Future Crime Research Foundation And CMEE IIM Lucknow Webinar: Experts Come Together To Decipher Rising Financial Cybercrime And Prevention

NEW DELHI: The country’s top cyber experts came under one umbrella to share their knowledge about rising financial cybercrime and preventive measures. The webinar was organised by IIT Kanpur, incubated Future Crime Research Foundation (FCRF) and the Centre for Marketing in Emerging Economies (CMEE) at IIM Lucknow and Delberto.

The event saw participation from law enforcement, banking and finance experts, legal eagles, cyber experts, and academicians. 

The expert panel included Prof Triveni Singh, SP, cyber crime, Uttar Pradesh, cyber expert Amit Dubey, Bharat Panchal, Chief Industry Relations & Regulatory Officer – India, Discover Financial Services, Supreme Court Advocate Dr Karnika Seth, Kanishk Gaur, founder of the India Future Foundation, Dr Satyabhusan Dash, Professor of Marketing Management and Chairperson CMEE and Dharmendra Kumar Jha, Dy. General Manager (Information Security Operations) at SBI. The event was moderated by Shashank Shekhar, founder of Future Crime Research Foundation.

Prof Triveni Singh discussed the latest financial fraud. He explained how UP Cyber Police Cracked Rs 145 Crore Digital Bank Robbery At Cooperative Bank. 

Similarly, during a technical session, Amit Dubey, chief mentor of Root64 Infosec Foundation, explained different financial frauds and preventive measures to the audience.  

WATCH THE WEBINAR: https://www.youtube.com/watch?v=rHeYUwZ-Zaw&t=5854s

In the round table discussion, Supreme Court Advocate Dr Karnika Seth said since the epidemic, cybercrime has exponentially risen. Particularly in the healthcare, financial, and banking industries, the number of attacks has multiplied by multiples.

“Cybercriminals essentially exploited the anonymity of internet, unpreparedness of users, and lack of cyber hygiene and literacy knowledge and education,” Seth said.

Sharing her viewpoint on India’s preparedness, Seth said, “I think India as it stands today has not only developed its technologies in a very strong and robust manner, including AI and Metaverse, which we are trying to use for various problem solving and challenges, but we are also prepared for data protection and privacy, and that is something which is at the helm of affairs at this point in the ministry, and we have been very closely examining how we bring in due diligence and re-filtering measures.”

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Bharat Panchal, Chief Industry Relations & Regulatory Officer – India, Discover Financial Services, said massive physical-to-digital transformation significantly contributes to the rise in cybercrime. Digital adoption is excessive, yet awareness has remained constant.

Panchal explained that consumers have too much to consume, leading to confusion about how to handle it. It takes 10 minutes to open a bank account in today’s fast-paced society, yet that time is crucial for the customer to comprehend the system’s complexity.

The next speaker, Kanishk Gaur, founder of the India Future Foundation, said the presence of non-state actors is one of the most significant contributors to the rise in cybercrime. Second, people have a relatively short attention span, especially in metropolitan areas, and are willing to disclose information if they are put in an emergency situation, such as being told that their bank account will be frozen.

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Highlight the problem Gaur said it is quite difficult to identify and confirm whether marketing calls originate from legitimate sources or are conducted by con artists.

Dharmendra Kumar Jha, Dy. General Manager (Information Security Operations) at State Bank of India (SBI) said, “My primary role as an information security specialist is to implement preventive control. Also, if our delivery is operationally, technically, and conceptually secure, it is quite unlikely to be exploited. Therefore, we are 100% secure at the preventative stage.”

Highlighting the importance of strictly practicing standard protocol, Jha said to follow baseline controls for a secure development. Some baseline controls were missed in popular cyberattacks. We must maintain a robust IT platform.

Dr. Satyabhusan Dash, Professor of Marketing Management and Chairperson, Centre for Marketing in Emerging Economies at Indian Institute of Management, Lucknow, said ongoing research is to be conducted to understand cyber threat modes and evolving solutions at both the national and cross-national level as well as to understand similarities and differences. All educational institutes should develop courses around the topic and teach in all engineering and management institutes.

Prof Dash stressed the need for flexible tools that can streamline and automate security processes to keep up with changes. Innovation in security systems should evolve from pathbreaking research to meet new modalities of cyber threat.

Greater clarity about roles and responsibilities is required to define for financial authorities, law enforcement, diplomats, and other government actors. International collaboration is necessary as cyber crimes are now global in nature.

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