In recent years, the proliferation of cybercrime has posed a significant threat to individuals, businesses, and governments worldwide. Recognising the need for collaborative action, digital titans Google, Apple, and Paytm have been asked to solve this important issue. This article examines the issues faced by increased cybercrime and emphasises the significance of collaboration among industry leaders. Let’s have a look at it.!
The Rise in Cyber Crimes and its Impact
The world has witnessed an alarming rise in cybercrime incidents which leaves a profound impact not only on individuals and businesses, which harms their reputation, causes financial loss and there is loss of trust. Let’s explore some more reasons.
An unprecedented rise in cybercrime incidents
Cybercriminals have gotten more skilled, employing modern tactics and technology to attack holes in digital systems. The frequency and scope of cyber assaults have reached frightening proportions, harming individuals, corporations, and even governments. The sheer number of occurrences underlines the need to deal with this expanding threat.
Individual and company financial losses
Cybercrime typically has serious financial consequences. Individuals may become victims of scams, phishing attacks, or identity theft, resulting in direct financial losses. Businesses face even larger threats, with financial losses resulting from ransomware attacks, commercial email intrusion, or intellectual property theft. These financial pressures can have long-term consequences for personal finances, business profitability, and economic stability.
Damage to reputation and loss of faith in digital platforms
Cyber assaults not only interrupt corporate operations and damage personal data, but they also harm the reputations of impacted persons and organisations. Trust in digital platforms and online services is undermined when client data is compromised or altered. This loss of trust can have far-reaching effects, including diminished consumer engagement, a dwindling user base, and possibly legal costs.
Google, Apple, and Paytm Collaborative Initiatives
The Parliamentary Standing Committee on Finance has set a hearing on July 4 to discuss cyber security and cyber risks. During this conference, senior executives from various banks have been asked to provide thorough presentations on strategies to combat cyber threats and improve cyber security in the country. The forthcoming meeting will focus on “Cyber security and the increasing occurrence of cyber/white collar crimes.” The forthcoming meeting will focus on “Cyber security and the increasing occurrence of cyber/white collar crimes.”
Earlier this year, the authorities blacklisted 232 applications run by foreign firms, including Chinese, for betting, gaming, and unauthorised lending services.
The Parliamentary Standing Committee on Finance has summoned senior executives from Google, Apple, Flipkart, Paytm, Yes Bank, Punjab National Bank, Bank of India, and the Indian Computer Emergency Response Team (CERT) to investigate “Cybersecurity and the rising incidence of cyber/white collar crimes.”
The committee will receive oral testimony from representatives of the groups on the issue during today’s meeting at Parliament House Annexe Extension. Senior bank executives have been invited to provide thorough presentations on steps to prevent cyber threats and improve cybersecurity in the country.
Cybersecurity and growing cybercrime were prominent topics of discussion during a panel hearing earlier this month, where MPs grilled industry experts on a variety of illegal behaviours, including fraudulent loan applications. Several companies, including Chase India, Razorpay, PhonePe, CRED, and QNu Labs, as well as Nasscom, the country’s trade body and chamber of commerce for the IT industry, attended the conference, which also addressed the issue of fraudulent lending applications.
The Standing Committee on Finance Chairman is Lok Sabha MP Jayant Sinha. The Committee has 31 members, 21 from the Lok Sabha and ten from the Rajya Sabha. Earlier this year, the authorities blacklisted 232 applications owned by foreign firms, including Chinese, for betting, gaming, and unauthorised lending services.
138 applications involved in betting, gambling, and money laundering, as well as 94 apps engaged in unauthorised lending services, were stopped for presenting a danger to the country’s economic stability. This year’s monsoon session of Parliament will begin on July 20 and last until August 11.
Proactive measures need of the hour
There is much need for an hour to take proactive measures to combat cyber-crimes. Several key proactive measures can be taken:
Prioritising prevention and early detection above reactive methods such as incident response and damage management are crucial. This entails implementing robust security measures, including firewalls, intrusion detection systems, and frequent security audits, to eliminate risks before they become problematic. Potential cyber assaults can be stopped or mitigated by detecting and resolving vulnerabilities early on.
Collaboration and information exchange among industry stakeholders are critical for preventing cyber threats. Technology businesses, security vendors, law enforcement agencies, and regulatory authorities must collaborate to share threat intelligence, best practices, and emerging trends. Collaborative efforts develop a collective defence strategy, allowing for faster detection and reaction to new and emerging cyber threats.
Adoption of robust security technologies: Adopting robust security technologies is critical to combat cyber threats effectively. This involves implementing robust authentication procedures, encryption techniques, and access restrictions to safeguard sensitive data. Using modern threat detection and prevention technologies, such as AI-driven solutions and behaviour analytics, may assist in identifying and mitigating possible risks in real-time. Regularly upgrading software and systems is also essential to ensure the most recent security measures are in place.
Cyber dangers continually develop, needing ongoing examination and development of defence methods. Organisations should undertake frequent security assessments, vulnerability scanning, and penetration testing to discover and resolve system flaws. Incident response plans and business continuity strategies should be evaluated, tested, and updated on a regular basis to guarantee readiness in the event of a cyber-attack. Continuous development and adaptability are required to maintain a solid defence posture.
Best practices for cyber security education and awareness
Promoting cyber security awareness and education is critical for people and organisations alike. Users must be informed about prevalent cybercrimes, the risks, phishing methods, safe online practices, and the significance of secure passwords. Businesses should give frequent staff training programs to raise knowledge of possible dangers and how to mitigate them. The entire resilience of the digital ecosystem may be improved by training individuals with the knowledge and skills to recognise and mitigate cyber threats.
The growth in cybercrime requires industry leaders to work together to protect consumers, businesses, and the digital ecosystem. The negotiations between Google, Apple, and Paytm represent an important step toward minimising cyber-criminal dangers. These firms may pave the road for a safer and more secure digital future by encouraging cooperation, promoting security technology, empowering users, and forming public-private collaborations. If we work together, we can only tackle escalating cybercrime and create a trustworthy and resilient digital environment.
Authors: Ms. Tanushree Saxena, Trainer, CyberPeace