Expert Insights on Fighting Digital Fraud, Generative AI Risks, and Future Trends
The evolving technology while immensely beneficial, comes with significant risks, particularly in the form of cyberattacks. In the recent past we have seen Indian government taking measures to control it whether it is DPDT law or the new norms for the telecommunication industry. The guidelines and law are need of the hour to secure us from any kind of technology attacks. And, to strengthen this the government needs to roll out a concrete policy in place. During an interaction with Vidushi, Pankit Desai, CEO Cofounder, Sequretek explores strategies to combat digital fraud, the impact of new laws like DPDP, and how businesses can prepare for evolving threats, including generative AI. Experts also discuss the importance of cyber insurance, key upgrades for CIOs in 2024, and Sequretek’s innovative approach to cybersecurity challenges.
1. How can stakeholders like the government and service providers reduce digital fraud?
To tackle digital fraud, stakeholders like the government and service providers should focus on strengthening regulations and data protection frameworks. Initiatives such as DPDPA, CERT-In Incident Reporting, and SEBI/RBI regulations are crucial for fortifying the digital finance landscape against threats. By enhancing legislative measures, we can create a robust defense system against cybercrime.
Public-private partnerships are essential for efficient threat intelligence sharing. The CERT-In threat feed sharing is a prime example of how collaboration can lead to improved security measures. By working together, both sectors can better anticipate and counteract threats, fostering a safer digital ecosystem.
In addition, investing in advanced security technologies and promoting digital literacy is crucial. Implementing phishing simulations and conducting cyberawareness programs empower individuals and organizations to recognize and protect against digital fraud. However, mass citizen awareness is also necessary. While the Reserve Bank of India (RBI) has made efforts, campaigns must reach trending media channels to ensure widespread adoption. By engaging the public in meaningful ways, the collective defense against digital fraud can be significantly strengthened.
2. What key changes will the DPDP law bring?
The Digital Personal Data Protection (DPDP) Act of 2023 has ushered in significant changes to data management in India. Setting strict guidelines for lawful data processing, it mandates that organizations secure explicit consent from individuals, using their data solely for legitimate purposes. With hefty penalties reaching INR 250 crores, compliance is a must. Businesses are compelled to fortify their security measures, driving greater accountability and transparency.
Notably, the Act empowers individuals, called data principals, with the right to access, amend, and erase their information. This empowerment is pivotal, especially given the current lack of public awareness about data privacy risks. Many citizens inadvertently disclose personal information, like credit card details or Aadhaar numbers, without understanding the implications.
The establishment of a Data Protection Board provides oversight, ensuring both compliance and accountability. Furthermore, the emphasis on cross-border data transfer regulations and mandatory breach notifications encourages organizations to bolster security.
These changes require organizations to implement more rigorous data protection practices. For enterprises like ours, this presents a valuable opportunity to guide businesses in crafting robust data governance frameworks and implement advanced cybersecurity measures. Enhanced regulation and public awareness will pave the way for a secure digital future.
3. How can India’s policy framework combat phishing and ransomware effectively?
India’s policy framework can combat phishing and ransomware effectively through several strategic approaches. Strengthening partnerships between the public and private sectors is vital. Threat intelligence can be shared and best practices established, creating a unified defense against cyberthreats. For instance, telecom and mobile companies have launched programs to identify fraudulent or spam phone numbers before a user gets a call. If these initiatives are further improved, telecom authorities could potentially identify and mark spam numbers during their initial activity days or upon registration.
Secondly, implementing robust cybersecurity awareness programs is crucial. Education and training initiatives can equip individuals and businesses to recognize phishing attempts and respond effectively to potential ransomware threats. A well-informed public is a powerful defense.
Thirdly, enforcing stricter regulations and compliance standards can ensure organizations adopt necessary security measures. This includes mandating regular security audits, implementing advanced encryption techniques, and using multi-factor authentication to safeguard sensitive information. Investing in advanced detection and response systems can greatly improve our ability to identify and address threats quickly. Using AI and machine learning can aid in predicting and preventing attacks in real time.
Finally, establishing a framework for rapid response and recovery will help minimize the impact of successful attacks. By having clear protocols in place for incident response and data recovery, disruptions can be managed effectively.
By combining regulatory measures, awareness initiatives, and technological advancements, India’s policy framework can significantly reduce the risks posed by phishing and ransomware, ensuring a more secure digital environment.
There are a few good initiatives that we see, that are championed by the telecom and mobile companies, which highlight fraudulent / SPAMMY phone numbers before the user tries to receive the call. If it could be improved a bit more, the Telecom authorities could find out a way to mark SPAM / identify SPAM numbers, while they try registering or towards its initial days of activity.
4. What roles do AI and GenAI play in evolving cybersecurity threats?
The world of cybersecurity is changing quickly, mainly because of advancements in AI and Generative AI technologies. These innovations offer opportunities and challenges, serving both protection and attack purposes. While we harness AI for defense, attackers are also employing AI to enhance their tactics. They’re developing more sophisticated adaptive malware that can change its behavior to avoid detection, making it especially difficult for traditional security methods to handle.
The rise of deepfake technology, fueled by Generative AI, introduces additional challenges. This technology can produce highly convincing fake content, which might be used in social engineering attacks, phishing scams, or to disseminate false information. These capabilities present significant threats, as they enable cybercriminals to carry out attacks with incredible precision and credibility. This allows them to penetrate systems, influence perceptions, and compromise sensitive data with startling efficiency.
5. How can businesses prepare for risks introduced by generative AI?
AI-driven threats pose significant challenges to cybersecurity, but they also offer opportunities to enhance defenses. It’s crucial for cybersecurity professionals to actively address risks from generative AI by integrating AI to improve threat detection and automate responses. AI excels in identifying attack patterns and speeds up response times by analyzing large datasets in real-time, uncovering anomalies and potential threats. AI tools also support proactive threat hunting, identifying emerging threats, and allowing businesses to anticipate vulnerabilities. Adaptive defenses keep security measures responsive to evolving threats.
Building a resilient cybersecurity posture involves comprehensive training and a strong security culture. Educating employees about risks like deepfakes and AI-driven social engineering strengthens frontline defenses. Establishing ethical AI use policies ensures compliance and aligns with risk management strategies. AI is a double-edged sword. While it introduces new challenges, it also provides powerful tools to enhance defense strategies. Staying ahead of these threats through innovation and strategic AI deployment is essential for maintaining a secure future.
6. Why is cyber insurance essential for modern businesses?
In the current tech landscape, cyberattacks have transitioned from being mere possibilities to stark realities confronting organizations of all sizes. A strategic approach to comprehensive cyber defense encompasses several key components: threat identification, asset protection, breach detection, effective response mechanisms, and incident recovery. Despite these cybersecurity measures acting as pivotal defense mechanisms, absolute immunity from breaches cannot be guaranteed. Cyber insurance thus emerges as an integral component, mitigating the financial repercussions of an attack. This can include costs associated with data recovery, legal proceedings, and public relations initiatives crucial for rehabilitating a company’s reputation post-breach. This form of support is indispensable for sustaining business operations and preserving the corporate image after an intrusion. Furthermore, cyber insurance incentivizes the adoption of fortified cybersecurity practices, positioning itself as an essential element within a robust risk management strategy.
7. What upgrades should CIOs and CSOs focus on in 2024?
In 2025, CIOs and CISOs need to focus on key strategic improvements to strengthen their cybersecurity systems. Integrating Artificial Intelligence (AI) and machine learning technologies with extensive threat intelligence will greatly boost their ability to detect advanced threats. This strategy enables automated response mechanisms, creating defenses that are adaptive and resilient against complex and evolving threats.
Adopting a cybersecurity mesh architecture can offer integrated and flexible security services. It’s also crucial to align cybersecurity strategies with business continuity plans to maintain resilience against disruptions. Emphasizing supply chain security by bolstering digital supply chain practices and vendor management processes will help mitigate third-party risks. Compliance with data protection regulations should be ensured through strong data governance practices.
Furthermore, enhancing security awareness and training programs is important to prepare staff to effectively counter social engineering attacks. Regularly updating and testing incident response plans is equally vital to ensure swift recovery from cyber incidents. These initiatives not only fortify organizational defenses but also align IT efforts effectively with broader business objectives.
8. How is Sequretek addressing emerging cybersecurity challenges?
At Sequretek, we tackle cybersecurity challenges with a multifaceted and dynamic approach, fueled by innovation, collaboration, and a comprehensive perspective on security. Central to our strategy is the innovative application of AI and machine learning. We use these technologies to develop advanced threat detection, response, and remediation solutions that adapt to countering evolving cyber threats. Our AI-powered platform ensures that systems are under continuous monitoring and protection, adapting smoothly to new attack vectors as they emerge.
We believe in a 360-degree approach to cybersecurity, understanding that true security encompasses more than just isolated threats and solutions. Our platform integrates end-to-end visibility, detection, response, and regulatory compliance, offering thorough coverage for every aspect of your digital environment. This comprehensive strategy ensures that every potential vulnerability is addressed, strengthening your security framework from all angles.
Beyond leveraging cutting-edge technology and a holistic approach, we engage deeply with our clients to provide tailored solutions. We work closely with each organization to grasp their unique needs and challenges, developing security strategies specifically designed for their requirements. This collaboration allows us to provide solutions that meet current needs and anticipate future challenges as organizations grow.
By incorporating these key elements into our approach, Sequretek delivers reliable, simple, adaptive, and client-centered cybersecurity solutions that effectively address the ever-changing landscape of cyberthreats.
