Domestic UPI Frauds: Finance Ministry Presented Data in LokSabha

Introduction

The rise in start-up culture, increasing investments, and technological breakthroughs are being encouraged alongside innovations and the incorporation of generative Artificial Intelligence elements. Witnessing the growing focus on human-centred AI, its potential to transform industries like education remains undeniable. Enhancing experiences and inculcating new ways of learning, there is much to be explored. Recently, a Delhi-based non-profit called Rocket Learning, in collaboration with Google.org, launched Appu- a personalised AI educational tool providing a multilingual and conversational learning experience for kids between 3 and 6.

AI Appu

Developed in 6 months, along with the help of dedicated Google.org fellows, interactive Appu has resonated with those the founders call “super-users,” i.e. parents and caregivers. Instead of redirecting students to standard content and instructional videos, it operates on the idea of conversational learning, one equally important for children in the targeted age bracket. Designed in the form of an elephant, Appu is supposed to be a personalised tutor, helping both children and parents understand concepts through dialogue. AI enables the generation of different explanations in case of doubt, aiding in understanding. If children were to answer in mixed languages instead of one complete sentence in a single language (eg, Hindi and English), the AI would still consider it as a response. The AI lessons are two minutes long and are inculcated with real-world examples. The emphasis on interactive and fun learning of concepts through innovation enhances the learning experience. Currently only available in Hindi, it is being worked on to include 20 other languages such as Punjabi and Marathi. 

UNESCO, AI, and Education

It is important to note that such innovations also find encouragement in UNESCO’s mandate as AI in education contributes to achieving the 2030 Agenda of Sustainable Development Goals (here; SDG 4- focusing on quality education). Within the ambit of the Beijing Consensus held in 2019, UNESCO encourages a human-centred approach to AI, and has also developed the “Artificial Intelligence and Education: Guidance for Policymakers” aiming towards understanding its potential and opportunities in education as well as the core competencies it needs to work on. Another publication was launched during one of the flagship events of UNESCO- (Digital Learning Week, 2024) - AI competency frameworks for both, students and teachers which provide a roadmap for assessing the potential and risks of AI, each covering common aspects such as AI ethics, and human-centred mindset and even certain distinct options such as AI system design for students and AI pedagogy for teachers.

Potential Challenges

While AI holds immense promise in education, innovation with regard to learning is contentious as several risks must be carefully managed. Depending on the innovation, AI’s struggle with multitasking beyond the classroom, such as administrative duties and tedious grading, which require highly detailed role descriptions could prove to be a challenge. This can become exhausting for developers managing innovative AI systems, as they would have to fit various responses owing to the inherent nature of AI needing to be trained to produce output. Security concerns are another major issue, as data breaches could compromise sensitive student information. Implementation costs also present challenges, as access to AI-driven tools depends on financial resources. Furthermore, AI-driven personalised learning, while beneficial, may inadvertently reduce student motivation, also compromising students' soft skills, such as teamwork and communication, which are crucial for real-world success. These risks highlight the need for a balanced approach to AI integration in education.

Conclusion

Innovations related to education, especially the ones that focus on a human-centred AI approach, have immense potential in not only enhancing learning experiences but also reshaping how knowledge is accessed, understood, and applied. Untapped potential using other services is also encouraged in this sector. However, maintaining a balance between fostering intrigue and ensuring the inculcation of ethical and secure AI remains imperative.

References

• https://www.unesco.org/en/articles/what-you-need-know-about-unescos-new-ai-competency-frameworks-students-and-teachers?hub=32618
• https://www.unesco.org/en/digital-education/artificial-intelligence
• https://www.deccanherald.com/technology/google-backed-rocket-learning-launches-appu-an-ai-powered-tutor-for-kids-3455078
• https://indianexpress.com/article/technology/artificial-intelligence/how-this-google-backed-ai-tool-is-reshaping-education-appu-9896391/
• https://www.thehindu.com/business/ai-appu-to-tutor-children-in-india/article69354145.ece
• https://www.velvetech.com/blog/ai-in-education-risks-and-concerns/ 

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Introduction

With the increasing reliance on digital technologies in the banking industry, cyber threats have become a significant concern. Cyberlaw plays a crucial role in safeguarding the banking sector from cybercrimes and ensuring the security and integrity of financial systems.

The banking industry has witnessed a rapid digital transformation, enabling convenient services and greater access to financial resources. However, this digitalisation also exposes the industry to cyber threats, necessitating the formulation and implementation of effective cyber law frameworks.

Recent Trends in the Banking Industry

Digital Transformation: The banking industry has embraced digital technologies, such as mobile banking, internet banking, and financial apps, to enhance customer experience and operational efficiency.

Open Banking: The concept of open banking has gained prominence, enabling data sharing between banks and third-party service providers, which introduces new cyber risks.

How Cyber Law Helps the Banking Sector

The banking sector and cyber crime share an unspoken synergy due to the mass digitisation of banking services. Thanks to QR codes, UPI and online banking payments, India is now home to 40% of global online banking transactions. Some critical aspects of the cyber law and banking sector are as follows:

Data Protection: Cyberlaw mandates banks to implement robust data protection measures, including encryption, access controls, and regular security audits, to safeguard customer data.

Incident Response and Reporting: Cyberlaw requires banks to establish incident response plans, promptly report cyber incidents to regulatory authorities, and cooperate in investigations.

Customer Protection: Cyberlaw enforces regulations related to online banking fraud, identity theft, and unauthorised transactions, ensuring that customers are protected from cybercrimes.

Legal Framework: Cyberlaw provides a legal foundation for digitalisation in the banking sector, assuring customers that regulations protect their digital transactions and data.

Cybersecurity Training and Awareness: Cyberlaw encourages banks to conduct regular training programs and create awareness among employees and customers about cyber threats, safe digital practices, and reporting procedures.

RBI Guidelines

The RBI, as India’s central banking institution, has issued comprehensive guidelines to enhance cyber resilience in the banking industry. These guidelines address various aspects, including:

Technology Risk Management

Cyber Security Framework

IT Governance

Cyber Crisis Management Plan

Incident Reporting and Response

Recent Trends in Banking Sector Frauds and the Role of Cyber Law

Phishing Attacks: Cyberlaw helps banks combat phishing attacks by imposing penalties on perpetrators and mandating preventive measures like two-factor authentication.

Insider Threats: Cyberlaw regulations emphasise the need for stringent access controls, employee background checks, and legal consequences for insiders involved in fraudulent activities.

Ransomware Attacks: Cyberlaw frameworks assist banks in dealing with ransomware attacks by enabling legal actions against hackers and promoting preventive measures, such as regular software updates and data backups.

Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs)

Draft of Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs) issued by the Reserve Bank of India (RBI). The directions provide guidelines and requirements for PSOs to improve the safety and security of their payment systems, with a focus on cyber resilience. These guidelines for PSOs include mobile payment service providers like Paytm or digital wallet payment platforms.

Here are the highlights-

The Directions aim to improve the safety and security of payment systems operated by PSOs by providing a framework for overall information security preparedness, with an emphasis on cyber resilience.

The Directions apply to all authorised non-bank PSOs.

PSOs must ensure adherence to these Directions by unregulated entities in their digital payments ecosystem, such as payment gateways, third-party service providers, vendors, and merchants.

The PSO’s Board of Directors is responsible for ensuring adequate oversight over information security risks, including cyber risk and cyber resilience. A sub-committee of the Board may be delegated with primary oversight responsibilities.

PSOs must formulate a Board-approved Information Security (IS) policy that covers roles and responsibilities, measures to identify and manage cyber security risks, training and awareness programs, and more.

PSOs should have a distinct Board-approved Cyber Crisis Management Plan (CCMP) to detect, contain, respond, and recover from cyber threats and attacks.

A senior-level executive, such as a Chief Information Security Officer (CISO), should be responsible for implementing the IS policy and the cyber resilience framework and assessing the overall information security posture of the PSO.

PSOs need to define Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs) to identify potential risk events and assess the effectiveness of security controls. The sub-committee of the Board is responsible for monitoring these indicators.

PSOs should conduct a cyber risk assessment when launching new products, services, technologies, or significant changes to existing infrastructure or processes.

PSOs, including inventory management, identity and access management, network security, application security life cycle, security testing, vendor risk management, data security, patch and change management life cycle, incident response, business continuity planning, API security, employee awareness and training, and other security measures should implement various baseline information security measures and controls.

PSOs should ensure that payment transactions involving debit to accounts conducted electronically are permitted only through multi-factor authentication, except where explicitly permitted/relaxed.

Conclusion

The relationship between cyber law and the banking industry is crucial in ensuring a secure and trusted digital environment. Recent trends indicate that cyber threats are evolving and becoming more sophisticated. Compliance with cyber law provisions and adherence to guidelines such as those provided by the RBI is essential for banks to protect themselves and their customers from cybercrimes. By embracing robust cyber law frameworks, the banking industry can foster a resilient ecosystem that enables innovation while safeguarding the interests of all stakeholders or users.

Introduction‍

Netizens across the globe have been enjoying the fruits of technological advancements in the digital century. Our personal and professional life has been impacted deeply by the new technologies. The previous year we saw an exponential rise in blockchain integration and the applications of Web 3.0. There is no denying that the Covid-19 pandemic caused a rapid rise in technology and internet penetration all across the globe, bringing the world closer with respect to connectivity and the exchange of ideas and knowledge. Tech advancements have definitely made our lives easier, but the same has also opened the doors to various vulnerabilities and new potential threats. As cyberspace expands, so do the vulnerabilities associated with it, and it is critical we take note of such issues and create safeguards to the extent that such incidents are prevented before they occur. We need to create sustainable and secure cyberspace for future generations.MetaVerse in 2023The metaverse was introduced by Facebook (now Meta) in 2021 as a peak into the future of cyberspace. Since then, tech developers have been working towards arming the metaverse with extraordinary innovations and applications. Netizens came across news like someone bought a house or a plot in the metaverse, someone bought a car in the metaverse, and so on, these news were taken to be the evidence of the netizen’s transition towards the new digital age as we have seen in sci-fi movies. But today this type of news has become history and the metaverse is expanding faster than ever. Let us look at the latest developments and trends in the metaverse-

• Avatar creation - The avatar creation in the metaverse will be a pivotal move as the avatars will represent the user, and essentially it will be the digital, version of the user and will be similar to the user's personal and physical traits to maintain realism in the metaverse.
• Architecture firms - Metaverse has its own set of architects who will be working towards creating your dream home or pro[erty in the metaverse, the heavy code-based services are now being sold just as if they were in the physical space.
• Mining - The metaverse already has companies who are mining gold, silver, petroleum, and other resources for the avatars in the metaverse, for instance, if someone has bought a car in the metaverse, it will still need fuel to run.
• Security firms - These firms are the first line of defenders in the metaverse as they provide tech-based solutions and protocols to secure one’s avatar and belongings in the metaverse.
• Metaverse Police - Interpol, along with its global partner organization has created the metaverse police, who will be working towards creating a safe cyber ecosystem by maintaining compliance with digital laws and ethics.

Advancements beyond metaverse in 2023

‍Technology continues to be a critical force for change in the world. Technology breakthroughs give enterprises more possibilities to lift their productivity and invent offerings. And while it remains difficult to forecast how technology trends will play out, business leaders can plan ahead better by watching the development of new technologies, anticipating how companies could utilize them, and understanding the factors that impact innovation and adoption.

• Applied observability

It advances the practice of pattern recognition. To foresee and identify abnormalities and offer solutions, one must have the capacity to delve deeply into complicated systems and a stream of data. Data fuels this aspect of tech growth in the future.

• Digital Immune System

To ensure that all major systems operate round-the-clock to deliver uninterrupted services, Digital Immune System will combine observability, AI-augmented testing, chaos engineering, site reliability engineering (SRE), and software supply chain security. This will take the efficiency of the systems to a new level.

• Super apps

These represent the upcoming shift in application usage, design, and development, where consumers will utilise a single app to manage most systems in an enterprise ecosystem. Over 50% of the world’s population will utilise super apps on a daily basis to fulfill their daily personal and professional needs.

• AR/VR and BlockChain technology

A combination of better interconnected, safe, and immersive virtual environments where people and businesses may recreate real-life scenarios will be created by combining AR/VR, AI/ML, IoT, and Blockchain, thus creating a new vertical of innovation with keen technologies of Web 3.0.

• AAI

The next level of AI, i.e., Advanced Artificial Intelligence (AI), will revolutionise machine learning, pattern recognition, and computing. It aims to fully automate processes without requiring any manual input, thus eradicating the issues of human error and bad actor influence completely.

• Corporate Metaverse

Aside from its power as a marketing tool, the metaverse promises to provide platforms, tools, and entire virtual worlds where business can be done remotely, efficiently, and intelligently. We can expect to see the metaverse concept merge with the idea of the “digital twin” – virtual simulations of real-world products, processes, or operations that can be used to test and prototype new ideas in the safe environment of the digital domain. From wind farms to Formula 1 cars, designers are recreating physical objects inside virtual worlds where their efficiency can be stress-tested under any conceivable condition without the resource costs that would be incurred by testing them in the physical world.ConclusionIn 2023, we will see more advanced use cases for technology such as motion capture, which will mean that as well as looking and sounding more like us, our avatars will adopt our own unique gestures and body language. We may even start to see further developments in the fields of autonomous avatars – meaning they won't be under our direct control but will be enabled by AI to act as our representatives in the digital world while we ourselves get on with other, completely unrelated tasks. As we go deeper into cyberspace, we need to remember the basic safety practices and inculcate them with respect to cyberspace and work towards creating string policies and legislations to safeguard the digital rights and duties of the netizen to create a wholesome and interdependent cyber ecosystem.

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