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Introduction

The whole world is shifting towards a cashless economy, with innovative payment transaction systems such as UPI payments, card payments, etc. These payment systems require processing, storage, and movement of millions of cardholders data which is crucial for any successful transaction.

And therefore to maintain the credibility of this payment ecosystem, security or secure movement and processing of cardholders data becomes paramount. Entities involved in a payment ecosystem are responsible for the security of cardholders data. Security is also important because if breaches happen in cardholders data it would amount to financial loss. Fraudsters are attempting smart ways to leverage any kind of security loopholes in the payment system.

So these entities which are involved in the payment ecosystem need to maintain some security standards set by one council of network providers in the payment industry popularly known as the Payment Card Industry Security Standard Council.

Overview of what is PCI and PCI DSS Compliance

Earlier every network providers in the payment industry have their own set of security standards but later they all together i.e., Visa, Mastercard, American Express, Discover, and JCB constituted an independent body to come up with comprehensive security standards like PCI DSS, PA DSS, PCI-PTS, etc.  And these network providers ensure the enforcement of the security standards by putting conditions on services being provided to the merchant or acquirer bank.

In other words, PCI DSS particularly is the global standard that provides a baseline of technical and operational requirements designed to protect account data. PCI DSS is a security standard specially designed for merchants and service providers in the payment ecosystem to protect the cardholders data against any fraud or theft.

It applies to all the entities including third-party vendors which are involved in processing storing and transmitting cardholders data. In organization, even all CDE (Card Holder Data Environment) including system components or network component that stores and process cardholders data, has to comply with all the requirements of PCI compliance.  Recently PCI has released a new version of PCI DSS v4.0 a few months ago with certain changes from the previous version after three years of the review cycle.

12 Requirements of PCI DSS

This is the most important part of PCI DSS as following these requirements can make any organization to some extent PCI compliant. So what are these requirements:

• Installing firewalls or maintaining security controls in the networks
• Use strong password in order to secure the CDE( Card holders data environment)
• Protection of cardholder data
• Encrypting the cardholder data during transmission over an open and public network.
• Timely detection and protection of the cardholders data environment from any malicious activity or software.
• Regular updating the software thereby maintaining a secure system.
• Rule of business need to know should apply to access the cardholders data
• Identification and authentication of the user are important to access the system components.
• Physical access to cardholders data should be restricted.
• Monitoring or screening of system components to know the malicious activity internally in real-time.
• Regular auditing of security control and finding any vulnerabilities available in the systems.
• Make policies and programs accordingly in order to support information security.

How organization can become PCI compliant

• Scope: First step is to determine all the system components or networks storing and processing cardholders data i.e., Cardholders Data Environment.
• Assess: Then test whether these systems or networks are complying with all the requirements of PCI DSS COMPLIANCE.
• Report: Documenting all the assessment through self assessment questionnaire by answering following questions like whether the requirements are met or not? Whether the requirements are met with customized approach.
• Attest: Then the next step is to complete the attestation process available on the website of PCI SSC.
• Submit: Then organization can submit all the documents including reports and other supporting documents if it is requested by other entities such as payment brands, merchant or acquirer.
• Remediate: Then the organisation should take remedial action for the requirements which are not in place on the system components or networks.

Conclusion

One of the most important issues facing those involved in the digital payment ecosystem is cybersecurity. The likelihood of being exposed to cybersecurity hazards including online fraud, information theft, and virus assaults is rising as more and more users prefer using digital payments.

And thus complying and adopting with these security standards is the need of the hour. And moreover RBI has also mandated all the regulated entities ( NBFCs Banks etc) under one recent notification to comply with these standards.

Introduction

A recent massive scam has been uncovered in the Indian state of Gujarat, where the Criminal Investigation Department (CID) has blacklisted 30,000 SIM cards that were used for illegal activities. The scam has created a huge uproar in the state, and its implications are significant. In this blog, we will discuss the details of the Gujarat scam and its impact on the state.

What is sim card fraud?

Sim card fraud occurs when someone uses a fake or cloned sim card to impersonate someone else. This allows the fraudster to gain access to sensitive information or conduct transactions on behalf of the victim. The use of fraudulent sim cards has become increasingly common in recent years, with scammers targeting individuals and businesses around the world.

The Gujarat Scam: The Gujarat scam involves the use of SIM cards for illegal activities such as extortion, blackmail, and cybercrime. The CID has identified that the SIM cards were obtained using fake documents and were used for illegal activities.  The scam has been happening for a while, involving several individuals, including businessmen, politicians, and government officials.

The CID has conducted raids across the state and has arrested several individuals involved in the scam. They have also seized a significant amount of cash, mobile phones, and other electronic devices used for illegal activities. The investigation is ongoing, and more arrests are expected in the coming days.

The Gujarat scam is not an isolated incident, as similar scams have been reported in other parts of the country. The Telecom Regulatory Authority of India (TRAI) has also reported that several telecom operators are not following the regulations and are not verifying the authenticity of documents used to obtain SIM cards.

Impact on the State: The Gujarat scam has caused significant damage to the state’s reputation, and it has also affected the economy. The scam has highlighted the lack of regulation in the telecom industry, and it has exposed the loopholes in the system that criminals are exploiting.

The blacklisting of 30,000 SIM cards will affect several individuals who may have obtained them legally but were unaware of their use for illegal activities. The blacklisting may also impact businesses that rely on mobile phones for their operations.

The scam has also raised concerns about personal information and data safety. With the use of fake documents to obtain SIM cards, it is evident that personal information is not secure and can be easily misused. The government needs to take steps to ensure that personal information is protected and that the telecom industry is regulated to prevent such scams from happening in the future.

Steps Taken by the Government: The Gujarat scam has prompted the government to take action to prevent such incidents from happening in the future. The government has announced that it will implement stricter regulations in the telecom industry to prevent the misuse of SIM cards. The government has also announced that it will introduce a system to verify the authenticity of documents used to obtain SIM cards.

The government has also urged citizens to be vigilant and report any suspicious activity related to the misuse of SIM cards. The government has assured citizens that it will take strict action against those involved in the scam and that it will ensure the safety of personal information and data.

The TRAI has also taken steps to address the issue. It has directed telecom operators to verify the authenticity of documents used to obtain SIM cards and to follow the regulations. The TRAI has also introduced a new system to identify and deactivate inactive SIM cards.

Here are some key takeaways from the Gujarat Sim scam: These takeaways should be kept in mind to prevent such incidents from happening in the future and to ensure the safety of citizens and businesses.

Need for Stricter Regulations: The Gujarat Sim scam has highlighted the need for stricter regulations in the telecom industry. The government needs to ensure that telecom operators follow the regulations and verify the authenticity of documents used to obtain SIM cards. This will help prevent the misuse of SIM cards and illegal activities.

Importance of Personal Information Security: The scam has raised concerns about personal information and data safety. It is important to ensure that personal information is protected and that the telecom industry is regulated to prevent such scams from happening in the future.

Impact on Reputation and Economy: The Gujarat scam has caused significant damage to the state’s reputation, and it has also affected the economy. The blacklisting of 30,000 SIM cards will impact several individuals who may have obtained them legally but were unaware of their use for illegal activities. The scam has also raised concerns about the safety of businesses that rely on mobile phones for their operations.

Need for Vigilance: The government has urged citizens to be vigilant and report any suspicious activity related to the misuse of SIM cards. It is important for citizens to be aware of the regulations and to report any illegal activities to prevent such incidents from happening in the future.

Strong Action Against Criminals: The blacklisting of 30,000 SIM cards and the arrests made by the CID sends a strong message to those involved in illegal activities that they will not be spared. It is important for the government to take strict action against those involved in the scam to deter others from engaging in such activities.

Conclusion

The Gujarat scam has exposed vulnerabilities in the telecom industry and highlighted the need for stricter regulations to prevent such incidents from happening in the future. The blacklisting of 30,000 SIM cards has sent a strong message to those involved in illegal activities that they will not be spared. The government’s efforts to implement stricter regulations and ensure the safety of personal information and data are commendable. It is now up to the citizens to be vigilant and report any suspicious activity to prevent such incidents from happening in the future.

The telecom industry plays a vital role in the country’s development, and it is important to ensure that it is regulated to prevent the misuse of its services. Overall, the Gujarat Sim scam has highlighted the need for stricter regulations, personal information security, vigilance, and strong action against criminals.

Reference:

https://timesofindia.indiatimes.com/city/ahmedabad/pre-activated-sim-cards-behind-phone-scamming/articleshow/98261346.cms

https://timesofindia.indiatimes.com/city/ahmedabad/cid-blacklists-30000-sim-cards-used-to-con-1-27-lakh-gujaratis-of-rs-815-crore/articleshow/98259398.cms

Introduction

Cybersecurity threats have been globally prevalent for quite some time now. All nations, organisations and individuals stand at risk from new and emerging potential cybersecurity threats, putting finances, privacy, data, identities and sometimes human lives at stake. The latest Data Breach Report by IBM revealed that nearly a staggering 83% of organisations experienced more than one data breach instance during 2022. As per the 2022 Data Breach Investigations Report by Verizon, the total number of global ransomware attacks surged by 13%, indicating a concerning rise equal to the last five years combined. The statistics clearly showcase how the future is filled with potential threats as we advance further into the digital age.  

Who is Okta?  

Okta is a secure identity cloud that links all your apps, logins and devices into a unified digital fabric. Okta has been in existence since 2009 and is based out of San Francisco, USA and has been one of the leading service providers in the States. The advent of the company led to early success based on the high-quality services and products introduced by them in the market. Although Okta is not as well-known as the big techs, it plays a vital role in big organisations' cybersecurity systems. More than 18,000 users of the identity management company's products rely on it to give them a single login for the several platforms that a particular business uses. For instance, Zoom leverages Okta to provide "seamless" access to its Google Workspace, ServiceNow, VMware, and Workday systems with only one login, thus showing how Okta is fundamental in providing services to ease the human effort on various platforms. In the digital age, such organisations are instrumental in leading the pathway to innovation and entrepreneurship. 

The Okta Breach

The last Friday, 20 October, Okta reported a hack of its support system, leading to chaos and havoc within the organisation. The result of the hack can be seen in the market in the form of the massive losses incurred by Okta in the stock exchange. 

Since the attack, the company's market value has dropped by more than $2 billion. The well-known incident is the most recent in a long line of events connected to Okta or its products, which also includes a wave of casino invasions that caused days-long disruptions to hotel rooms in Las Vegas, casino giants Caesars and MGM were both affected by hacks as reported earlier this year. Both of those attacks, targeting MGM and Caesars’ Okta installations, used a sophisticated social engineering attack that went through IT help desks.

What can be done to prevent this? 

Cybersecurity attacks on organisations have become a very common occurrence ever since the pandemic and are rampant all across the globe. Major big techs have been successful in setting up SoPs, safeguards and precautionary measures to protect their companies and their digital assets and interests. However, the Medium, Mico and small business owners are the most vulnerable to such unknown high-intensity attacks. The governments of various nations have established Computer Emergency Response Teams to monitor and investigate such massive-scale cyberattacks both on organisations and individuals. The issue of cybersecurity can be better addressed by inculcating the following aspects into our daily digital routines: 

• Team Upskilling: Organisations need to be critical in creating upskilling avenues for employees pertaining to cybersecurity and threats. These campaigns should be run periodically, focusing on both the individual and organisational impact of any threat.  
• Reporting Mechanism for Employees and Customers: Business owners and organisations need to deploy robust, sustainable and efficient reporting mechanisms for both employees well as customers. The mechanism will be fundamental in pinpointing the potential grey areas and threats in the cyber security mechanism as well. A dedicated reporting mechanism is now a mandate by a lot of governments around the world as it showcases transparency and natural justice in terms of legal remedies.  
• Preventive, Precautionary and Recovery Policies: Organisations need to create and deploy respective preventive, precautionary and recovery policies in regard to different forms of cyber attacks and threats. This will be helpful in a better understanding of threats and faster response in cases of emergencies and attacks. These policies should be updated regularly, keeping in mind the emerging technologies. Efficient deployment of the policies can be done by conducting mock drills and threat assessment activities.  
• Global Dialogue Forums: It is pertinent for organisations and the industry to create a community of cyber security enthusiasts from different and diverse backgrounds to address the growing issues of cyberspace; this can be done by conducting and creating global dialogue forums, which will act as the beacon of sharing best practices, advisories, threat assessment reports, potential threats and attacks thus establishing better inter-agency and inter-organisation communication and coordination.  
• Data Anonymisation and Encryption: Organisations should have data management/processing policies in place for transparency and should always store data in an encrypted and anonymous manner, thus creating a blanket of safety in case of any data breach.
• Critical infrastructure: The industry leaders should push the limits of innovation by setting up state-of-the-art critical cyber infrastructure to create employment, innovation, and entrepreneurship spirit among the youth, thus creating a whole new generation of cyber-ready professionals and dedicated netizens. Critical infrastructures are essential in creating a safe, secure, resilient and secured digital ecosystem. 
• Cysec Audits & Sandboxing: All organisations should establish periodic routines of Cybersecurity audits, both by internal and external entities, to find any issue/grey area in the security systems. This will create a more robust and adaptive cybersecurity mechanism for the organisation and its employees. All tech developing and testing companies need to conduct proper sandboxing exercises for all or any new tech/software creation to identify its shortcomings and flaws. 

‍Conclusion 

In view of the rising cybersecurity attacks on organisations, especially small and medium companies, a lot has been done, and a lot more needs to be done to establish an aspect of safety and security for companies, employees and customers. The impact of the Okta breach very clearly show how cyber attacks can cause massive repercussion for any organisation in the form of monetary loss, loss of business, damage to reputation and a lot of other factors. One should take such instances as examples and learnings for ourselves and prepare our organisation to combat similar types of threats, ultimately working towards preventing these types of threats and eradicating the influence of bad actors from our digital ecosystem altogether. 

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References: 

• https://hbr.org/2023/05/the-devastating-business-impacts-of-a-cyber-breach#:~:text=In%202022%2C%20the%20global%20average,legal%20fees%2C%20and%20audit%20fees.
• https://www.okta.com/intro-to-okta/#:~:text=Okta%20is%20a%20secure%20identity,use%20to%20work%2C%20instantly%20available.
• https://www.cyberpeace.org/resources/blogs/mgm-resorts-shuts-down-it-systems-after-cyberattack

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