Securing Digital Banking: RBI Mandates Migration to [.]bank[.]in Domains

Introduction

Global cybersecurity spending is expected to breach USD 210 billion in 2025, a ~10% increase from 2024 (Gartner). This is a result of an evolving and increasingly critical threat landscape enabled by factors such as the proliferation of IoT devices, the adoption of cloud networks, and the increasing size of the internet itself.  Yet, breaches, misuse, and resistance persist. In 2025, global attack pressure rose ~21% Y-o-Y ( Q2 averages) (CheckPoint) and confirmed breaches climbed ~15%( Verizon DBIR). This means that rising investment in cybersecurity may not be yielding proportionate reductions in risk. But while mechanisms to strengthen technical defences and regulatory frameworks are constantly evolving, the social element of trust and how to embed it into cybersecurity systems remain largely overlooked.   

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Human Error and Digital Trust  (Individual Trust) 

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Human error is consistently recognised as the weakest link in cybersecurity. While campaigns focusing on phishing prevention, urging password updates and using two-factor authentication (2FA) exist, relying solely on awareness measures to address human error in cyberspace is like putting a Band-Aid on a bullet wound. Rather, it needs to be examined through the lens of digital trust. As Chui (2022) notes, digital trust rests on security,  dependability, integrity, and authenticity. These factors determine whether users comply with cybersecurity protocols. When people view rules as opaque, inconvenient, or imposed without accountability, they are more likely to cut corners, which creates vulnerabilities. Therefore, building digital trust means shifting from blaming people to design: embedding transparency, usability, and shared responsibility towards a culture of cybersecurity so that users are incentivised to make secure choices. 

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Organisational Trust and Insider Threats (Institutional Trust)

At the organisational level, compliance with cybersecurity protocols is significantly tied to whether employees trust employers/platforms to safeguard their data and treat them with integrity. Insider threats, stemming from both malicious and non-malicious actors, account for nearly 60% of all corporate breaches (Verizon DBIR 2024). A lack of trust in leadership may cause employees to feel disengaged or even act maliciously.  Further, a 2022 study by Harvard Business Review finds that adhering to cybersecurity protocols adds to employee workload. When they are perceived as hindering productivity, employees are more likely to intentionally violate these protocols.  The stress of working under surveillance systems that feel cumbersome or unreasonable, especially when working remotely, also reduces employee trust and, hence, compliance.  

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Trust, Inequality, and Vulnerability (Structural Trust)

Cyberspace encompasses a social system of its own since it involves patterned interactions and relationships between human beings. It also reproduces the social structures and resultant vulnerabilities of the physical world. As a result,  different sections of society place varying levels of trust in digital systems.  Women, rural, and marginalised groups often distrust existing digital security provisions more, and with reason. They are targeted disproportionately by cyber attackers, and yet are underprotected by systems, since these are designed prioritising urban/ male/ elite users.  This leads to citizens adopting workarounds like password sharing for “safety” and disengaging from cyber safety discourse, as they find existing systems inaccessible or irrelevant to their realities. Cybersecurity governance that ignores these divides deepens exclusion and mistrust.

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Laws and Compliances (Regulatory Trust)

Cybersecurity governance is operationalised in the form of laws, rules, and guidelines. However, these may often backfire due to inadequate design, reducing overall trust in governance mechanisms. For example, CERT-In’s mandate to report breaches within six hours of “noticing” it has been criticised as the steep timeframe being insufficient to generate an effective breach analysis report. Further, the multiplicity of regulatory frameworks in cross-border interactions can be costly and lead to compliance fatigue for organisations. Such factors can undermine organisational and user trust in the regulation’s ability to protect them from cyber attacks, fuelling a check-box-ticking culture for cybersecurity.  

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Conclusion 

Cybersecurity is addressed primarily through code, firewall, and compliance today. But evidence suggests that technological and regulatory fixes, while essential, are insufficient to guarantee secure behaviour and resilient systems. Without trust in institutions, technologies, laws or each other, cybersecurity governance will remain a cat-and-mouse game.  Building a trust-based architecture requires mechanisms to improve accountability, reliability, and transparency.  It requires participatory designs of security systems and the recognition of unequal vulnerabilities. Thus, unless cybersecurity governance acknowledges that cyberspace is deeply social,  investment may not be able to prevent the harms it seeks to curb. 

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References 

• https://www.gartner.com/en/newsroom/press-releases/2025-07-29
• https://blog.checkpoint.com/research/global-cyber-attacks-surge-21-in-q2-2025
• https://www.verizon.com/business/resources/reports/2024-dbir-executive-summary.pdf 
• https://www.verizon.com/business/resources/reports/2025-dbir-executive-summary.pdf 
• https://insights2techinfo.com/wp-content/uploads/2023/08/Building-Digital-Trust-Challenges-and-Strategies-in-Cybersecurity.pdf 
• https://www.coe.int/en/web/cyberviolence/cyberviolence-against-women 
• https://www.upguard.com/blog/indias-6-hour-data-breach-reporting-rule 

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Introduction

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As the calendar pages turn inexorably towards 2024, a question looms large on the horizon of our collective consciousness: Are we cyber-resilient? This is not a rhetorical flourish but a pragmatic inquiry, as the digital landscape we navigate is fraught with cyberattacks and disruptions that threaten to capsize our virtual vessels.

What, then, is Cyber Resilience? It is the capacity to prepare for, respond to, and recover from these cyber squalls. Picture, if you will, a venerable oak amid a howling gale. The roots, those unseen sinews, delve deep into the earth, anchoring the tree – this is preparation. The robust trunk and flexible branches, swaying yet unbroken, embody response. And the new growth that follows the storm's rage is recovery. Cyber resilience is the digital echo of this natural strength and flexibility.

The Need for Resilience

Why, you might ask, is Cyber Resilience of such paramount importance as we approach 2024? The answer lies in the stark reality of our times:

• A staggering half of businesses have been breached by cyberattacks in the past three years.
• The financial haemorrhage from these incursions is projected to exceed a mind-numbing $10 trillion by the end of 2024.
• The relentless march of technology has not only brought innovation but also escalated the arms race against cyber threats.
• Cyber resilience transcends mere cybersecurity; it is a holistic approach that weaves recovery and continuity into the fabric of digital defenses.
• The adaptability of organisations, often through measures such as remote working protocols, is a testament to the evolving strategies of cyber resilience.

• The advent of AI and Machine Learning heralds a new era of automated cyber defense, necessitating an integrated framework that marries security with continuity protocols.
• Societal awareness, particularly of social engineering tactics, and maintaining public relations during crises are now recognised as critical elements of resilience strategies.
• Cyber threats have evolved in sophistication, paralleling the intense competition to develop new AI-driven solutions.
• As we gaze towards the future, cyber resilience is expected to be a prominent trend in both business and consumer technology sectors throughout 2024.

The Virtues 

The benefits of cyber resilience for organisations are manifold, offering a bulwark against the digital onslaught:

• A reduction in the risk of data breaches, safeguarding sensitive information and customer data.
• Business continuity, ensuring operations persist with minimal disruption.
• Protection of reputation, as companies that demonstrate effective cyber resilience engender trust.
• Compliance with data protection and privacy regulations, thus avoiding fines and legal entanglements.
• Financial stability, as the costs associated with breaches can be mitigated or even prevented.
• Enhanced customer trust, as clients feel more secure with companies that take cybersecurity seriously.
• A competitive advantage in a market rife with cyber threats.
• Innovation and agility, as cyber-resilient companies can pivot and adapt without fear of digital disruptions.
• Employee confidence, leading to improved morale and productivity.
• Long-term savings by sidestepping the expenses of frequent or major cyber incidents.

As the year wanes, it is a propitious moment to evaluate your organisation's cyber resilience. In this edition, we will guide you through the labyrinth of cyber investment buy-in, tailored discussions with stakeholders, and the quintessential security tools for your 2024 cybersecurity strategy.

How to be more Resilient 

Cyber resilience is more than a shield; it is the preparedness to withstand and recover from a cyber onslaught. Let us explore the key steps to fortify your digital defenses:

• Know your risks: Map the terrain where you are most vulnerable, identify the treasures that could be plundered, and fortify accordingly.
• Get the technology right: Invest in solutions that not only detect threats with alacrity but also facilitate rapid recovery, all the while staying one step ahead of the cyber brigands.
• Involve your people: Embed cybersecurity awareness into the fabric of every role. Train your crew in the art of recognising and repelling digital dangers.
• Test your strategies: Regularly simulate incidents to stress-test your policies and procedures, honing your ability to contain and neutralise threats.
• Plan for the worst: Develop a playbook so that everyone knows their part in the grand scheme of damage control and communication in the event of a breach.
• Continually review: The digital seas are ever-changing; adjust your sails accordingly. Cyber resilience is not a one-time endeavour but a perpetual commitment.

Conclusion 

As we stand on the precipice of 2024, let us not be daunted by the digital storms that rage on the horizon. Instead, let us embrace the imperative of cyber resilience, for it is our steadfast companion in navigating the treacherous waters of the cyber world. Civil Society Organizations such as ‘CyberPeace Foundation’ playing a crucial role in promoting cyber resilience by bridging the gap between the public and cybersecurity complexities, conducting awareness campaigns, and advocating for robust policies to safeguard collective digital interests. Their active role is imperative in fostering a culture of cyber hygiene and vigilance.

References 

• https://www.loginradius.com/blog/identity/cybersecurity-trends-2024/
• https://ciso.economictimes.indiatimes.com/news/ciso-strategies/cisos-guide-to-2024-top-10-cybersecurity-trends/106293196

Introduction 

In the ever-evolving world of technological innovation, a new chapter is being inscribed by the bold visionaries at Figure AI, a startup that is not merely capitalising on artificial intelligence rage but seeking to crest its very pinnacle. With the recent influx of a staggering $675 million in funding, this Sunnyvale, California-based enterprise has captured the imagination of industry giants and venture capitalists alike, all betting on a future where humanoid robots transcend the realm of science fiction to become an integral part of our daily lives.

The narrative of Figure AI's ascent is punctuated by the names of tech luminaries and corporate giants. Jeff Bezos, through his firm Explore Investments LLC, has infused a hefty $100 million into the venture. Microsoft, not to be outdone, has contributed a cool $95 million. Nvidia and an Amazon-affiliated fund have each bestowed $50 million upon Figure AI's ambitious endeavours. This surge of capital is a testament to the potential seen in the company's mission to develop general-purpose humanoid robots that promise to revolutionise industries and redefine human labour.

The Catalyst for Change 

This investment craze can be traced back to the emergence of OpenAI's ChatGPT, a chatbot that caught the public eye in November 2022. Its success has not only ushered in a new era for AI but has also sparked a race among investors eager to stake their claim in startups determined to outshine their more established counterparts. OpenAI itself, once mulling over the acquisition of Figure AI, has now joined the ranks of its benefactors with a $5 million investment.

The roster of backers reads like a who's who of the tech and venture capital world. Intel's venture capital arm, LG Innotek, Samsung's investment group, Parkway Venture Capital, Align Ventures, ARK Venture Fund, Aliya Capital Partners, and Tamarack—all have invested their lot with Figure AI, signalling a broad consensus on the startup's potential to disrupt and innovate.

Yet, when probed for insights, these major players—Amazon, Nvidia, Microsoft, and Intel—have maintained a Sphinx-like silence, while Figure AI and other entities mentioned in the report have refrained from immediate responses to inquiries. This veil of secrecy only adds to the intrigue surrounding the company's prospects and the transformative impact its technology may have on society.

Need For AI Robots 

Figure AI's robots are not mere assemblages of metal and circuitry; they are envisioned as versatile beings capable of navigating a multitude of environments and executing a diverse array of tasks. From working at aisles of warehouses to the bustling corridors of retail spaces, these humanoid automatons are being designed to fill the void of millions of jobs projected to remain vacant due to a shrinking human labour force.

The company's long-term mission statement is as audacious as it is altruistic: 'to develop general-purpose humanoids that make a positive impact on humanity and create a better life for future generations.' This noble pursuit is not just about engineering efficiency; it is about reshaping the very fabric of work, liberating humans from hazardous and menial tasks, and propelling us towards a future where our lives are enriched with purpose and fulfilment.

Conclusion 

As we stand on the cusp of a new digital world, the strides of Figure AI serve as a beacon, illuminating the path towards machine and human symbiosis. The investment frenzy that has enveloped the company is a clarion call to all dreamers, pragmatists and innovators alike that the age of humanoid helpers is upon us, and the possibilities are as endless as our collective imagination.

Figure AI is forging a future where robots walk among us, not as novelties or overlords but as partners in forging a world where technology and humanity work together to unlock untold potential. The story of Figure AI is not just one of investment and innovation; it is a narrative of hope, a testament to the indomitable spirit of human ingenuity, and a preview of the wondrous epoch that lies just beyond the horizon.

References 

• https://cybernews.com/tech/openai-bezos-nvidia-fund-robot-startup-figure-ai/
• https://www.thedailystar.net/business/news/bezos-nvidia-join-openai-funding-humanoid-robot-startup-3551476
• https://www.bloomberg.com/news/articles/2024-02-23/bezos-nvidia-join-openai-microsoft-in-funding-humanoid-robot-startup-figure-ai
• https://economictimes.indiatimes.com/tech/technology/bezos-nvidia-join-openai-in-funding-humanoid-robot-startup-report/articleshow/107967102.cms?from=mdr

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