Strengthening of IT Protocols at the Apex of India's Economic Sphere
Introduction
Against the dynamic backdrop of Mumbai, where the intersection of age-old markets and cutting-edge innovation is a daily reality, an initiative of paramount importance has begun to take shape within the hallowed walls of the Reserve Bank of India (RBI). This is not just a tweak, a nudge in policy, or a subtle refinement of protocols. What we're observing is nothing short of a paradigmatic shift, a recalibration of systemic magnitude, that aims to recalibrate the way India's financial monoliths oversee, manage, and secure their informational bedrock – their treasured IT systems.
On the 7th of November, 2023, the Reserve Bank of India, that bastion of monetary oversight and national fiscal stability, unfurled a new doctrine – the 'Master Direction on Information Technology Governance, Risk, Controls, and Assurance Practices.' A document comprehensive in its reach, it presents not merely an update but a consolidation of all previously issued guidelines, instructions, and circulars relevant to IT governance, plaited into a seamless narrative that extols virtues of structured control and unimpeachable assurance practices. Moreover, it grasps the future potential of Business Continuity and Disaster Recovery Management, testaments to RBI's forward-thinking vision.
This novel edict has been crafted with a target audience that spans the varied gamut of financial entities – from Scheduled Commercial Banks to Non-Banking Financial Companies, from Credit Information Companies to All India Financial Institutions. These are the juggernauts that keep the economic wheels of the nation churning, and RBI's precision-guided document is an unambiguous acknowledgment of the vital role IT holds in maintaining the heartbeat of these financial bodies. Here lies a riveting declaration that robust governance structures aren't merely preferred but essential to manage the landscape of IT-related risks that balloon in an era of ever-proliferating digital complexity.
Directive Structure
The directive's structure is a combination of informed precision and intuitive foresight. Its seven chapters are not simply a grouping of topics; they are the seven pillars upon which the temple of IT governance is to be erected. The introductory chapter does more than set the stage – it defines the very reality, the scope, and the applicability of the directive, binding the reader in an inextricable covenant of engagement and anticipation. It's followed by a deep dive into the cradle of IT governance in the second chapter, drawing back the curtain to reveal the nuanced roles and defiant responsibilities bestowed upon the Board of Directors, the IT Strategy Committee, the clairvoyant Senior Management, the IT Steering Committee, and the pivotal Head of IT Function.
As we move along to the third chapter, we encounter the nuts and bolts of IT Infrastructure & Services Management. This is not just a checklist; it is an orchestration of the management of IT services, third-party liaisons, the calculus of capacity management, and the nuances of project management. Here terms like change and patch management, cryptographic controls, and physical and environmental safeguards leap from the page – alive with earnest practicality, demanding not just attention but action.
Transparency deepens as we glide into the fourth chapter with its robust exploration of IT and Information Security Risk Management. Here, the demand for periodic dissection of IT-related perils is made clear, along with the edifice of an IT and Information Security Risk Management Framework, buttressed by the imperatives of Vulnerability Assessment and Penetration Testing.
The fifth chapter presents a tableau of circumspection and preparedness, as it waxes eloquent on the necessity and architecture of a well-honed Business Continuity Plan and a disaster-ready DR Policy. It is a paean to the anticipatory stance financial institutions must employ in a world fraught with uncertainty.
Continuing the narrative, the sixth chapter places the spotlight on Information Systems Audit, delineating the precise role played by the Audit Committee of the Board in ushering in accountability through an exhaustive IS Audit of the institution's virtual expanse.
And as we perch on the final chapter, we're privy to the 'repeal and other provisions' of the directive, underscoring the interplay of other applicable laws and the interpretation a reader may yield from the directive's breadth.
Conclusion
To proclaim that this directive is a mere step forward in the RBI's exhaustive and assiduous efforts to propel India's financial institutions onto the digital frontier would be a grave understatement. What we are witnessing is the inception of a more adept, more secure, and more resilient financial sector. This directive is nothing less than a beacon, shepherding in an epoch of IT governance marked by impervious governance structures, proactive risk management, and an unyielding commitment to the pursuit of excellence and continuous improvement. This is no ephemeral shift - this is, indisputably, a revolutionary stride into a future where confidence and competence stand as the watchwords in navigating the digital terra incognita.
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Introduction
The Telecom Regulatory Authority of India (TRAI) issued a consultation paper titled “Encouraging Innovative Technologies, Services, Use Cases, and Business Models through Regulatory Sandbox in Digital Communication Sector. The paper presents a draft sandbox structure for live testing of new digital communication products or services in a regulated environment. TRAI seeks comments from stakeholders on several parts of the framework.
What is digital communication?
Digital communication is the use of internet tools such as email, social media messaging, and texting to communicate with other people or a specific audience. Even something as easy as viewing the content on this webpage qualifies as digital communication.
Aim of Paper
- Frameworks are intended to support regulators’ desire for innovation while also ensuring economic resilience and consumer protection. Considering this, the Department of Telecom (DoT) asked TRAI to offer recommendations on a regulatory sandbox framework. TRAI approaches the issue with the goal of encouraging creativity and hastening the adoption of cutting-edge digital communications technologies.
- Artificial intelligence, the Internet of Things, edge computing, and other emerging technologies are revolutionizing how we connect, communicate, and access information, driving the digital communication sector to rapidly expand. To keep up with this dynamic environment, an enabling environment for the development and deployment of novel technologies, services, use cases, and business models is required.
- The regulatory sandbox concept is becoming increasingly popular around the world as a means of encouraging innovation in a range of industries. A regulatory sandbox is a regulated environment in which businesses and innovators can test their concepts, commodities, and services while operating under changing restrictions.
- Regulatory Sandbox will benefit the telecom startup ecosystem by providing access to a real-time network environment and other data, allowing them to evaluate the reliability of new applications before releasing them to the market. Regulatory Sandbox also attempts to stimulate cross-sectoral collaboration for carrying out such testing by engaging the assistance of other ministries and departments in order to give the starting company with a single window for acquiring all clearances.
What is regulatory sandbox?
- A regulatory sandbox is a controlled regulatory environment in which new products or services are tested in real-time.
- It serves as a “safe space” for businesses because authorities may or may not allow certain relaxations for the sole purpose of testing.
- The sandbox enables the regulator, innovators, financial service providers, and clients to perform field testing in order to gather evidence on the benefits and hazards of new financial innovations, while closely monitoring and mitigating their risks.
What are the advantages of having a regulatory sandbox?
- Firstly, regulators obtain first-hand empirical evidence on the benefits and risks of emerging technologies and their implications, allowing them to form an informed opinion on the regulatory changes or new regulations that may be required to support useful innovation while mitigating the associated risks.
- Second, sandbox customers can evaluate the viability of a product without the need for a wider and more expensive roll-out. If the product appears to have a high chance of success, it may be authorized and delivered to a wider market more quickly.
Digital communication sector and Regulatory Sandbox
- Many countries’ regulatory organizations have built sandbox settings for telecom tech innovation.
- These frameworks are intended to encourage regulators’ desire for innovation while also promoting economic resilience and consumer protection.
- In this context, the Department of Telecom (DoT) had asked TRAI to give recommendations on a regulatory sandbox framework.
- Written comments on the drafting framework will be received until July 17, 2023, and counter-comments will be taken until August 1, 2023. The Authority’s goal in the digital communication industry is to foster creativity and expedite the use of emerging technologies such as artificial intelligence (AI), the Internet of Things (IoT), and edge computing. These technologies are changing the way individuals connect, engage, and access information, causing rapid changes in the industry.
Conclusion
According to TRAI, these technologies are changing how individuals connect, engage, and obtain information, resulting in significant changes in the sector.
The regulatory sandbox also wants to stimulate cross-sectoral collaboration for carrying out such testing by engaging the assistance of other ministries and departments in order to give the starting company with a single window for acquiring all clearances. The consultation paper covers some of the worldwide regulatory sandbox frameworks in use in the digital communication industry, as well as some of the frameworks in use inside the country in other sectors.
Introduction
Social media has become integral to our lives and livelihood in today’s digital world. Influencers are now strong people who shape trends, views, and consumer behaviour. Influencers have become targets for bad actors aiming to abuse their fame due to their significant internet presence. Unfortunately, account hacking has grown frequently, with significant ramifications for influencers and their followers. Furthermore, the emergence of social media platforms in recent years has opened the way for influencer culture. Influencers exert power over their followers’ ideas, lifestyle choices, and purchase decisions. Influencers and brands frequently collaborate to exploit their reach, resulting in a mutually beneficial environment. As a result, the value of influencer accounts has risen dramatically, attracting the attention of hackers trying to abuse their potential for financial gain or personal advantage.
Instances of recent attacks
Places of worship
The hackers have targeted renowned temples for fulfilling their malicious activities the recent attack happened on The Khautji Shyam Temple, a famous religious institution with enormous cultural and spiritual value for its adherents. It serves as a place of worship, community events, and numerous religious activities. However, since technology has invaded all sectors of life, the temple’s online presence has developed, giving worshippers access to information, virtual darshans (holy viewings), and interactive forums. Unfortunately, this digital growth has also rendered the shrine vulnerable to cyber threats. The hackers hacked the Facebook page twice in the month, demanded donations and hacked the cheques the devotes gave to the trust. The second event happened by posting objectional images on the page and hurting the sentiments of the devotees. The Committee of the temple has filed an FIR under various charges and is also seeking help from the cyber cell.
Social media Influencers
Influencers enjoy a vast online following worldwide, but their presence is limited to the digital space. Hence every video, photo is of importance to them. An incident took place with leading news anchor and reporter Barkha Dutt, where in her youtube channel was hacked into, and all the posts made from the channel were deleted. The hackers also replaced the channel’s logo with Tesla and were streaming a live video on the channel featuring Elon Musk. A similar incident was reported by influencer Tanmay Bhatt, who also lost all the content e had posted on his channel. The hackers use the following methods to con social media influencers:
- Social engineering
- Phishing
- Brute Force Attacks
Such attacks on influencers can cause harm to their reputation, can also cause financial loss, and even lose the trust of the viewers or the followers who follow them, thus further impacting the collaborations.
Safeguards
Social media influencers need to be very careful about their cyber security as their prominent presence is in the online world. The influencers from different platforms should practice the following safeguards to protect themselves and their content better online
Secure your accounts
Protecting your accounts with passphrases or strong passwords is the first step. The best strategy for doing this is to create a passphrase, a phrase only you know. We advise choosing a passphrase with at least four words and 15 characters.
To further secure your accounts, you must enable multi-factor authentication in the second step.
To access your account, a hacker must guess your password and provide a second authentication factor (such as a face scan or fingerprint) that matches yours.
Be careful about who has access
Many social media influencers collaborate with a team to help generate and post content while building their personal brands.
This entails using team members who can write and produce material that influencers can share themselves, according to some of them. In these situations, the influencer is the only person who still has access to the account.
There are more potential weak spots when more people have access. Additionally, it increases the number of ways a password or account access could fall into the hands of a cybercriminal. Only some staff members will be as cautious about password security as you may be.
Stay up-to-date on the threats
What’s the most significant way to combat threats to computer security? Information.
Cybercriminals constantly adapt their methods. It’s crucial to stay informed about these threats and how they can be utilised against you.
But it’s not just threats. Social media platforms and other service providers are likewise changing their offerings to avoid these challenges.
Educate yourself to protect yourself. You can keep one step ahead of the hazards that cybercriminals offer by continuously educating yourself.
Preach cybersecurity
As influencers, cyber security should be preached, no matter your agenda.
This will also enable users to inculcate best practices for digital hygiene.
This will also boost the reporting numbers and increase population awareness, thus eradicating such bad actors from our cyberspace.
Acknowledge the risks
Keeping a blind eye will always hurt the safety aspects, as ignorance always causes issues.
Risks should be kept in mind while creating the digital routine and netiquette
Always inform your users of risk existing and potential risks
Monitor threats
After the acknowledgement, it is essential to monitor threats.
Active lookout for threats will allow you to understand the modus Operandi and the vulnerabilities to avoid criminals
Threats monitoring is also a basic netizens’ responsibility to ensure that the threats are reported as they emerge.
Interpret the data
All cyber nodal agencies release data and trends of cybercrimes, understand the trends and protect your vulnerabilities.
Data interpretation can lead to an early flagging of threats and issues, thus protecting the cyber ecosystem by and large.
Create risk profiles
All influencers should create risk profiles and backup profiles.
This will also help protect one’s data as it can be stored on different profiles.
Risk profiles and having a private profile are essential to safeguard the basic cyber interests of an influencer.
Conclusion
As we go deeper into the digital age, we see more technologies emerging, but along with them, we see a new generation of cyber threats and challenges. The physical, as well as the cyberspace, is now inter twinned and interdependent. Practising basic cyber security practices, hygiene, netiquette, and monitoring best practices will go a long way in protecting the online interests of the Influencers and will impact their followers to engage in best practices thus safeguarding the cyber ecosystem at large.
Executive Summary:
A fake photo claiming to show the cricketer Virat Kohli watching a press conference by Rahul Gandhi before a match, has been widely shared on social media. The original photo shows Kohli on his phone with no trace of Gandhi. The incident is claimed to have happened on March 21, 2024, before Kohli's team, Royal Challengers Bangalore (RCB), played Chennai Super Kings (CSK) in the Indian Premier League (IPL). Many Social Media accounts spread the false image and made it viral.
Claims:
The viral photo falsely claims Indian cricketer Virat Kohli was watching a press conference by Congress leader Rahul Gandhi on his phone before an IPL match. Many Social media handlers shared it to suggest Kohli's interest in politics. The photo was shared on various platforms including some online news websites.
Fact Check:
After we came across the viral image posted by social media users, we ran a reverse image search of the viral image. Then we landed on the original image posted by an Instagram account named virat__.forever_ on 21 March.
The caption of the Instagram post reads, “VIRAT KOHLI CHILLING BEFORE THE SHOOT FOR JIO ADVERTISEMENT COMMENCE.❤️”
Evidently, there is no image of Congress Leader Rahul Gandhi on the Phone of Virat Kohli. Moreover, the viral image was published after the original image, which was posted on March 21.
Therefore, it’s apparent that the viral image has been altered, borrowing the original image which was shared on March 21.
Conclusion:
To sum up, the Viral Image is altered from the original image, the original image caption tells Cricketer Virat Kohli chilling Before the Jio Advertisement commences but not watching any politician Interview. This shows that in the age of social media, where false information can spread quickly, critical thinking and fact-checking are more important than ever. It is crucial to check if something is real before sharing it, to avoid spreading false stories.
