Protecting Policyholders in the Digital Age
Introduction
The insurance industry is a target for cybercriminals due to the sensitive nature of the information it holds. This makes it essential for insurance companies to have robust cybersecurity measures to protect their data and customers’ personal information.
Cyber fraud in India’s insurance industry is increasing. It is reported that the Indian insurance sector has witnessed a surge in cyber-attacks, with several instances of data breaches, identity thefts, and financial fraud being reported. These cybercrimes not only pose a significant threat to the financial stability of the insurance industry but also to the privacy and security of policyholders.
Cyber Frauds in the Insurance Industry
The insurance industry in India has been the target of increasing cyber fraud in recent years. With the growing digital transformation trend, insurance companies have become increasingly vulnerable to cyber-attacks. Cyber frauds in the insurance industry are initiated by hackers who use various techniques such as phishing, malware, ransomware, and social engineering to gain unauthorised access to policyholders’ personal data and sensitive information
Kinds of cyber frauds in the insurance industry
It is essential for insurers and policyholders alike to be aware of these kinds of cyber-attacks on insurance companies in today’s digital age. Staying educated about these threats can help prevent them from happening in the future.
Identity theft– One common type of cyber fraud that occurs in the insurance industry is identity theft. In this type of fraud, criminals steal personal information such as name, address, date of birth and social security numbers through phishing emails or fraudulent websites. They then use this information to open fraudulent policies or access existing ones.
Payment fraud- Another type of cyber fraud that is on the rise is payment fraud. In this type of fraud, hackers intercept electronic payments made by policyholders or agents using fake bank accounts or compromised payment gateways. The money is then siphoned into untraceable accounts, making it difficult for law enforcement agencies to identify and arrest the perpetrators.
Phishing attacks- Where the fraudsters posed as company officials and sent emails to policyholders requesting their account details. The unsuspecting customers fell for this scam and shared their sensitive information, which was then used to access their accounts and steal funds.
Hacking- Where hackers breach the company’s system to gain access to policyholder data. The hackers’ stoles personal records, including names, addresses, phone numbers, social security numbers, and financial information, which they later sell on the dark web.
Fake policies scam- Fraudsters create fake policies using stolen identities and collect premiums from innocent customers. The insurer then voided these policies due to fraudulent activity leaving those people without valid coverage when they needed it most. The victims suffer significant financial losses due to this scam.
Fake Insurance Websites- Discuss the creation of deceptive websites that imitate well-known insurance companies, where unsuspecting individuals provide their personal details, leading to identity theft or financial losses.
Prevention of Cyber Frauds in the Insurance Industry- Best practices to follow
Prevention is better than cure, which also holds true in the case of cyber fraud in the insurance industry. The industry must take proactive steps to prevent such frauds from occurring in the first place. One of the most effective ways to do so is by investing in cybersecurity measures that are specifically designed for the insurance sector.
Insurance companies must conduct regular employee training programs on cybersecurity best practices. This includes educating employees on how to identify and avoid phishing emails, create strong passwords, and recognise potential cyber threats. Companies should also establish a reporting mechanism for employees to report suspicious activity or incidents immediately.
Having proper access controls in place is also necessary. This means limiting access to sensitive data only to those employees who need it, implementing two-factor authentication, and regularly monitoring user activity logs. Regular audits can also provide an extra layer of protection against potential threats by identifying vulnerabilities that may have been overlooked during routine security checks.
Another essential step is encrypting all data transmitted between different systems and devices. Encryption scrambles data into unreadable codes that can only be deciphered using a decryption key, making it difficult for hackers to intercept or steal information in transit.
Legal Framework for Cyber Frauds in the Insurance Industry
The legal framework for cyber fraud in the insurance industry is critical to preventing such crimes. The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines for insurers to establish a cybersecurity framework. The guidelines require insurers to conduct regular risk assessments, implement security measures, and ensure compliance with data privacy laws.
The Information Technology Act 2000, is another significant piece of legislation dealing with cyber fraud in India. The act defines offences such as unauthorised access to a computer system, hacking, and tampering with data. It also provides for stringent penalties and imprisonment for those found guilty of such offences.
The IRDAI’s guidelines provide insurers with a roadmap to establish robust cybersecurity measures to help prevent cyber fraud in the insurance industry. Stringent implementation of these guidelines will go a long way in safeguarding sensitive customer information from falling into the wrong hands.
Best Practices for Insurers and Policyholders
Insurers:
Implementing Strong Authentication: Encouraging the use of multi-factor authentication and secure login processes to safeguard customer accounts and prevent unauthorised access.
Regular Employee Training: Conduct cybersecurity awareness programs to educate employees about the latest threats and preventive measures.
Investing in Advanced Technologies: Utilizing robust cybersecurity tools and systems to promptly detect and mitigate potential cyber threats.
Policyholders:
Vigilance and Awareness: Policyholders must stay vigilant while sharing personal information online and verify the authenticity of insurance websites and communication channels.
Regular Updates and Patches: Advising individuals to keep their devices and software up to date to minimise vulnerabilities that cybercriminals can exploit.
Secure Online Practices: Encouraging the use of strong and unique passwords, avoiding sharing sensitive information on unsecured networks, and exercising caution when clicking on suspicious links or attachments.
Conclusion
As the Indian insurance industry embraces digitisation, the risk of cyber scams and data breaches becomes a significant concern. Insurers and policyholders must collaborate to ensure robust cybersecurity measures are in place to protect sensitive information and financial interests.
It is essential for insurance companies to invest in robust cybersecurity measures that can detect and prevent fraud attempts. Additionally, educating employees on the dangers of cyber fraud and implementing strict compliance measures can go a long way in mitigating risks. With these efforts, the insurance industry can continue to provide trustworthy and reliable services to its customers while protecting against cyber threats. As technology continues to evolve, it is imperative that the insurance industry adapts accordingly and remains vigilant against emerging threats.
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11th November 2022 CyberPeace Foundation in association with Universal Acceptance has successfully conducted the workshop on Universal Acceptance and Multilingual Internet for the students and faculties of BIT University under CyberPeace Center of Excellence (CCoE).
CyberPeace Foundation has always been engaged towards the aim of spreading awareness regarding the various developments, avenues, opportunities and threats regarding cyberspace. The same has been the keen principle of the CyberPeace Centre of Excellence setup in collaboration with various esteemed educational institutes. We at CyberPeace Foundation would like to take the collaborations and our efforts to a new height of knowledge and awareness by proposing a workshop on UNIVERSAL ACCEPTANCE AND MULTILINGUAL INTERNET. This workshop was instrumental in providing the academia and research community a wholesome outlook towards the multilingual spectrum of internet including Internationalized domain names and email address Internationalization.
Date –11th November 2022
Time – 10:00 AM to 12:00 PM
Duration – 2 hours
Mode - Online
Audience – Academia and Research Community
Participants Joined- 15
Crowd Classification - Engineering students (1st and 4th year, all streams) and Faculties members
Organizer : Mr. Harish Chowdhary : UA Ambassador
Moderator: Ms. Pooja Tomar, Project coordinator cum trainer
Speakers - Mr. Abdalmonem Galila, Abdalmonem: Vice Chair , Universal Acceptance Steering Group (UASG)and
Mr. Mahesh D Kulkarni Director, Evaris Systems and Former Senior Director, CDAC, Government of India,First session was delivered by Mr. Abdalmonem Galila, Abdalmonem: Vice Chair , Universal Acceptance Steering Group (UASG) “Universal Acceptance( UA) and why UA matters?”
- What is universal acceptance?
- UA is cornerstone to a digitally inclusive internet by ensuring all domain names and email addresses in all languages, script and character length.
- Achieving UA ensures that every person has the ability to navigate the internet.
- Different UA issues were also discussed and explained.
- Tagated systems by the UA and implication were discussed in detail.
Second session was delivered by Mr. Mahesh D Kulkarni, ES Director Evaris on the topic of “IDNs in Indian languages perspective- challenges and solutions”.
- The multilingual diversity of India was focused on and its impact.
- Most students were not aware of what Unicode, IDNS is and their usage.
- Students were briefed by giving real time examples on IDN, Domain name implementation using local language.
- In depth knowledge of and practical exposure of Universal Acceptance and Multilingual Internet has been served to the students.
- Tools and Resources for Domain Name and Domain Languages were explained.
- Languages nuances of Multilingual diversity of India explained with real time facts and figures.
- Given the idea of IDN Email,Homograph attack,Homographic variant with proper real time examples.
- Explained about the security threats and IDNA protocols.
- Given the explanation on ABNF.
- Explained the stages of Universal Acceptance.
Introduction
The ‘Barbie’ fever is going high in India, and it’s hype to launch online scams in India. The cybercriminals attacking the ‘Barbie’ fans in India, as the popular malware and antivirus protection MacAfee has recently reported that India is in the top 3rd number among countries facing major malware attacks. After the release of ‘barbie’ in theatres, the Scams started spreading across India through the free download of the ‘Barbie’ movie from the link and other viruses. The scammers trick the victims by selling free ‘Barbie’ tickets and, after the movie’s hit, search for the free download links on websites which leads to the Scams.
What is the ‘Barbie’ malware?
After the release of the ‘Barbie’ movie, trying to keep up with the trend, Barbie fans started to search the links for free movie downloads from anonymous sources. And after downloading the movie, there was malware in the downloaded zip files. The online scam includes not genuine dubbed downloads of the movie that install malware, barbie-related viruses, and fake videos that point to free tickets, and also clicking on unverified links for the movie access resulted in Scam. It is important not to get stuck in these trends just because to keep up with them, as it could land you in trouble.
Case: As per the report of McAfee, several cases of malware trick victims into downloading the ‘ Barbie’ movie in different languages. By clicking the link, it prompts the user to download a Zip file, which is packed with malware
Countries-wise malware distribution
Cyber Scams witnessed a significant surge in just a few weeks, with hundreds of incidents of new malware cases. And The USA is on the top No. Among all the countries, In the USA there was 37 % of ‘Barbie’ malware attacks held per the, while Australia, the UK, and India suffered 6 % of malware attacks. And other countries like Japan, Ireland, and France faced 3% of Malware attacks.
What are the precautions?
Cyber scams are evolving everywhere, users must remain vigilant and take necessary precautions to protect their personal information. The user shall avoid clicking on suspicious links, also those which are related to unauthorised movie downloads or fake ticket offers. The people shall use legitimate and official platforms to access movie-related content. Keeping anti-malware and antivirus will add an extra layer of protection.
Here are some following precautions against Malware:
- Use security software.
- Use strong passwords and authentication.
- Enforce safe browsing and email.
- Data backup.
- Implement Anti-lateral Movement.
Conclusion
Cyberspace is evolving, and with that, Scams are also evolving. With the new trend of ‘Barbie’ Scams going on the rise everywhere, India is on top 3rd No. In India, McAfee reported several malicious attacks that attempted to trick the victims into downloading the free version of ‘Barbie’ movie in dubbed languages. This resulted in a Scam. People usually try to keep up with trends that land them in trouble. The users shall beware of these kinds of cyber-attacks. These scams result in huge losses. Technology should be used with proper precautions as per the incidents happening around.
Executive Summary:
A recent claim going around on social media that a child created sand sculptures of cricket legend Mahendra Singh Dhoni, has been proven false by the CyberPeace Research Team. The team discovered that the images were actually produced using an AI tool. Evident from the unusual details like extra fingers and unnatural characteristics in the sculptures, the Research Team discerned the likelihood of artificial creation. This suspicion was further substantiated by AI detection tools. This incident underscores the need to fact-check information before posting, as misinformation can quickly go viral on social media. It is advised everyone to carefully assess content to stop the spread of false information.
Claims:
The claim is that the photographs published on social media show sand sculptures of cricketer Mahendra Singh Dhoni made by a child.
Fact Check:
Upon receiving the posts, we carefully examined the images. The collage of 4 pictures has many anomalies which are the clear sign of AI generated images.
In the first image the left hand of the sand sculpture has 6 fingers and in the word INDIA, ‘A’ is not properly aligned i.e not in the same line as other letters. In the second image, the finger of the boy is missing and the sand sculpture has 4 fingers in its front foot and has 3 legs. In the third image the slipper of the boy is not visible whereas some part of the slipper is visible, and in the fourth image the hand of the boy is not looking like a hand. These are some of the major discrepancies clearly visible in the images.
We then checked using an AI Image detection tool named ‘Hive’ image detection, Hive detected the image as 100.0% AI generated.
We then checked it in another AI image detection named ContentAtScale AI image detection, and it found to be 98% AI generated.
From this we concluded that the Image is AI generated and has no connection with the claim made in the viral social media posts. We have also previously debunked AI Generated artwork of sand sculpture of Indian Cricketer Virat Kohli which had the same types of anomalies as those seen in this case.
Conclusion:
Taking into consideration the distortions spotted in the images and the result of AI detection tools, it can be concluded that the claim of the pictures representing the child's sand sculptures of cricketer Mahendra Singh Dhoni is false. The pictures are created with Artificial Intelligence. It is important to check and authenticate the content before posting it to social media websites.
- Claim: The frame of pictures shared on social media contains child's sand sculptures of cricket player Mahendra Singh Dhoni.
- Claimed on: X (formerly known as Twitter), Instagram, Facebook, YouTube
- Fact Check: Fake & Misleading
