Strategic Consultant
Synthetic Phishing utilizes AI-generated deepfakes and synthetic identities to execute highly convincing scams, posing an urgent threat to India's digital payments system. This new form of deception exploits trust and bypasses traditional security, especially targeting the instantaneous, irreversible nature of UPI. Banks, regulators, and users must upgrade defenses and digital literacy to protect the nation's financial future.
The Himachal Pradesh State Co-operative Bank suffered a major cyber fraud, losing ₹11.55 crore due to hackers compromising a customer's mobile phone. The attack involved installing a malicious app that enabled unauthorized access to the bank's systems, resulting in significant high-value transactions. This incident raises urgent concerns about cybersecurity in financial institutions, highlighting the need for improved defenses, employee training, and proper budgeting for security measures to protect customer trust and prevent operational disruptions in the future.
Bengaluru's Adarsh Developers filed a complaint against AWS for alleged data deletion causing ₹150 crore losses, emphasizing the importance of data management in cloud computing. This incident underlines the shared responsibility model, where cloud providers secure infrastructure, while customers must protect their data. Key lessons include the necessity of backups, access control, disaster recovery plans, and understanding service agreements to mitigate risks in cloud environments.
Password security and access control are crucial for protecting sensitive information. Strong, unique passwords and securing them with password managers can prevent unauthorized access. Implementing layered access controls, including role-based and discretionary access, alongside practices like multi-factor authentication and user education, enhances security, safeguarding against data breaches effectively.
The decision to select between a single vendor and a multi-vendor approach is crucial in today's dynamic business landscape. Each option presents unique benefits and challenges, influencing operational efficiency, flexibility, and risk management. Assessing business goals, vendor stability, technical integration, and compliance can guide organizations towards the most suitable strategy for success.
Indrajit Roy Choudhury 