Be Aware of Lottery Scams

Introduction

MSMEs, being the cornerstone of the Indian economy, are one of the most vulnerable targets in cyberspace and no enterprise is too small to be a target for malicious actors. MSMEs hardly ever perform a cyber-risk assessment, but when they do, they may run into a number of internal problems, such as cyberattacks brought on by inadequate networking security, online fraud, ransomware assaults, etc.  Tackling cyber threats in MSMEs is critical mainly because of their high level of dependance on digital technologies and the growing sophistication of cyber attacks. Protecting them from cyber threats is essential, as a security breach can have devastating consequences, including financial loss, reputational damage, and operational disruptions.

Key Cyber Threats that MSMEs are facing

MSMEs are most vulnerable to are phishing attacks, ransomware, malware and viruses, insider threats, social engineering attacks, supply chain attacks, credential stuffing and brute force attacks and Distributed Denial of Service (DDoS) Attacks. Some of these attacks are described as under-

• Insider threats arise from employees or contractors who intentionally or unintentionally compromise security. It involves data theft, misuse of access privileges, or accidental data exposure. 
• Social engineering attacks involve manipulating individuals into divulging confidential information or performing actions that compromise security by pretexting, baiting, and impersonation. 
• Supply chain attacks exploit the trust in relationships between businesses and their suppliers and introduce malware, compromise data integrity, and disrupt operations.
• Credential stuffing and brute force attacks give unauthorized access to accounts and systems, leading to data breaches and financial losses.

Challenges Faced by MSMEs in Cybersecurity

The challenges faced  by MSMEs in cyber security are mainly due to limited resources and budget constraints which leads to other issues such as a lack of specialized expertise as MSMEs often lack the IT support of cyber security experts. Awareness and training are needed to mitigate poor understanding of cyber threats and their complexity in nature. Vulnerabilities in the supply chain are present as they rely on third-party vendors and partners often, introducing potential supply chain vulnerabilities. Regulatory compliance is often complex and is taken seriously only when an issue crops up but it needs special attention especially with the DPDP Act coming in. The lack of an incident response plan leads to delayed and inadequate responses to cyber incidents, increasing the impact of breaches.

Best Practices for Tackling Cyber Threats for MSMEs

To effectively tackle cyber threats, MSMEs should adopt a comprehensive approach such as:

• Implementing and enforcing strong access controls by using MFA or 2FA and password policies. Limiting employee access as role based and updating the same as and when needed.
• Regularly apply security patches and use automated patch management solutions to prevent exploitation of known vulnerabilities.
• Conduct employee training and awareness programs and promote a security-first approach for the employees and assessing employee readiness to identify improvement areas.
• Implement network security measures by using firewalls and intrusion detection systems. Using secure Wi-Fi networks via strong encryptions and changing default credentials for the router are recommended, as is segmenting networks to limit lateral movement within the network in case of a breach.
• Regular data backup ensures that in case of an attack, data loss can be recovered and made available in secure offsite locations to protect it from unauthorized access. 
• Developing an incident response plan that outlines the roles, responsibilities and procedure for responding to cyber incidents with regular drills to ensure readiness and clear communication protocols for incident reporting to regulators, stakeholders and customers.
• Implement endpoint security solutions using antivirus and anti-malware softwares. Devices should be against unauthorized access and implement mobile device management solutions enforcing security policies on employee-owned devices used for work purposes.
• Cyber insurance coverage will help in transferring financial risks in case of cyber incidents. It should have comprehensive coverage including business interruptions, data restoration, legal liabilities and incident response costs.

Recommended Cybersecurity Solutions Tailored for MSMEs

1. A Managed Security Service Provider offers outsourced cybersecurity services, including threat monitoring, incident response, and vulnerability management that may be lacking in-house.
2. Cloud-Based Security Solutions such as firewall as a service and Security Information and Event Management , provide scalable and cost-effective protection for MSMEs.
3. Endpoint Detection and Response (EDR) Tools detect and respond to threats on endpoints, providing real-time visibility into potential threats and automating incident response actions.
4. Security Awareness Training Platforms deliver interactive training sessions and simulations to educate employees about cybersecurity threats and best practices.

Conclusion

Addressing cyber threats in MSMEs requires a proactive and multi-layered approach that encompasses technical solutions, employee training, and strategic planning. By implementing best practices and leveraging cybersecurity solutions tailored to their specific needs, MSMEs can significantly enhance their resilience against cyber threats. As cyber threats continue to evolve, staying informed about the latest trends and adopting a culture of security awareness will be essential for MSMEs to protect their assets, reputation, and bottom line.

References:

• https://economictimes.indiatimes.com/small-biz/security-tech/security/cyber-security-pitfalls-and-how-negligence-can-be-expensive-for-msmes/articleshow/99508822.cms?from=mdr
• https://www.investopedia.com/financial-edge/0112/3-ways-cyber-crime-impacts-business.aspx 
• https://www.financialexpress.com/business/sme-msme-tech-cisco-launches-new-tool-for-smbs-to-assess-their-cybersecurity-readiness-2538348/ 
• https://www.cloverinfotech.com/blog/small-businesses-big-problems-are-cyber-attacks-crushing-indias-msmes/ 

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The evolution of technology has presented both profound benefits and considerable challenges. It has benefited us with global interconnectivity, optimisation of the workforce, faster and solution-oriented approach, but at the same time increases risks of cybercrimes and the misuse of technology via online theft, fraud, and abuse. As the reliance on technology increases, it makes the users vulnerable to cyberattacks. 

One way to address this nuisance is to set global standards and initiate measures for cooperation by integrating the efforts of international institutions such as UN bodies and others. The United Nations Interregional Crime and Justice Research Institute, which combats cybercrime and promotes the responsible use of technology, is making waves in these issues. 

Understanding the Scope of the Problem 

Crowdstrike had estimated the cybersecurity market at $207.77 billion in 2024 and expected it to reach $376.55 billion by 2029 and continue growing at a CAGR of 12.63% during the forecast period. In October of 2024, Forbes predicted that the cost of cyber attacks on the global economy would be over $10.5 trillion. 

The developments in technology have provided cybercriminals with more sophisticated means to commit cybercrimes. These include cybercrimes like data breaches, which are increasingly common, such as phishing attacks, ransomware, social engineering, and IoT attacks. Their impact is evident across various domains, including economic and social spheres. The victims of cybercrimes can often suffer from stress, anxiety, fear of being victimised again, a lack of trust and social polarisation/stigmatisation.

UNICRI’s Strategic Approach 

UNICRI actively combats cybercrimes and technology misuse, focusing on cybersecurity, organized crime in cyberspace, and terrorists' internet use. Since 2020, it has monitored social media misuse, analysed tools to debunk misinformation and balanced security with human rights. 

The key focus areas of UNICRI’s strategic approach include cybersecurity in robotics, critical infrastructure, and SCADA systems, digital forensics, child online protection and addressing online profiling and discrimination. It further supports LEAs (judges, prosecutors, and investigators) by providing them with specialised training. Its strategies to counter cybercrime and tech misuse include capacity-building exercises for law enforcement, developing international legal frameworks, and fostering public-private collaborations.

Key Initiatives under UNICRI Strategic Programme Framework of 2023-2026

The key initiatives under UNICRI set out the strategic priority areas that will guide its work. It  includes:

1. Prevent and Counter Violent Extremism: By addressing the drivers of radicalisation, gender-based discrimination, and leveraging sports for prevention.
2. Combat Organised Crime: Via tackling illicit financial flows, counterfeiting, and supply chain crimes while promoting asset recovery.
3. Promotion of Emerging Technology Governance: Encouraging responsible AI use, mitigating cybercrime risks, and fostering digital inclusivity.
4. Rule of Law and Justice Access: Enhancing justice systems for women and vulnerable populations while advancing criminal law education.
5. CBRN Risk Mitigation: Leveraging expert networks and whole-of-society strategies to address chemical, biological, radiological, and nuclear risks.

The Challenges and Opportunities: CyberPeace Takeaways

The challenges that affect the regulation of cybercrimes are most often caused due to jurisdictional barriers, the lack of resources, and the rapid pace of technological change. This is due to the cross-border nature of cybercrimes and as many nations lack the expertise or infrastructure to address sophisticated cyber threats. The regulatory or legislative frameworks often get outpaced by technology developments, including quantum computing, deepfakes, or blockchain misuse. Due to this, these crimes are often unpunished.  

The opportunities that have been developing for innovation in cybercrime prevention, include AI and machine learning tools to detect cybercrimes, enhanced international cooperation that can strengthen the collective defence mechanisms, like multi-stakeholder approaches.  Capacity Building initiatives for continuous training and education help LEAs and judicial systems adapt to emerging threats, is a continuous effort that requires participation from all sectors, be it public or private. 

Conclusion 

Due to cybercrimes and the threats they induce on individuals, communities, and global security, the proactive approach by UNICRI of combining international cooperation, capacity-building and innovative strategies is pivotal in combating these challenges. By addressing the challenges of organised crime in cyberspace, child online protection, and emerging technology governance, UNICRI exemplifies the power of strategic engagement. While jurisdictional barriers and resource limitations persist, the opportunities in AI, global collaboration, and education offer a path forward. With the evolution of technology, our defences must also be dynamic and ever evolving, and UNICRI’s efforts are essential to building a safer, more inclusive digital future for all.

References

• https://unicri.it/special_topics/securing_cyberspace
• https://www.forbes.com/sites/bernardmarr/2023/10/11/the-10-biggest-cyber-security-trends-in-2024-everyone-must-be-ready-for-now/

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Amid the popularity of OpenAI’s ChatGPT and Google’s announcement of introducing its own Artificial Intelligence chatbot called Bard, there has been much discussion over how such tools can impact India at a time when the country is aiming for an AI revolution.

During the Budget Session, Finance Minister Nirmala Sitharaman talked about AI, while her colleague, Minister of State (MoS) for Electronics and Information Technology Rajeev Chandrasekhar discussed it at the India Stack Developer Conference.

While Sitharaman stated that the government will establish three centres of excellence in AI in the country, Chandrashekhar at the event mentioned that India Stack, which includes digital solutions like Aadhaar, Digilocker and others, will become more sophisticated over time with the inclusion of AI.

As AI chatbots become the buzzword, News18 discusses with experts how such tech tools will impact India.

AI IN INDIA

Many experts believe that in a country like India, which is extremely diverse in nature and has a sizeable population, the introduction of technologies and their right adoption can bring a massive digital revolution.

For example, Manoj Gupta, Cofounder of Plotch.ai, a full-stack AI-enabled SaaS product, told News18 that Bard is still experimental and not open to everyone to use while ChatGPT is available and can be used to build applications on top of it.

He said: “Conversational chatbots are interesting since they have the potential to automate customer support and assisted buying in e-commerce. Even simple banking applications can be built that can use ChatGPT AI models to answer queries like bank balance, service requests etc.”

According to him, such tools could be extremely useful for people who are currently excluded from the digital economy due to language barriers.

Ashwini Vaishnaw, Union Minister for Communications, Electronics & IT, has also talked about using such tools to reduce communication issues. At World Economic Forum in Davos, he said: “We integrated our Bhashini language AI tool, which translates from one Indian language to another Indian language in real-time, spoken and text everything. We integrated that with ChatGPT and are seeing very good results.”

‘DOUBLE-EDGED SWORD’

Sundar Balasubramanian, Managing Director, India & SAARC, at Check Point Software, told News18 that generative AI like ChatGPT is a “double-edged sword”.

According to him, used in the right way, it can help developers write and fix code quicker, enable better chat services for companies, or even be a replacement for search engines, revolutionising the way people search for information.

“On the flip side, hackers are also leveraging ChatGPT to accelerate their bad acts and we have already seen examples of such exploitations. ChatGPT has lowered the bar for novice hackers to enter the field as they are able to learn quicker and hack better through asking the AI tool for answers,” he added.

Balasubramanian also stated that CPR has seen the quality of phishing emails improve tremendously over the past 3 months, making it increasingly difficult to discern between legitimate sources and a targeted phishing scam.

“Despite the emergence of the use of generative AI impacting cybercrime, Check Point is continually reminding organisations and individuals of the significance of being vigilant as ChatGPT and Codex become more mature, it can affect the threat landscape, for both good and bad,” he added.

While the real-life applications of ChatGPT include several things ranging from language translation to explaining tricky math problems, Balasubramanian said it can also be used for making the work of cyber researchers and developers more efficient.

“Generative AI or tools like ChatGPT can be used to detect potential threats by analysing large amounts of data and identifying patterns that may indicate malicious activity. This can help enterprises quickly identify and respond to a potential threat before it escalates to something more,” he added.

POSITIVE FACTORS

Major Vineet Kumar, Founder and Global President of CyberPeace Foundation, believes that the deployment of AI chatbots has proven to be highly beneficial in India, where a booming economy and increasing demand for efficient customer service have led to a surge in their use. According to him, both ChatGPT and Bard have the potential to bring significant positive change to various industries and individuals in India.

“ChatGPT has already made an impact by revolutionising customer service, providing instant and accurate support, and reducing wait time. It has automated tedious and complicated tasks for businesses and educational institutions, freeing up valuable time for more significant activities. In the education sector, ChatGPT has also improved learning experiences by providing quick and reliable information to students and educators,” he added.

He also said there are several possible positive impacts that the AI chatbots, ChatGPT and Bard, could have in India and these include improved customer experience, increased productivity, better access to information, improved healthcare, improved access to education and better financial services.

Reference Link : https://www.news18.com/news/explainers/confused-about-chatgpt-bard-experts-tell-news18-how-openai-googles-ai-chatbots-may-impact-india-7026277.html