technical workshops: Technical workshops will provide attendees with hands-on training on specific cybersecurity technologies and solutions, such as threat detection and response, identity and access management, and cloud security.
Product demonstrations: Exhibitors at the event will showcase their latest cybersecurity products and solutions, giving attendees the opportunity to see these products in action and learn more about their features and capabilities.
Networking events: GISEC 2023 will offer several networking events, such as receptions and coffee breaks, providing attendees with the opportunity to connect with peers and solution providers and discuss cybersecurity issues and trends.
Start-up pavilion: A dedicated pavilion will showcase innovative cybersecurity start-ups, allowing attendees to discover new and emerging technologies and solutions.
Overall, GISEC 2023 will provide attendees with a comprehensive view of the latest cybersecurity trends and best practices, as well as the opportunity to connect with peers and solution providers, learn about the latest cybersecurity products and solutions, and participate in hands-on training and technical workshops.
As GISEC 2023 is still a future event, the information about keynote speakers and their areas of expertise is not yet available. However, it is expected that the event will feature some of the world's leading cybersecurity experts and thought leaders who will share their insights and experiences on a range of cybersecurity topics.
In previous years, GISEC has featured keynote speakers such as Eugene Kaspersky, the founder and CEO of Kaspersky Lab, and Bruce Schneier, a renowned security technologist and author. These speakers have discussed a range of topics related to cybersecurity, including the future of cybersecurity, emerging threats, and the importance of collaboration in fighting cybercrime.
It is likely that GISEC 2023 will feature keynote speakers with similar expertise and insights. The organizers of the event are expected to announce the list of keynote speakers closer to the event date, and attendees can look forward to hearing from some of the most respected and knowledgeable experts in the field.
As GISEC 2023 is still a future event, specific information about the innovative cybersecurity solutions that will be showcased at the event is not yet available. However, based on previous years, it is expected that the event will feature a range of innovative cybersecurity solutions from leading solution providers.
Threat intelligence platforms: These solutions use artificial intelligence and machine learning to provide real-time insights into emerging cyber threats, allowing organizations to proactively protect against attacks.
Identity and access management solutions: These solutions use advanced authentication and authorization techniques to ensure that only authorized users can access sensitive data and systems.
Cloud security solutions: These solutions provide advanced security features for cloud-based applications and services, such as encryption, access control, and monitoring.
Incident response solutions: These solutions provide automated incident response capabilities, enabling organizations to quickly detect and respond to cyber-attacks.
Security analytics platforms: These solutions use advanced analytics and machine learning to analyze security data and identify potential threats, helping organizations to detect and respond to cyber-attacks more quickly and effectively.
Blockchain-based security solutions: These solutions leverage blockchain technology to secure data and transactions, offering advanced security features such as decentralized authentication and data immutability.
Overall, GISEC 2023 is expected to showcase a range of innovative cybersecurity solutions from leading solution providers, providing attendees with the opportunity to learn about the latest technologies and solutions and explore how they can be used to enhance their cybersecurity posture and protect their organizations from cyber threats.
The innovative cybersecurity solutions showcased at GISEC 2023 can help address the current cybersecurity challenges faced by organizations in several ways.
First, threat intelligence platforms can provide organizations with real-time insights into emerging cyber threats, allowing them to proactively protect against attacks. By using artificial intelligence and machine learning to analyze security data, these platforms can identify patterns and trends that may indicate a potential attack and alert security teams before any damage is done. This can help organizations stay one step ahead of cybercriminals and prevent attacks from occurring.
Second, identity and access management solutions can help address the challenge of securing access to sensitive data and systems. These solutions use advanced authentication and authorization techniques to ensure that only authorized users can access sensitive data and systems. By implementing these solutions, organizations can reduce the risk of data breaches caused by unauthorized access or stolen credentials.
Third, cloud security solutions can help address the challenge of securing cloud-based applications and services. These solutions provide advanced security features such as encryption, access control, and monitoring to protect against attacks on cloud infrastructure. As more organizations move their data and applications to the cloud, cloud security solutions are becoming increasingly important to ensure that sensitive data is protected.
Fourth, incident response solutions can help organizations quickly detect and respond to cyber-attacks. By automating incident response processes, organizations can reduce response times and minimize the damage caused by an attack. These solutions can also help organizations better understand the scope and impact of an attack, allowing them to take steps to prevent similar attacks from occurring in the future.
Fifth, security analytics platforms can help organizations analyze security data and identify potential threats. By using advanced analytics and machine learning, these platforms can detect patterns and anomalies in security data that may indicate a potential attack. This can help organizations detect and respond to attacks more quickly and effectively.
Finally, blockchain-based security solutions can help address the challenge of securing data and transactions. By leveraging blockchain technology, these solutions can provide advanced security features such as decentralized authentication and data immutability. This can help ensure that data and transactions are tamper-proof and secure, reducing the risk of data breaches and other cyber-attacks.
Overall, the innovative cybersecurity solutions showcased at GISEC 2023 can help address the current cybersecurity challenges faced by organizations by providing advanced security features, automation, and real-time threat intelligence. By implementing these solutions, organizations can enhance their cybersecurity posture and better protect themselves against the evolving threat landscape.
The potential impact of the innovative cybersecurity solutions showcased at GISEC 2023 on the future of cybersecurity is significant. These solutions have the potential to transform the way organizations approach cybersecurity and enable them to better protect themselves against the evolving threat landscape.
One of the key benefits of these solutions is that they use advanced technologies such as artificial intelligence, machine learning, and blockchain to provide enhanced security features and automate cybersecurity processes. By leveraging these technologies, organizations can more effectively detect, prevent, and respond to cyber-attacks, reducing the risk of data breaches and other security incidents.
Another important impact of these solutions is that they can help organizations stay one step ahead of cybercriminals. By providing real-time threat intelligence and analysis, these solutions can help organizations identify and respond to emerging threats before they can cause damage. This proactive approach to cybersecurity is becoming increasingly important as cyber threats become more sophisticated and difficult to detect.
In addition, these solutions can help organizations achieve compliance with regulatory requirements and industry standards. By providing advanced security features and automated processes, these solutions can help organizations demonstrate their commitment to cybersecurity and meet the requirements of regulations such as GDPR, HIPAA, and PCI DSS.
Overall, the innovative cybersecurity solutions showcased at GISEC 2023 have the potential to significantly enhance the cybersecurity posture of organizations and enable them to better protect themselves against the evolving threat landscape. By leveraging advanced technologies and proactive approaches to cybersecurity, these solutions can help organizations stay ahead of the curve and better respond to the ever-changing threat landscape.
The future of cybersecurity is one that is constantly evolving and adapting to new threats and technologies. As more organizations rely on digital systems to conduct business and store sensitive data, the need for effective cybersecurity solutions will only continue to grow.
Innovative cybersecurity solutions have the potential to shape the future of cybersecurity by providing new and advanced ways to detect, prevent, and respond to cyber threats. These solutions leverage technologies such as artificial intelligence, machine learning, and blockchain to provide enhanced security features and automate cybersecurity processes.
One important trend that is shaping the future of cybersecurity is the rise of cloud computing. As more organizations move their data and applications to the cloud, the need for effective cloud security solutions is becoming increasingly important. Innovative solutions such as cloud access security brokers (CASBs) and cloud security posture management (CSPM) platforms are emerging to provide advanced security features for cloud environments.
Another trend that is shaping the future of cybersecurity is the increasing use of internet of things (IoT) devices. These devices are becoming more prevalent in homes and businesses, and are often connected to the internet and other devices. This presents new security challenges and the need for innovative solutions such as IoT security platforms to secure these devices and the data they generate.
Finally, the increasing sophistication of cyber threats is also shaping the future of cybersecurity. Cybercriminals are constantly developing new techniques and tactics to breach security defenses and steal sensitive data. As a result, innovative solutions such as threat intelligence platforms and security analytics platforms are becoming increasingly important to detect and respond to these threats.
In summary, the future of cybersecurity is one that is constantly evolving and adapting to new threats and technologies. Innovative solutions have the potential to shape the future of cybersecurity by providing new and advanced ways to detect, prevent, and respond to cyber threats. By leveraging these solutions, organizations can better protect themselves against the evolving threat landscape and stay ahead of the curve.
There are several emerging technologies that have the potential to enhance cybersecurity, including:
Artificial Intelligence (AI) and Machine Learning (ML): AI and ML can be used to analyze vast amounts of data to identify patterns and anomalies, making it easier to detect and respond to cyber threats in real-time. For example, AI-powered security analytics platforms can detect and respond to threats faster and more accurately than traditional security solutions.
Blockchain: Blockchain technology can be used to enhance the security of data and transactions by creating a tamper-proof digital ledger. This makes it more difficult for cybercriminals to tamper with data or steal sensitive information.
Quantum Computing: Quantum computing has the potential to revolutionize cybersecurity by providing much faster and more secure encryption methods. For example, quantum cryptography can provide a highly secure method of communication that is resistant to eavesdropping.
Biometric Authentication: Biometric authentication, such as facial recognition and fingerprint scanning, can be used to enhance security by providing a more secure and convenient method of user authentication. Biometric authentication is more difficult to fake or steal than traditional passwords.
Internet of Things (IoT) Security: As more IoT devices are connected to the internet, there is an increasing need for innovative solutions to secure these devices and the data they generate. Emerging technologies such as blockchain and edge computing can be used to provide secure and decentralized IoT networks.
In summary, there are many emerging technologies that have the potential to enhance cybersecurity by providing more secure and efficient methods of detecting and responding to cyber threats. By leveraging these technologies, organizations can better protect themselves against the evolving threat landscape and stay ahead of the curve.
Collaboration and knowledge sharing are essential in the field of cybersecurity as cyber threats continue to become more sophisticated and widespread. No single organization or individual has all the knowledge or resources to defend against cyber-attacks alone. Therefore, collaboration and knowledge sharing between organizations, governments, and cybersecurity experts is critical to staying ahead of the evolving threat landscape.
One of the main reasons collaboration is important is that cyber threats are often not limited to a single organization or industry. Cybercriminals can target any organization with valuable data or assets, and the consequences of a successful attack can be far-reaching. By collaborating and sharing threat intelligence, organizations can better understand the tactics and techniques used by cybercriminals and develop more effective defenses.
Collaboration can also help organizations to overcome some of the common challenges associated with cybersecurity, such as a shortage of skilled cybersecurity professionals and limited budgets. By working together, organizations can pool their resources and expertise to develop more effective cybersecurity solutions and share the costs of implementing them.
In addition to collaboration, knowledge sharing is also essential in the field of cybersecurity. Cyber threats are constantly evolving, and staying up-to-date with the latest threats and best practices is critical to developing effective cybersecurity strategies. By sharing knowledge and best practices, organizations can learn from each other's successes and failures, and adapt their strategies accordingly.
Another benefit of knowledge sharing is that it can help to raise awareness about cybersecurity among employees and the general public. Cybersecurity is not just the responsibility of IT professionals, but also of every individual who uses technology. By educating employees and the public about cybersecurity risks and best practices, organizations can help to create a culture of cybersecurity awareness.
In summary, collaboration and knowledge sharing are essential in the field of cybersecurity to overcome common challenges, develop more effective defenses, and stay ahead of the evolving threat landscape. By working together and sharing knowledge and resources, organizations can better protect themselves and their stakeholders from the growing cyber threats.
GISEC 2023 is an important event in the field of cybersecurity as it provides a platform for organizations, cybersecurity experts, and governments to come together and collaborate on innovative solutions to the growing cyber threat landscape. The event highlights the limitations of traditional cybersecurity solutions and emphasizes the need for innovative approaches to overcome these challenges.
GISEC 2023 showcases a range of emerging technologies and solutions that have the potential to enhance cybersecurity, such as AI, blockchain, and biometric authentication. By providing a platform for organizations to showcase their latest cybersecurity solutions, GISEC 2023 helps to raise awareness about the latest developments in the field and facilitates knowledge sharing and collaboration.
Moreover, GISEC 2023 provides an opportunity for attendees to learn from cybersecurity experts and industry leaders through various sessions, workshops, and exhibitions. The event highlights the importance of collaboration and knowledge sharing in the field of cybersecurity, as no single organization or individual has all the knowledge or resources to defend against cyber-attacks alone.
Overall, GISEC 2023 plays a significant role in shaping the future of cybersecurity by providing a platform for collaboration, knowledge sharing, and showcasing innovative cybersecurity solutions. The event helps to raise awareness about the evolving threat landscape and the need for organizations to adopt innovative approaches to stay ahead of the curve.
I strongly encourage anyone interested in the field of cybersecurity to attend GISEC 2023 or stay updated on the latest developments in cybersecurity innovation. This event provides a unique opportunity to learn from cybersecurity experts, industry leaders, and peers in the field. By attending, you will have access to a wide range of sessions, workshops, and exhibitions showcasing the latest cybersecurity solutions and emerging technologies.
Moreover, staying up-to-date on the latest developments in cybersecurity innovation is essential to staying ahead of the evolving threat landscape. Cyber threats continue to become more sophisticated and widespread, and organizations must adopt innovative approaches to defend against these threats effectively. GISEC 2023 is an excellent way to stay informed about the latest developments in cybersecurity innovation and learn from experts in the field.
Attending GISEC 2023 or staying updated on the latest developments in cybersecurity innovation can help you enhance your knowledge and skills in the field. It can also help you develop effective cybersecurity strategies and solutions to better protect your organization or yourself from cyber threats. Don't miss this opportunity to be part of the future of cybersecurity.
Visit CyRAACS at GISEC 2023, at Start-up Pod SP9, Hall No. 4, indulge in exciting games and win fabulous prizes!
The Reserve Bank of India (RBI) announced the launch of the first pilot for retail digital Rupee (e₹-R) on December 01, 2022. It has commenced the pilot in the wholesale segment from November 2022.
The Central Bank Digital Currency (CBDC) can be defined as the legal tender issued by the Reserve Bank of India, according to the RBI. Touted as Digital Rupee or e-Rupee, RBI's CBDC is the same as a sovereign currency and is exchangeable one-to-one at par with the fiat currency, the regulator mentioned
As we learn more on how the digital wallet application will function in the retail segment, how users can load/redeem digital rupee and how a transaction b/w two devices happen, it looks like this will play parallel to UPI and Wallets.
However, I wouldn’t be surprised if the e₹ digital wallet kill UPI and PPI Wallets in the longer run. Not sure about UPI but definitely it’s going to impact the Wallet instruments like PPI in the long run. Question is ‘Will wallet companies start providing digital wallet using CBDC’ or ‘Why should someone use a wallet when Digital Wallet with e₹ and UPI exist.
Not sure if offline payments can happen directly b/w mobile phones for e-rupee transaction. Logically looks like it’s viable. NFC/Bluetooth communication between two devices should work.
Few questions that arise for the future:
1. Banks have been burning cash for building UPI services and not getting much in returns. Will e₹ application change the scene?
2. Can pre-paid wallets continue to have relevance over the digital e₹ wallet.
3. Privacy concerns have already been raised. Will transactions be private and the role of tech here?
4. The multiple and most futuristic use cases that can be developed and operated with CBDC?
As an IS auditor for financial institutions, will research and post on regulatory requirements, how the application works to controls that matter the most in having this implemented and integrated in the system, and risk factors to keep mind for CBDC in Digital Payment Security.
Overall, Digitalization in payments and banking is continuing to reach new heights and India is setting an example to the world!
We are a CERT-IN Empanelled cyber security company based out of Bangalore. Reach out to us to gain more insights into the Digital Payment Security Domain and for a free consultation!!!
An Account Aggregator (AA) is a Non-Banking Financial Company. These non-banking entities are regulated by the Reserve Bank of India (RBI). In order to perform the job of an account aggregator, these entities should obtain a license from the regulating body i.e., RBI. Such entities act as a bridge or a medium for transmitting the financial data between the data-requesting institution and data-providing institution also known as Financial Information User (FIU) and Financial Information Provider (FIP) respectively. This process of sharing the user data from FIPs to FIUs will only be carried out after explicit consent from the user. The AAs will never facilitate any kind of transaction involving money made by users or customers. The AAs will not be undertaking any other business other than the business of an account aggregator.
The RBI, being the regulatory body, has prescribed a Master Directive for AA (RBI/DNBR/2016-17/46 Master Direction DNBR.PD.009/03.10.119/2016-17), as AAs are involved in the transmission of users' financial data. It is necessary for all the entities carrying out the business of Account aggregators to be compliant with the Master Direction document which is considered a regulatory requirement.
As per the Master Directions defined by RBI, an Account Aggregator shall transmit the financial data about or of the user only after receiving formal consent from the user. The consent from the users can be obtained in electronic format by the AAs. AAs should store the consent obtained by the users for transmitting the financial data to the FIUs. The AAs shouldn’t store any other financial data other than the data for which the consent is received by the user.
The consent received by the AAs should include the Identity of the customer and optional contact information, the nature of the financial information requested, the purpose of collecting such information, if necessary the identity of the recipients of the information, URL or other address to which notification needs to be sent every time the consent artifact is used to access information, consent creation date, expiry date, identity, and signature/digital signature of the Account Aggregator and any other attribute as may be prescribed by the Bank at any point of time.
The latter-mentioned attributes should be displayed to the user at the time of receiving the consent form the user. The AAs Shall(Shall not), not request/access/store the user credentials of the users which may be manipulated/utilized for authenticating the customers to the FIP(s). The AAs should allow the customers/users to access the consents given by them and should be bestowed with the ability to revoke the consents provided by them for FIU(s) to access their financial information or parts of such information. Once the consent is revoked, a fresh consent artifact shall be shared with the FIP(s). An AA should have the request(s) and response(s) logs maintained by the FIP(s) recorded at the time of transmitting the data.
It is necessary for the AAs must enable secure data transfers of the requested data from the FIP(s) to its own systems and then to the FIU(s), to achieve such secure data transfer AAs shall employ the necessary IT framework and interfaces(s). The technology adopted by the AAs should be scalable to cover any other financial information or financial information provider as may be specified by the Bank in the future. An Account Aggregator is mandated to ensure adequate safety is built into its IT systems to protect against unauthorized access, data alteration/tampering, destruction, disclosure, or dissemination of records and data. An AA should adopt appropriate measures/controls for Disaster Risk Management and Business Continuity in order to provide a prolonged service to the customers/users without any disruptions. Information System Audit of the internal systems and processes shall be in place and shall be conducted at least once in two years.
An AA should constitute various internal mechanisms for reviewing, monitoring, and evaluating its controls, systems, procedures, and safeguards. The integrity of the IT systems should be maintained at all costs, and all necessary precautions should be taken to ensure that the records of the consents explicitly received by the users are not lost, destroyed, or tampered with. The account aggregator should establish a well-documented risk management framework which shall include a sound and robust technology risk management framework, strengthening system security, reliability, resiliency, and recoverability and deploying strong authentication to protect access to customer data and systems. AAs should formulate a Risk Management Committee consisting of not less than three members of its Board of Directors. AAs shall conduct a self-assessment of their existing outsourcing arrangements to validate the risk inherited from the outsourced vendor.
An Account Aggregator should not outsource any core management functions including Internal Audit, Strategic and Compliance functions, and decision-making functions such as determining compliance with KYC norms for opening deposit accounts, according to sanction for loans (including retail loans) and management of investment portfolio. The AAs are not permitted to outsource the service of an account aggregator from any vendor.
As prescribed by RBI, all AAs should comply with the master directions as prescribed by the regulatory body and the report must be submitted to the bank to obtain the license to perform the business of an account aggregator in India. This would call out the need for Subject matter expertise in Information Security to align the business controls to be in adherence with the regulatory requirements. Such firms/entities are assisted by CyRAACS (Cyber Risk Advisory and Consulting Service) in achieving information security compliance with the necessary documents as regulated by RBI.
CyRAACS will assist an AA in fulfilling the requirements set by the regulator by ensuring compliance readiness. CyRAACS provides internal audit services to AAs, supported by a team of trained professionals in providing an unbiased observation to the AAs by assessing their IT systems, applications, or processes in scope and ensuring adherence to the regulatory and statutory requirements. CyRAACS also assists an AA in assessing the security of their applications and web applications through vulnerability assessment and penetration testing, which provides the AA with an overview of the risks and vulnerabilities that need to be rectified in the application's development phase. CyRAACS will also offer a source code review of the applications in scope to ensure application quality assurance from the source code perspective.
The Process flow of an AA is exhibited below the Flow chart.
Step 1: The user registers with an Account Aggregator application providing his details.
Step 2: The user registers with a Financial Information User (FIU) to receive a particular service.
Step 3: The user links his Account Aggregator with the FIU application.
Step 4: The Account Aggregator authenticates the linking via OTP.
Step 5: Once the Account Aggregator is linked to the FIU application, The list of linked Bank accounts i.e., the Financial Information Provider (FIP) of the respective user is fetched by the Account Aggregator.
Step 6: The user Selects the specific FIP from the list of FIP fetched.
Step 7: An Authentication is done by the FIP via OTP to verify the user prior to sharing data.
Step 8: The User Review the Type of Financial Information to be shared, the purpose of sharing, and the duration of data being shared by the FIP to the FIU.
Step 9: Once the user accepts and proceeds, the requested financial data is shared by the FIP in an encrypted form to the aggregator which in turn is shared with the FIU.
The below picture depicts the AA ecosystems as of August 2021.
Keep Your Data Secure with CyRAACS Cyber Security Solutions. Our experts offer tailored solutions for businesses of all sizes. Contact us today!
APIs are the backbone of the internet, powering the applications and services that we use every day. With the rise of the API economy, there are now more APIs than ever before, and they are handling sensitive data. This makes API security more important than ever.
API is an acronym for “Application Programming Interface”. An API is an interface that allows two pieces of software to communicate with each other. It is a set of subroutine definitions, communication protocols, and tools for building software.
API security is the process of securing APIs from unauthorized access, use, or modification. It includes both the security of the data and code that make up the API, as well as the security of the API itself. APIs are increasingly being used by businesses to allow third-party access to their data and functionality. This can be done for a variety of reasons, such as allowing partners to integrate their systems with yours or allowing developers to build applications on top of your data.
However, this also opens the possibility for security breaches, if the APIs are not properly secured, then malicious actors can get access to sensitive and personal data. API security is important because it helps to protect sensitive and personal data.
The Importance of API Security
As per the Gartner Report – Predicts 2022, by 2025, less than 50% of enterprise APIs will be managed, as explosive growth in APIs surpasses the capabilities of API management tools. The report also states to further improve API security posture by developing a security strategy for threat protection, API security testing, and API access control that leverages newer approaches and vendor solutions.
9 Most Common API Security Threats and Vulnerabilities are:
While a breach of an API can lead to data loss, downtime, and loss of customers, the right API security solution will help you secure your APIs and prevent breaches. As per multiple industry surveys, for about 83% of companies, the question is not if a data breach will happen, but when. Usually more than once. When detecting, responding to and recovering from threats, faster is better. Organizations using AI and automation had a 74-day shorter breach lifecycle and saved an average of USD 3 million more than those without.
Not only are these breaches costly, but they're also becoming more sophisticated. API security is important because APIs are increasingly how businesses share data and connect with customers, partners, and employees. A breach of an API can lead to data loss, downtime, and loss of customers. That's why it's important to adopt best practices for API Security.
Here are some of the best practices for API security:
In this day and age, data is everything. Businesses rely on data to make decisions, large and small. This data is often stored in databases, which can be accessed by applications through an API.
An API can be used to access sensitive data; when you have an API, you are essentially sharing your data with the world. This means that you need to be sure that your data is safe and secure. Otherwise, a malicious actor could gain access to it and use it for nefarious purposes.
Keep Your Data Secure with CyRAACS Cyber Security Solutions. Our experts offer tailored solutions for businesses of all sizes. Contact us today!
Cybersecurity is at the forefront of technological colloquy, as information is the nucleus of the technological revolution, and the one who possesses information reigns supreme over the others. This information can be accessed and utilized against the owner of the said information by miscreants who would most likely profit from such actions. Although there are sundries of laws that prosecute such miscreants, it is the age-old saying that comes to mind that proves preventing a possible threat facilitated by a vulnerability in the system is better than mitigating its after-effects- “Prevention is better than cure”.
It is imperative to understand the distinction between a cyber-attack and a cybersecurity threat. A cyberattack is any offensive maneuver that targets computer information systems, computer networks, infrastructures, or personal computer devices. Whereas a Cybersecurity threat is a potential negative action or event facilitated by a vulnerability that results in an undesirable impact on a computer system or application.
There are millions of cybersecurity threats that people encounter on a daily basis whilst going about their day, it is estimated by a Clark School study at the University of Maryland that there are 158,727 attacks per hour, 2,645 attacks per minute, and 44 attacks every second of every day on average across the global spectrum. In fact, there would have been 189 attacks across the world by the time you read this sentence. These attacks are caused by exploiting vulnerabilities in the system and these weaknesses are termed threats. By the end of this article, you will have an introductory ode to the world of Cybersecurity threats, their inhibition, and mitigation.
The following are the main cybersecurity threats faced by individuals and organizations:
Malware is an all-encompassing term for a variety of cyber-attacks including Trojans, viruses, and worms. Malware is simply defined as code with malicious intent that steals data or destroys something on the system it is hosted on. The purpose of malware is to intrude on a machine for a variety of reasons. From the theft of financial details to sensitive corporate or personal information, malware is best avoided, for even if it has no malicious purpose at present, it could well have so at some point in the future. Downloading infected files as email attachments, from websites, or through filesharing activities and OS vulnerabilities. Clicking on links to malicious websites in emails, messaging apps, or social network posts are popular proliferation method.
Steps for mitigation of malware once the system is affected as stated by ncsc.gov.uk :
Phishing is when attackers send malicious emails, communications, or messages designed to trick people into falling for a scam. Typically, the intent is to get users to reveal financial information, system credentials, or other sensitive data.
Types of phishing attacks:
A password attack refers to any of the various methods used to maliciously authenticate into password-protected accounts. These attacks are typically facilitated through the use of software that expedites cracking or guessing passwords.
There are three common methods employed to authenticate passwords:
DDoS Attack, also known as a "Distributed Denial-of-Service (DDoS) Attack," is a type of cybercrime where the perpetrator overwhelms a server with internet traffic in an effort to prohibit users from accessing linked websites and online services. This attack preliminarily focuses on disrupting the service of a network, and usually involves sending a high volume of data through the network until it gets overloaded and no longer functions.
An attack in which an attacker is positioned between two communicating parties in order to intercept and/or alter data traveling between them. One major occurrence of Man in the Middle attacks is active eavesdropping in which the attacker makes independent connections with the victims and relays messages between them to make them believe they are talking directly to each other over a private connection, when in fact the entire conversation is controlled by the attacker.
Methods involved in Man in middle attacks:
A drive-by download is when malicious code is unintentionally downloaded into a computer or mobile device, exposing users to various hazards. The malicious code is designed to download malicious files onto the victim’s PC without the user being aware that anything untoward has happened. A drive-by download abuses insecure, vulnerable, or outdated apps, browsers, or even operating systems.
Website owners can prevent drive-by downloads by doing the following:
Endpoint users can prevent drive-by downloads by doing the following:
Malvertising, often known as malicious advertising, is a relatively recent cyberattack method that involves embedding malicious code in online advertisements. These infected ads are typically delivered to customers through reliable advertising networks, making them difficult for both internet users and publishers to detect.
In a malvertising attack, harmful code is injected into networks of trustworthy internet advertising. Users are often redirected to fraudulent websites using the code.
Malvertising is typically confused with ad malware or adware—another form of malware affecting online advertisements.
How can end-users help mitigate malvertising?
How can publishers help mitigate malvertising
Rogue security software is a type of malicious software and online fraud that tricks consumers into thinking their computer has a virus and tries to persuade them to pay for a phony malware removal program that in fact installs malware on their computer. Mobile applications known as "rogue apps" are created to spoof well-known businesses in order to obtain illegal access to data that may be used to carry out fraudulent operations.
Practice online skepticism. Be aware that rogue security software does exist on the Web, and be vigilant about avoiding it. These programs are designed to appear genuine – meaning they may mimic legitimate programs, use false awards and reviews to rope you in, or employ other deceptive tactics. It’s also a good idea to familiarize yourself with common phishing scams and to be cautious of links in e-mail messages and on social networking sites.
The banking sector has been at the heart of the Indian economy contributing to more than 40% of the GDP and lending or credit is what fuels the Indian economy contributing more than 60% of the GDP. Digital lending is the new buzzword in banking, where people mean different things. So let us understand what RBI has mandated in its guidelines on Digital Lending.
Before we understand what digital lending is, let us understand what lending is. Simply put, lending is when a lender provides funds to someone who wants to borrow it (usually at a fixed interest rate) and the borrower agrees to pay back the borrowed amount with interest. It's essentially trading future income for current access to money.
Banks are in the business of collecting our deposits and lending them to those who want to borrow. However, there are many who find it difficult to access loans from banks for various reasons. Maybe they don't have an established credit history, maybe they don't live in regions where the bank operates, or the bank deems the interest too high to provide a loan, etc. So, there is a gap that banks cannot reach and as a result, many digital lending platforms have emerged to serve this segment.
What does the Reserve Bank of India (RBI) think of these digital lending platforms? That's an important question for a startup. Any guidance from RBI on matters such as these is valuable since we will have to first understand it and then live with the regulations at the time of scaling the business.
So, let us see what RBI has to say on digital lending in the guidelines on Digital Lending issued on 2nd September 2022.
The purpose of the guideline ( Number CRDIR/DGL-19/02.01.002) is to inform applicants proposing to set up non-bank digital lending platforms about the criteria the Reserve Bank would use to assess their proposals.
The guideline is interesting as it shows the thinking perspective of RBI to explain its views and concerns. Let us try to summarize the key pointers from the guideline.
On June 20th, RBI issued a direction disallowing non-banking Prepaid Payment Instruments (PPI) from loading credit lines on the PPI. This bans PPI wallets from being loaded with credit lines/credit cards.
BNPL is short-term financing for consumers who can buy products and get short-term credit and pay later for the credit taken. Well, isn’t that what credit cards are used for as well? The concept of BNPL is similar to that of credit cards wherein a consumer makes a purchase through a credit line and the payment is done later- quite literally “Buy Now, Pay Later”. The BNPL market has grown a massive 539% in 2020 and 637% in 2021.
Credit Cards are given to individuals with a minimum average income of INR 1-3 lakh per annum. Eligibility for a credit card is based on multiple parameters age, salary (ability to repay), type of employment, and credit score. RBI has definite directions for the issuance and operations of credit cards.
There aren’t instruments to finance instant loans without an elaborate process. This is where BNPL comes in. Unlike for credit cards, BNPL issuers do not require credit score and other stringent checks prior to onboarding. This makes credit more accessible. While cursory checks are being done on the spending pattern of customers, it taps on the customer’s ability of immediate spending.
Another difference is that credit cards require a joining and/or an annual fee, while BNPL cards do not levy any such charges/hidden charges on the consumers. That means that all is great if consumers pay their bills on time, however, failing so, the issuer will charge a delay fee. Additionally, the BNPL service is fast and easy to set up as the approvals are almost instant and offer easy repayment options with EMI.
In the past month, the number of credit cards issued was recorded as 15 Lakh, while 20 Lakh BNPL accounts have been opened. This jump seen in the BNPL market made the traditional credit card issuers jittery. The credit card market is currently operated by major banks in the country.
While all seemed to be a fairy tale and a bed of roses for consumers and BNPL entities with heavy investments flowing into the market, the Reserve Bank of India (RBI) threw a bombshell that may have put BNPL entities in the backfoot. The RBI notification restricts non-banking Prepaid Payment Instruments (PPI) from loading credit lines on the PPI. This bans PPI wallets from being loaded with credit lines/credit cards through financing done by NBFCs.
Most popular BNPL players operate using banks’ license/banks’ NBFC license. Alternatively, banks hold PPI license. On the PPI wallet, a credit line was given which was not in line with the PPI directions from RBI.
The main concern that RBI has raised is the lack of clear guidelines/regulations around BNPL. The main focus with which RBI has been operating in the protection of consumers. While consumers seem to be enjoying it, BNPL as a business does not seem viable unless properly regulated over and above the credit card market.
Unlike concerns raised by some on RBI’s stand, the regulatory body has indeed mentioned BNPL in their
“Payment Vision 2025” was released in June 2022. As per the vision document,
BNPL should be:
The Current Market: Its Ups and Downs
Quite a positive right?
But here’s the catch! BNPL is risky lending and there has been a rising trend of defaults accounting for about 18-19% of delinquencies. One main reason that can be attributed to this trend is the provisioning of BNPL cards to Millennials and GenZ as several of them are unemployed, are studying, or are employed but do not have the ability to repay (as per stats in the US BNPL market). This in turn creates a debt trap for consumers as they tend to pay back the existing loans with further credit lines, while the expenses continue to pile up. India is a savings-based economy, contrary to other countries such as the USA, which is credit based.
On the contrary, below are the downsides of BNPL:
The business model is quite ambiguous for BNPL players. Also, as mentioned above, there isn’t a mechanism in place currently to link BNPL defaults to the credit score. Above this, BNPLs adopting AML and Fraud Risk mechanisms within their system is not transparent.
BNPL Stats across the Globe
Recently, OpenPay, a BNPL company in Australia paused operations in the USA due to defaults and rising interest rates. Klarna, another fintech in BNPL has lost its valuation from $45 Billion to $6.5 Billion in the last round of funding and another Australian BNPL firm has lost its valuation to $300 Million from $9 Billion.
Fintechs and BNPLs shouldn’t worry yet as it’s a wait-a-watch game with RBI. The aura in the market is that the central bank will issue new guidelines for the BNPL segment that will not only regulate the sector but also reshape it all together with a focus on consumer protection, risk management, and overall security.
The Indian Fintech and BNPL spaces are nascent and not very mature. The regulator has put in some basic controls at this point in time to ensure that the consumer is not affected by a debt trap, at the same time realizing that for having a spending economy, these kinds of instruments are necessary. The balance may tilt from one side to another every now and then, but at this point, we are poised for some more interesting creative fintech instruments coming in with the regulator constantly on the catching-up game.
The cybersecurity landscape is constantly evolving, and CISOs need to be prepared to defend against increasingly sophisticated attacks.
Regulated Entities (Res) outsource a substantial portion of their IT activities to third parties, which exposes them to various risks. RBI released a finalized version of Master Direction on Outsourcing of Information Technology Services on April 10, 2023.
Portfolio managers work closely with their clients to understand their financial goals, risk tolerance, and investment preferences.
The GISEC 2023 event is scheduled to be held in Dubai World Trade Center, United Arab Emirates, on 14, 2023 to March 16, 2023.
The RBI announced the launch of the first pilot for retail digital Rupee (e₹-R) on December 01, 2022. It has commenced the pilot in the wholesale segment from November 2022.
An Account Aggregator shall transmit the financial data pertaining to the user only after receiving formal consent from the user
APIs are the backbone of the internet, powering the applications and services that we use every day
In order to protect your business from common cybersecurity threats, it is important to be aware of the different types of attacks that exist and how to prevent them
Read what RBI has to say on digital lending in the Guideline on Digital Lending issued on 2nd September 2022
The concept of BNPL is similar to that of credit cards wherein a consumer makes a purchase through a credit line and the payment is done later
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CyRAACS is a great place to work because every day provides an opportunity to learn something new, to mentor and to be mentored to achieve our client’s goals.