CYBERSECURITY THREATS 2023
Amagi, Shiprocket post profits; US polls’ impact on IT
Amagi’s Q2 profit surged nearly 30x while Shiprocket swung into the black for the first time. This and more in today’s ETtech Top 5.
Central cyber security agency warns banks, NBFCs of AI attacks; I4C reveals how hackers are executing multi-crore frauds
I4C has warned banks, NBFCs and fintech firms about AI-powered cyberattacks that enable hackers to execute fraudulent transactions at machine speed. The agency has flagged multi-crore unauthorised fund transfers, urged financial institutions to strengthen API security and directed them to report cyber incidents to CERT-In and RBI within six hours.
UP Cabinet okays Rs 104-cr project for cybersecurity, IIT Kanpur to manage ops for 3 years
Uttar Pradesh has green-lighted an ambitious cybersecurity initiative worth around Rs 104 crore. The project seeks to boost the state’s abilities in detecting and mitigating cyber threats. Managed by IIT Kanpur over the next three years, it focuses on enhancing digital infrastructure and ensuring ongoing surveillance of potential cybersecurity issues, ultimately supporting a rapid response to incidents. This decision showcases the government's dedication to prioritizing cybersecurity across the region.
The code turns cold as AI scripts a black October
While some attacks highlight how AI is helping hackers look for security gaps and exploit them, others expose weaknesses in the digital infrastructure businesses and governments rely on every day. The financial toll of many of these incidents remains unknown, but the scale of exposure is raising concerns.
OpenAI’s IPO dream may shatter with distress sale to MS
In a recent discussion, Gary Marcus raised critical flags about OpenAI's fiscal responsibilities as the stock market faces instability. He warned that the demise of leading AI firms could trigger extensive financial repercussions. Notably, Marcus compared the current climate to WeWork's disastrous decline, suggesting that Microsoft might pick up OpenAI at a bargain.
AI boom lifts China, India as global trade growth accelerates, IMF says
Silvana Tenreyro, the IMF's new chief economist, highlighted the robust growth in AI-related trade. This growth has significantly outpaced overall global trade rates during recent years. While the IMF acknowledges high debt levels, it encourages countries to cut budgets to reduce deficits. Tenreyro noted that central banks should adopt restrictive policies to manage inflation effectively.
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Bill Gates warns cyberattacks most imminent AI threat
Bill Gates highlighted the dangers of unregulated artificial intelligence during a recent interview. He expressed concern about bad actors exploiting existing AI systems without safeguards. Gates emphasized that the primary threat comes from cyberattacks driven by malicious use of AI technology. He criticized the idea of self-regulation by companies as insufficient to ensure public safety. Gates called for increased restrictions to prevent misuse of artificial intelligence for harmful purposes.
EY data breach puts spotlight on data security at Big Four as clients demand tighter controls
EY has reported a data breach that exposed sensitive client information and prompted regulatory notifications in multiple jurisdictions. This incident has raised concerns among top professional services firms regarding the protection of client data. Experts emphasize the need for tighter controls amid increasing cyberattacks and the complexity of technology used by these firms. Most communications between firms and clients are conducted over email, which poses additional risks.
Keeping AI models under control: When an agent causes harm, who bears the blame?
If an AI agent goes rogue, who do you hold responsible— the agent, the LLM developer or the human? asks EY partner Shivaprakash Abburu. Experts believe regulators are slow to build frameworks even as enterprises across the world are actively integrating AI into their workflows.
UK accuses China of using academics to spy on AI and other tech research
Britain's MI5 spy agency issued an unprecedented alert on Wednesday to warn that a Chinese organisation was involved in funding academic research into topics such as AI on behalf of Beijing's state security service.
Cybercrime feud erupts on dark web as notorious group claims hijack of rival's website
One of the world's best-known cybercrime groups said on Sunday it had hijacked one of its chief rivals' dark web site, bringing what it said was a long-simmering feud out into the open.
What AI leaders and world governments have to say about 'AI doom' fears
AI industry leaders are split over how fast companies should develop the increasingly powerful technology: Anthropic's Dario Amodei, OpenAI's Sam Altman and SpaceX's Elon Musk are seeking a coordinated slowdown, while Meta's Mark Zuckerberg favors market-led safeguards.
What Amodei, Altman and Musk have said about AI risks, stoking 'doom' fears
Tech leaders like Amodei, Altman, and Musk are raising alarms about AI's potential dangers, fueling widespread 'doom' fears. Their public statements highlight concerns that are contributing to a growing sense of unease regarding the future implications of artificial intelligence development and its societal impact.
BRICS adopts New Delhi Declaration: Inside the 140-point document on Global South's ambitions
BRICS leaders adopted the New Delhi Declaration at the 18th summit, reaffirming their commitment to cooperation, multilateralism and a more representative global order. The document outlines India's 2026 chairship priorities, recognises partner countries' contributions and calls for greater participation of Emerging Markets, Developing Countries and Least Developed Countries in global governance.
New warnings about the risks of AI to humanity revive a long-running debate
The CEO of Anthropic, the San Francisco company behind Claude, said he thought the industry needed to reduce the speed of its work, cautioning Saturday that a swarm of AI agents might be able to take over the internet in six months to a year unless companies devoted more time to putting safeguards in place.
Gaganyaan astronaut explains why AI sovereignty is crucial for national cybersecurity
Prasanth Balakrishnan Nair, a Gaganyaan astronaut, underscored the necessity of AI sovereignty for bolstering national cybersecurity. He remarked that upcoming conflicts will significantly merge the digital and physical domains. Nair praised India's technological achievements highlighted by the Chandrayaan-3 mission's success. He called for the responsible use of AI to enhance citizens' well-being, pointing out Kerala's remarkable capacity to address both national and international tech needs.
German firms report rising cyber threat from foreign intelligence services, study shows
More than one in three companies hit by cyberattacks, or 37%, said they had attributed at least one incident in the past 12 months to a foreign intelligence service. That was up from 28% a year earlier and more than five times the 7% recorded in 2023.
Disquiet grows over AI's dangers: Gates sets tone for pivotal one-on-one with Xi as a race against time begins
AI risks: A key proposal Bill Gates plans to raise is international monitoring of AI systems capable of designing molecules or assisting biological attacks. He believes such oversight could be structured without restricting legitimate technological development.
India's cybersecurity talent gap grows as skills prove hard to find
India faces a critical cybersecurity talent shortage, with nearly 39,000 unfilled positions, especially in emerging fields like IoT and blockchain. High attrition rates and increasing cyberattacks exacerbate the issue. New regulations demand greater compliance, while AI alone cannot bridge the gap, highlighting the need for skilled professionals and educational reforms.
Indian cybersecurity startups poised for strong growth amid rising global spend: Accel's Prayank Swaroop
Highlighting the potential of the country's cybersecurity market, Swaroop said Indian cybersecurity startups are poised to make a global impact, and continue their growth momentum amid a sharp rise in spending for cybersecurity globally.
'Catastrophic event': A global pandemic-level threat has just emerged
A global Microsoft outage has caused disruptions in various sectors, leading to unexpected computer shutdowns and flight cancellations. Cybersecurity experts warn of a critical skills gap and predict a catastrophic cyber event within the next two years. The need to address the shortage of cybersecurity talent is highlighted, especially in key sectors like energy utilities. Geopolitical instability is reshaping the legal, regulatory, and technological environment, emphasizing the importance of cooperation among stakeholders. The World Economic Forum identifies cybersecurity failure as a top global threat, urging for security, resilience, and trust in the digital infrastructure.
Europe's cybersecurity chief says disruptive attacks have doubled recently, sees Russia behind many
Disruptive digital attacks, linked to Russia-backed groups, have doubled in the EU, targeting election-related services, per the EU's top cybersecurity official, Juhan Lepassaar of ENISA.
India Inc hunts for new cyber warriors
Corporate India is actively seeking cybersecurity professionals amidst rising concerns over data breaches, evolving regulatory requirements, and the emergence of advanced artificial intelligence platforms. To address vulnerabilities in security controls and processes, companies are bolstering their cybersecurity teams across various domains.
Kaspersky says blocked over 74 million local threats in India last year
Kaspersky reports 34% of Indian users targeted by local threats in 2023. IDC highlights cybersecurity challenges for enterprises, leading to increased interest in outsourcing security. Jaydeep Singh urges improved cybersecurity amidst the evolving threat landscape in India.
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.
90% organisations say gen AI will help add business lines over 12 months: report
According to a report titled PwC's 2024 Digital Trust Insights, newer regulations around cybersecurity and data privacy like the Digital Personal Data Protection Act, 2023, have added to the strategic importance of enhanced cyber investments for organisations.
India sees rise in cybersecurity jobs: report
A report by Indeed, a global job site, showed that there was an overwhelming demand for cybersecurity experts in the wake of the pandemic. However, since September 2022, such demand started waning, it said. However, there has been a 25.7 per cent decline from September 2022 to September 2023.
India's security landscape under attack as ransomware, malware threats spike: report
According to a report from Japanese cyber security software company Trend Micro, India also ranks among the top five nations globally in malware detections, accounting for 5.5% of all threats.
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