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Bank Fraud Totalled Rs 1.38 Trillion In 2021; New Cyber Security Policy To Mitigate Cyber Risks

NEW DELHI: Commercial bank fraud totalled Rs 1.38 trillion in the financial year 2020-21, said Dr C N Ashwath Narayan, IT/BT, Science and Technology Minister quoting Reserve Bank Of India data.

The government would create a Cyber Security Policy that caters to the mitigation of cyber risks, he added, emphasising the importance of safety, security, and trust in ensuring the viability of the digital economy and unleashing innovation at scale.

He was speaking at ASSOCHAM’s 12th Global Summit on “Fraud & Forensics- Emerging Trends and Combating Challenges,” a two-day event in Bengaluru, remotely. The event is an annual event with the goal of raising awareness among industrialists about the need for cyber security systems and the rising cases of online fraud and cases.

ALSO READ: Bank Frauds Decline To Rs 648 Cr In FY22 From Over 61,000 In FY17: Minister Told Lok Sabha

Cybersecurity is critical because it safeguards all types of data against theft and loss. Sensitive data, personally identifiable information (PII), personal information, intellectual property data, and governmental or industry information systems all fall under this category.

The minister outlined the growing trends of digitization and their regulatory policies for a safe working ecosystem. Implementing cyber security policies, monitoring data collecting, and mitigation, he continued, are all measures to avoid such incidents in the workplace.

ALSO READ: Cyber Crime Up 11% In India in 2020, New Modus Operandi And Rise Of Cyber Fraud Big Concern

He talked about how businesses are succeeding thanks to innovative technologies and advanced internet platforms, while also adapting to the complexity of the situation for regulatory reasons. “Consider digital transformation, technology solutions, risk management models, compliance, and monitoring before considering any fraud case,” he stated.

Arti C. Srivastava, Chief Vigilance Officer of the Securities and Exchange Board of India, spoke on the rise of white-collar crime and how to combat it. “With increased tech use, which leads to a trust gap in employees, no sector or domain is left with these frauds,” she said. Protecting, preventing, reporting, and detecting are a few crucial criteria for identifying any misleading behaviour or fraud. Recognizing ethical quotient at work is the need of the hour, she stated, with a clear code of behaviour.

Dhruv Phophalia, Managing Director and India Leader – Disputes and Investigations at Alvarez & Marsa, stated that the growth of technology is accelerating, and now is a good moment to improve corporate governance by enacting the appropriate regulations or legislation. There is a rise in greater partnership of industry and government in the recent times, he said. A proper fraud framework should be channelized by revaluating practices and forefront response.  

According to CA (Dr.) Ashok Haldia, Chairman, Indian Institute Of Insolvency Professionals Of ICAI (IIIPI); & ASSOCHAM Task Force Chair for Accounting Standard, global cyber-crime and cases have increased by 8 times in the last five years, with 1.8 lakh crore in fraud losses in 2021, with only 229 cases per day. He stated that the focus should be on the organization’s internal culture for effective regulation, ethics, and open communication.

Accounting professionals, auditors, forensic specialists, risk management professionals, writers, bureaucrats, police, legal, administration, as well as representatives from regulators, law and enforcement authorities, fintech, and other experts will attend the worldwide conference.

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