#FactCheck - The video of Virat Kohli promoting online casino mobile app is a deep fake.

Introduction

Digitalisation presents both opportunities and challenges for micro, small, and medium enterprises (MSMEs) in emerging markets. Digital tools can increase business efficiency and reach but also increase exposure to misinformation, fraud, and cyber attacks. Such cyber threats can lead to financial losses, reputational damage, loss of customer trust, and other challenges hindering MSMEs' ability and desire to participate in the digital economy.

The current information dump is a major component of misinformation. Misinformation spreads or emerges from online sources, causing controversy and confusion in various fields including politics, science, medicine, and business. One obvious adverse effect of misinformation is that MSMEs might lose trust in the digital market. Misinformation can even result in the devaluation of a product, sow mistrust among customers, and negatively impact the companies’ revenue. The reach of and speed with which misinformation can spread and ruin companies’ brands, as well as the overall difficulty businesses face in seeking recourse, may discourage MSMEs from fully embracing the digital ecosystem. 

MSMEs are essential for innovation, job development, and economic growth. They contribute considerably to the GDP and account for a sizable share of enterprises. They serve as engines of economic resilience in many nations, including India. Hence, a developing economy’s prosperity and sustainability depend on the MSMEs' growth and such digital threats might hinder this process of growth. 

There are widespread incidents of misinformation on social media, and these affect brand and product promotion. MSMEs also rely on online platforms for business activities, and threats such as misinformation and other digital risks can result in reputational damage and financial losses. A company's reputation being tarnished due to inaccurate information or a product or service being incorrectly represented are just some examples and these incidents can cause MSMSs to lose clients and revenue.

In the digital era, MSMEs need to be vigilant against false information in order to preserve their brand name, clientele, and financial standing. In the interconnected world of today, these organisations must develop digital literacy and resistance against misinformation in order to succeed in the long run. Information resilience is crucial for protecting and preserving their reputation in the online market.

The Impact of Misinformation on MSMEs

Misinformation can have serious financial repercussions, such as lost sales, higher expenses, legal fees, harm to the company's reputation, diminished consumer trust, bad press, and a long-lasting unfavourable impact on image. A company's products may lose value as a result of rumours, which might affect both sales and client loyalty. 

Inaccurate information can also result in operational mistakes, which can interrupt regular corporate operations and cost the enterprise a lot of money. When inaccurate information on a product's safety causes demand to decline and stockpiling problems to rise, supply chain disruptions may occur. Misinformation can also lead to operational and reputational issues, which can cause psychological stress and anxiety at work. The peace of the workplace and general productivity may suffer as a result. For MSMEs, false information has serious repercussions that impact their capacity to operate profitably, retain employees, and maintain a sustainable business. Companies need to make investments in cybersecurity defence, legal costs, and restoring consumer confidence and brand image in order to lessen the effects of false information and ensure smooth operations.

When we refer to the financial implications caused by misinformation spread in the market, be it about the product or the enterprise, the cost is two-fold in all scenarios: there is loss of revenue and then the organisation has to contend with the costs of countering the impact of the misinformation. Stock Price Volatility is one financial consequence for publicly-traded MSMEs, as misinformation can cause stock price fluctuations. Potential investors might be discouraged due to false negative information.

Further, the reputational damage consequences of misinformation on MSMEs is also a serious concern as a loss of their reputation can have long-term damages for a carefully-cultivated brand image. 

There are also operational disruptions caused by misinformation: for instance, false product recalls can take place and supplier mistrust or false claims about supplier reliability can disrupt procurement leading to disruptions in the operations of MSMEs. 

Misinformation can negatively impact employee morale and productivity due to its physiological effects. This leads to psychological stress and workplace tensions. Staff confidence is also affected due to the misinformation about the brand. Internal operational stability is a core component of any organisation’s success. 

Misinformation: Key Risk Areas for MSMEs

1. Product and Service Misinformation

For MSMEs, misinformation about products and services poses a serious danger since it undermines their credibility and the confidence clients place in the enterprise and its products or services. Because this misleading material might mix in with everyday activities and newsfeeds, viewers may find it challenging to identify fraudulent content. For example, falsehoods and rumours about a company or its goods may travel quickly through social media, impacting the confidence and attitude of customers. Algorithms that favour sensational material have the potential to magnify disinformation, resulting in the broad distribution of erroneous information that can harm a company's brand.

2. False Customer Reviews and Testimonials

False testimonies and evaluations pose a serious risk to MSMEs. These might be abused to damage a company's brand or lead to unfair competition. False testimonials, for instance, might mislead prospective customers about the calibre or quality of a company’s offerings, while phony reviews can cause consumers to mistrust a company's goods or services. These actions frequently form a part of larger plans by rival companies or bad individuals to weaken a company's position in the market.

3. Misleading Information about Business Practices

False statements or distortions regarding a company's operations constitute misleading information about business practices. This might involve dishonest marketing, fabrications regarding the efficacy or legitimacy of goods, and inaccurate claims on a company's compliance with laws or moral principles. Such incorrect information can result in a decline in consumer confidence, harm to one's reputation, and even legal issues if consumers or rival businesses act upon it. Even before the truth is confirmed, for example, allegations of wrongdoing or criminal activity pertaining can inflict a great deal of harm, even if they are disproven later.

4. Fake News Related to Industry and Market Conditions

By skewing consumer views and company actions, fake news about market and industry circumstances can have a significant effect on MSMEs. For instance, false information about market trends, regulations, or economic situations might make consumers lose faith in particular industries or force corporations to make poor strategic decisions. The rapid dissemination of misinformation on online platforms intensifies its effects on enterprises that significantly depend on digital engagement for their operations.

Factors Contributing to the Vulnerability of MSMEs

1. Limited Resources for Verification

MSMEs have a small resource pool. Information verification is typically not a top priority for most. MSMEs usually lack the resources needed to verify the information and given their limited resources, they usually tend to deploy the same towards other, more seemingly-critical functions. They are more susceptible to misleading information because they lack the capacity to do thorough fact-checking or validate the authenticity of digital content. Technology tools, human capital, and financial resources are all in low supply but they are essential requirements for effective verification processes.

2. Inadequate Digital Literacy

Digital literacy is required for effective day-to-day operations. Fake reviews, rumours, or fake images commonly used by malicious actors can result in increased scrutiny or backlash against the targeted business. The lack of awareness combined with limited resources usually spells out a pale redressal plan on part of the affected MSME. Due to their low digital literacy in this domain, a large number of MSMEs are more susceptible to false information and other online threats. Inadequate knowledge and abilities to use digital platforms securely and effectively can result in making bad decisions and raising one's vulnerability to fraud, deception, and online scams.

3. Lack of Crisis Management Plans

MSMEs frequently function without clear-cut procedures for handling crises. They lack the strategic preparation necessary to deal with the fallout from disinformation and cyberattacks. Proactive crisis management plans usually incorporate procedures for detecting, addressing, and lessening the impact of digital harms, which are frequently absent from MSMEs.

4. High Dependence on Social Media and Online Platforms

The marketing strategy for most MSMEs is heavily reliant on social media and online platforms. While the digital-first nature of operations reduces the need for a large capital to set up in the form of stores or outlets, it also gives them a higher need to stay relevant to the trends of the online community and make their products attractive to the customer base. However, MSMEs are depending more and more on social media and other online channels for marketing, customer interaction, and company operations. These platforms are really beneficial, but they also put organisations at a higher risk of false information and online fraud. Heavy reliance on these platforms coupled with the absence of proper security measures and awareness can result in serious interruptions to operations and monetary losses.

CyberPeace Policy Recommendations to Enhance Information Resilience for MSMEs

CyberPeace advocates for establishing stronger legal frameworks to protect MSMEs from misinformation. Governments should establish regulations to build trust in online business activities and mitigate fraud and misinformation risks. Mandatory training programs should be implemented to cover online safety and misinformation awareness for MSME businesses. Enhanced reporting mechanisms should be developed to address digital harm incidents promptly. Governments should establish strict penalties for deliberate inaccurate misinformation spreaders, similar to those for copyright or intellectual property violations. Community-based approaches should be encouraged to help MSMEs navigate digital challenges effectively. Donor communities and development agencies should invest in digital literacy and cybersecurity training for MSMEs, focusing on misinformation mitigation and safe online practices. Platform accountability should be increased, with social media and online platforms playing a more active role in removing content from known scam networks and responding to fraudulent activity reports. There should be investment in comprehensive digital literacy solutions for MSMEs that incorporate cyber hygiene and discernment skills to combat misinformation.

‍Conclusion

Misinformation poses a serious risk to MSME’s digital resilience, operational effectiveness, and financial stability. MSMEs are susceptible to false information because of limited technical resources, lack of crisis management strategies, and insufficient digital literacy. They are also more vulnerable to false information and online fraud because of their heavy reliance on social media and other online platforms. To address these challenges it is significant to strengthen their cyber hygiene and information resilience. Robust policy and regulatory frameworks are encouraged, promoting and mandating online safety training programmes, and improved reporting procedures, are required to overall enhance the information landscape. 

References:

1. https://www.dai.com/uploads/digital-downsides.pdf
2. https://www.indiacode.nic.in/bitstream/123456789/2013/3/A2006-27.pdf
3. https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1946375
4. https://dai-global-digital.com/digital-downsides-the-economic-impact-of-misinformation-and-other-digital-harms-on-msmes-in-kenya-india-and-cambodia.html
5. https://www.dai.com/uploads/digital-downsides.pdf

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Misinformation is a scourge in the digital world, making the most mundane experiences fraught with risk. The threat is considerably heightened in conflict settings, especially in the modern era, where geographical borders blur and civilians and conflict actors alike can take to the online realm to discuss -and influence- conflict events. Propaganda can complicate the narrative and distract from the humanitarian crises affecting civilians, while also posing a serious threat to security operations and law and order efforts. Sensationalised reports of casualties and manipulated portrayals of military actions contribute to a cycle of violence and suffering. 

A study conducted by MIT found the mere thought of sharing news on social media reduced the ability to judge whether a story was true or false; the urge to share outweighed the consideration of accuracy (2023).  Cross-border misinformation has become a critical issue in today's interconnected world, driven by the rise of digital communication platforms. To effectively combat misinformation, coordinated international policy frameworks and cooperation between governments, platforms, and global institutions are created.

The Global Nature of Misinformation

Cross-border misinformation is false or misleading information that spreads across countries. Out-of-border creators amplify information through social media and digital platforms and are a key source of misinformation. Misinformation can interfere with elections, and create serious misconceptions about health concerns such as those witnessed during the COVID-19 pandemic, or even lead to military conflicts. 

The primary challenge in countering cross-border misinformation is the difference in national policies, legal frameworks and governance policies of social media platforms across various jurisdictions. Examining the existing international frameworks, such as cybersecurity treaties and data-sharing agreements used for financial crimes might be helpful to effectively address cross-border misinformation. Adapting these approaches to the digital information ecosystem, nations could strengthen their collective response to the spread of misinformation across borders. Global institutions like the United Nations or regional bodies like the EU and ASEAN can work together to set a unified response and uniform international standards for regulation dealing with misinformation specifically. 

Current National and Regional Efforts

Many countries have taken action to deal with misinformation within their borders. Some examples include:

• The EU’s Digital Services Act has been instrumental in regulating online intermediaries and platforms including marketplaces, social networks, content-sharing platforms, app stores, etc. The legislation aims to prevent illegal and harmful activities online and the spread of disinformation.
• The primary legislation that governs cyberspace in India is the IT Act of 2000 and its corresponding rules (IT Rules, 2023), which impose strict requirements on social media platforms to counter misinformation content and enable the traceability of the creator responsible for the origin of misinformation. Platforms have to conduct due diligence, failing which they risk losing their safe harbour protection. The recently-enacted DPDP Act of 2023 indirectly addresses personal data misuse that can be used to contribute to the creation and spread of misinformation. Also, the proposed Digital India Act is expected to focus on “user harms” specific to the online world. 
• In the U.S., the Right to Editorial Discretion and Section 230 of the Communications Decency Act place the responsibility for regulating misinformation on private actors like social media platforms and social media regulations. The US government has not created a specific framework addressing misinformation and has rather encouraged voluntary measures by SMPs to have independent policies to regulate misinformation on their platforms.

The common gap area across these policies is the absence of a standardised, global framework for addressing cross-border misinformation which results in uneven enforcement and dependence on national regulations.

Key Challenges in Achieving International Cooperation

Some of the key challenges identified in achieving international cooperation to address cross-border misinformation are as follows:

• Geopolitical tensions can emerge due to the differences in political systems, priorities, and trust issues between countries that hinder attempts to cooperate and create a universal regulation.
• The diversity in approaches to internet governance and freedom of speech across countries complicates the matters further.
• Further complications arise due to technical and legal obstacles around the issues of sovereignty, jurisdiction and enforcement, further complicating matters relating to the monitoring and removal of cross-border misinformation. 

CyberPeace Recommendations 

• The UN Global Principles For Information Integrity Recommendations for Multi-stakeholder Action, unveiled on 24 June 2024, are a welcome step for addressing cross-border misinformation. This can act as the stepping stone for developing a framework for international cooperation on misinformation, drawing inspiration from other successful models like climate change agreements, international criminal law framework etc. 
• Collaborations like public-private partnerships between government, tech companies and civil societies can help enhance transparency, data sharing and accountability in tackling cross-border misinformation. 
• Engaging in capacity building and technology transfers in less developed countries would help to create a global front against misinformation. 

Conclusion

We are in an era where misinformation knows no borders and the need for international cooperation has never been more urgent. Global democracies are exploring solutions, both regulatory and legislative, to limit the spread of misinformation, however, these fragmented efforts fall short of addressing the global scale of the problem. Establishing a standardised, international framework, backed by multilateral bodies like the UN and regional alliances, can foster accountability and facilitate shared resources in this fight. Through collaborative action, transparent regulations, and support for developing nations, the world can create a united front to curb misinformation and protect democratic values, ensuring information integrity across borders.

References

• https://economics.mit.edu/sites/default/files/2023-10/A%20Model%20of%20Online%20Misinformation.pdf 
• https://www.indiatoday.in/global/story/in-the-crosshairs-manufacturing-consent-and-the-erosion-of-public-trust-2620734-2024-10-21 
• https://laweconcenter.org/resources/knowledge-and-decisions-in-the-information-age-the-law-economics-of-regulating-misinformation-on-social-media-platforms/ ‍
• https://www.article19.org/resources/un-article-19-global-principles-for-information-integrity/

Introduction‍

Netizens across the globe have been enjoying the fruits of technological advancements in the digital century. Our personal and professional life has been impacted deeply by the new technologies. The previous year we saw an exponential rise in blockchain integration and the applications of Web 3.0. There is no denying that the Covid-19 pandemic caused a rapid rise in technology and internet penetration all across the globe, bringing the world closer with respect to connectivity and the exchange of ideas and knowledge. Tech advancements have definitely made our lives easier, but the same has also opened the doors to various vulnerabilities and new potential threats. As cyberspace expands, so do the vulnerabilities associated with it, and it is critical we take note of such issues and create safeguards to the extent that such incidents are prevented before they occur. We need to create sustainable and secure cyberspace for future generations.MetaVerse in 2023The metaverse was introduced by Facebook (now Meta) in 2021 as a peak into the future of cyberspace. Since then, tech developers have been working towards arming the metaverse with extraordinary innovations and applications. Netizens came across news like someone bought a house or a plot in the metaverse, someone bought a car in the metaverse, and so on, these news were taken to be the evidence of the netizen’s transition towards the new digital age as we have seen in sci-fi movies. But today this type of news has become history and the metaverse is expanding faster than ever. Let us look at the latest developments and trends in the metaverse-

• Avatar creation - The avatar creation in the metaverse will be a pivotal move as the avatars will represent the user, and essentially it will be the digital, version of the user and will be similar to the user's personal and physical traits to maintain realism in the metaverse.
• Architecture firms - Metaverse has its own set of architects who will be working towards creating your dream home or pro[erty in the metaverse, the heavy code-based services are now being sold just as if they were in the physical space.
• Mining - The metaverse already has companies who are mining gold, silver, petroleum, and other resources for the avatars in the metaverse, for instance, if someone has bought a car in the metaverse, it will still need fuel to run.
• Security firms - These firms are the first line of defenders in the metaverse as they provide tech-based solutions and protocols to secure one’s avatar and belongings in the metaverse.
• Metaverse Police - Interpol, along with its global partner organization has created the metaverse police, who will be working towards creating a safe cyber ecosystem by maintaining compliance with digital laws and ethics.

Advancements beyond metaverse in 2023

‍Technology continues to be a critical force for change in the world. Technology breakthroughs give enterprises more possibilities to lift their productivity and invent offerings. And while it remains difficult to forecast how technology trends will play out, business leaders can plan ahead better by watching the development of new technologies, anticipating how companies could utilize them, and understanding the factors that impact innovation and adoption.

• Applied observability

It advances the practice of pattern recognition. To foresee and identify abnormalities and offer solutions, one must have the capacity to delve deeply into complicated systems and a stream of data. Data fuels this aspect of tech growth in the future.

• Digital Immune System

To ensure that all major systems operate round-the-clock to deliver uninterrupted services, Digital Immune System will combine observability, AI-augmented testing, chaos engineering, site reliability engineering (SRE), and software supply chain security. This will take the efficiency of the systems to a new level.

• Super apps

These represent the upcoming shift in application usage, design, and development, where consumers will utilise a single app to manage most systems in an enterprise ecosystem. Over 50% of the world’s population will utilise super apps on a daily basis to fulfill their daily personal and professional needs.

• AR/VR and BlockChain technology

A combination of better interconnected, safe, and immersive virtual environments where people and businesses may recreate real-life scenarios will be created by combining AR/VR, AI/ML, IoT, and Blockchain, thus creating a new vertical of innovation with keen technologies of Web 3.0.

• AAI

The next level of AI, i.e., Advanced Artificial Intelligence (AI), will revolutionise machine learning, pattern recognition, and computing. It aims to fully automate processes without requiring any manual input, thus eradicating the issues of human error and bad actor influence completely.

• Corporate Metaverse

Aside from its power as a marketing tool, the metaverse promises to provide platforms, tools, and entire virtual worlds where business can be done remotely, efficiently, and intelligently. We can expect to see the metaverse concept merge with the idea of the “digital twin” – virtual simulations of real-world products, processes, or operations that can be used to test and prototype new ideas in the safe environment of the digital domain. From wind farms to Formula 1 cars, designers are recreating physical objects inside virtual worlds where their efficiency can be stress-tested under any conceivable condition without the resource costs that would be incurred by testing them in the physical world.ConclusionIn 2023, we will see more advanced use cases for technology such as motion capture, which will mean that as well as looking and sounding more like us, our avatars will adopt our own unique gestures and body language. We may even start to see further developments in the fields of autonomous avatars – meaning they won't be under our direct control but will be enabled by AI to act as our representatives in the digital world while we ourselves get on with other, completely unrelated tasks. As we go deeper into cyberspace, we need to remember the basic safety practices and inculcate them with respect to cyberspace and work towards creating string policies and legislations to safeguard the digital rights and duties of the netizen to create a wholesome and interdependent cyber ecosystem.

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