#FactCheck: Fake viral AI video captures a real-time bridge failure incident in Bihar

According to Statista, the number of users in India's digital assets market is expected to reach 107.30m users by 2025 (Impacts of Inflation on Financial Markets, August 2023). India's digital asset market has been experiencing exponential growth fueled by the increased adoption of cryptocurrencies and blockchain technology. This furthers the need for its regulation. Digital assets include cryptocurrencies, NFTs, asset-backed tokens, and tokenised real estate. 

India has defined Digital Assets under Section 47(A) of the Income Tax Act, 1961. The Finance Act 2022-23 has added the word 'virtual' to make it “Virtual Digital Assets”. A “virtual digital asset” is any information or code, number, or token, created through cryptographic methods or otherwise, by any name, giving a digital representation of value exchanged with or without consideration. A VDA should contain an inherent value and represent a store of value or unit of account, functional in any financial transaction or investment. These can be stored,  transferred, or traded in electronic format. 

Digital Asset Governance: Update and Future Outlook

Indian regulators have been conservative in their approach towards digital assets, with the Reserve Bank of India first issuing directions against cryptocurrency transactions in 2018. This ban was removed by the Supreme Court through a court order in 2020. The presentation of the Cryptocurrency and Regulation of Official Digital Currency Bill of 2021 is a fairly important milestone in its attempts to lay down the framework for issuing an official digital currency by the Reserve Bank of India. While some digital assets seem to have potential, like the Central Bank Digital Currencies (CBDCs) and blockchain-based financial applications, a blanket prohibition has been enforced on private cryptocurrencies.

However, in more recent trends, the landscape is changing as the RBI's CBDC is to provide a state-backed digital alternative to cash under a more structured regulatory framework. This move seeks to balance state control with innovation on investor safety and compliance, expecting to reduce risk and enhance security for investors by enacting strict anti-money laundering and know-your-customer laws. Highlighting these developments is important to examine how global regulatory trends influence India's digital asset policies.

Impact of Global Development on India’s Approach 

Global regulatory developments have an impact on Indian policies on digital assets. The European Union's Markets in Crypto-assets (MiCA) is to introduce a comprehensive regulatory framework for cryptocurrencies that could act as an inspiration for India. MiCA regulation covers crypto-assets that are not currently regulated by existing financial services legislation. Its particular focus on consumer protection and market integrity resonates with India in terms of investigating needs related to digital assets, including fraud and price volatility. Additionally, evolving policies in the US, such as regulating crypto exchanges and classifying certain tokens as securities, could also form the basis for India's regulatory posture.

Collaboration on the international level is also a chief contributing factor. India’s regular participation in global forums like the G20, facilitates an opportunity to align its regulations on digital assets with other countries, tending toward an even more standardised and predictable framework for cross-border transactions. This can significantly help India given that the nation  has a huge diaspora providing a critical inflow of remuneration.

CyberPeace Outlook

Though digital assets offer many opportunities to India, challenges also exist. Cryptocurrency volatility affects investors, posing concerns over fraud and illicit dealings. A balance between the need for innovation and investor protection is paramount to avoid killing the growth of India's digital asset ecosystem with overly restrictive regulations.

Financial inclusion, efficient cross-border payments with low transaction costs, and the opening of investment opportunities are a few opportunities offered by digital assets. For example, the tokenisation of real estate throws open real estate investment to smaller investors. To strengthen the opportunities while addressing challenges, some policy reforms and new frameworks might prove beneficial. 

CyberPeace Policy Recommendations

• Establish a regulatory sandbox for startups working in the area of blockchain and digital assets. This would allow them to test innovative solutions in a controlled environment with regulatory oversight minimising risks.
• Clear guidelines for the taxation of digital assets should be provided as they will ensure transparency, reduce ambiguity for investors, and promote compliance with tax regulations. Specific guidelines can be drawn from the EU's MiCA regulation.  
• Workshops, online resources, and campaigns are some examples of initiatives aimed at improving consumer awareness about digital assets, benefits and associated risks that should be implemented. Partnerships with global fintech firms will provide a great opportunity  to learn best practices.

Conclusion

India is positioned at a critical juncture with respect to the debate on digital assets. The challenge which lies ahead is one of balancing innovation with effective regulation. The introduction of the Central Bank Digital Currency (CBDC) and the development of new policies signal a willingness on the part of the regulators to embrace the digital future. In contrast, issues like volatility, fraud, and regulatory compliance continue to pose hurdles. By drawing insights from global frameworks and strengthening ties through international forums, India can pave the way for a secure and dynamic digital asset ecosystem. Embracing strategic measures such as regulatory sandboxes and transparent tax guidelines will not only protect investors but also unlock the immense potential of digital assets, propelling India into a new era of financial innovation and inclusivity.

References

• https://www.weforum.org/agenda/2024/10/different-countries-navigating-uncertainty-digital-asset-regulation-election-year/ 
• https://www.acfcs.org/eu-passes-landmark-crypto-regulation 
• https://www.indiabudget.gov.in/budget2022-23/doc/Finance_Bill.pdf 
• https://www.weforum.org/agenda/2024/10/different-countries-navigating-uncertainty-digital-asset-regulation-election-year/
• https://www3.weforum.org/docs/WEF_Digital_Assets_Regulation_2024.pdf 

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Introduction

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In the hyperconnected world, cyber incidents can no longer be treated as sporadic disruptions; such incidents have become an everyday occurrence. The attack landscape today is very consequential and shows significant multiplication in its frequency, with ransomware attacks incapacitating a health system, phishing attacks hitting a financial institution, or state-sponsored attacks on critical infrastructures. Towards counteracting such threats, traditional ways alone are not enough, they gravely rely on manual research and human intellect. Attackers exercise speed, scale, and stealth, and defenders are always four steps behind. With such a widening gap, it is deemed necessary to facilitate incident response and crisis management with the intervention of automation and artificial intelligence (AI) for faster detection, context-driven decision-making, and collaborative response beyond human capabilities.

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Incident Response and Crisis Management

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Incident response is the structured way in which organisations deal with responding to detecting, segregating, and recovering from security incidents. Crisis management takes this even further, dealing not only with the technical fallout of a breach but also its business, reputation, and regulatory implications. Echelon used to depend on manual teams of people sorting through logs, cross-correlating alarms, and generating responses, a paradigm effective for small numbers but quickly inadequate in today's threat climate. Today's opponents attack at machine speed, employing automation to launch attacks. Under such circumstances, responding with slow, manual methods means delay and draconian consequences. The AI and automation introduction is a paradigm change that allows organisations to equate the pace and precision with which attackers initiate attacks in responding to incidents.

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How Automation Reinvents Response

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Cybercrime automation liberates cybercrime analysts from boring and repetitive tasks that consume time. An analyst manually detects potential threats from a list of hundreds each day, while automated systems sift through noise and focus only on genuine threats. Malware can automatically cause infected computers to be disconnected from the network to avoid spreading or may automatically have its suspicious account permissions removed without human intervention. The security orchestration systems move further by introducing playbooks, predefined steps describing how incidents of a certain type (e.g., phishing attempts or malware infections) should be handled. This ensures fast containment while ensuring consistency and minimising human error amid the urgency of dealing with thousands of alerts.

Automation takes care of threat detection, prioritisation, and containment, allowing human analysts to refocus on more complex decision-making. Instead of drowning in the sea of trivial alerts, security teams can now devote their efforts to more strategic areas: threat hunting and longer-term resilience. Automation is a strong tool of defence, cutting response times down from hours to minutes.

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The Intelligence Layer: AI in Action

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If automation provides speed, then AI is what allows the brain to be intelligent and flexible. Working with old and fixed-rule systems, AI-enabled solutions learn from experiences, adapt to changes in threats, and discover hidden patterns of which human analysts themselves would be unaware. For instance, machine learning algorithms identify normal behaviour on a corporate network and raise alerts on any anomalies that could indicate an insider attack or an advanced persistent threat. Similarly, AI systems sift through global threat intelligence to predict likely attack vectors so organisations can have their vulnerabilities fixed before they are exploited.

AI also boosts forensic analysis. Instead of searching forever for clues, analysts let AI-driven systems trace back to the origin of an event, identify vulnerabilities exploited by attackers, and flag systems that are still under attack. During a crisis, AI is a decision support that predicts outcomes of different scenarios and recommends the best response. In response to a ransomware attack, for example, based on context, AI might advise separating a single network segment or restoring from backup or alerting law enforcement. 

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Real-World Applications and Case Studies

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Already, this mitigation has been provided in the form of real-world applications of automation and AI. Consider, for example, IBM Watson for Cybersecurity, which has been applied in analysing unstructured threat intelligence and providing analysts with actionable results in minutes, rather than days. Like this, systems driven by AI in DARPA's Cyber Grand Challenge demonstrated the ability to automatically identify an instant vulnerability, patch it, and reveal the potential of a self-healing system. AI-powered fraud detection systems stop suspicious transactions in the middle of their execution and work all night to prevent losses. What is common in all these examples is that automation and AI lessen human effort, increase accuracy, and in the event of a cyberattack, buy precious time.

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Challenges and Limitations

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While promising, the technology is still not fully mature. The quality of an AI system is highly dependent on the training data provided; poor training can generate false positives that drown teams or worse false negatives that allow attackers to proceed unabated. Attackers have also started targeting AI itself by poisoning datasets or designing malware that does not get detected. Aside from risks that are more technical, the operational and financial costs involved in implementing advanced AI-based systems present expensive threats to any company. Organisations will have to make expenditures not only on technology but also for the training of staff to best utilise these tools. There are some ethical and privacy issues to consider as well because systems may be processing sensitive personal data, so global data protection laws such as the GDPR or India's DPDP Act could come into conflict.

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Creating a Human-AI Collaboration

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The future is not going to be one of substitution by machines but of creating human-AI synergy. Automation can do the drudgery, AI can provide smarts, and human professionals can use judgment, imagination, and ethical decisions. One would want to build AI-fuelled Security Operations Centres where technology and human experts work in tandem. Continuous training must be provided to AI models to reduce false alarms and make them most resistant against adversarial attacks. Regular conduct of crisis drills that combine AI tools and human teams can ensure preparedness for real-time events. Likewise, it is worth integrating ethical AI guidelines into security frameworks to ensure a stronger defence while respecting privacy and regulatory compliance.

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Conclusion

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Cyber-attacks are an eventuality in this modern time, but the actual impact need not be so harsh. The organisations can maintain the programmatic method of integrating automation and AI into incident response and crisis management so that the response against the very threat can be shifted from reactive firefighting to proactive resilience. Automation gives speed and efficiency while AI gives intelligence and foresight, hence putting the defenders on par and possibly exceeding the speed and sophistication of the attackers. But an utmost system without human inquisitiveness, ethical reasoning, and strategic foresight would remain imperfect. The best defence is in that human-machine relationship symbiotic system wherein automation and AI take care of how fast and how many cyber threats come in, whereas human intellect ensures that every response is aligned with larger organizational goals. This synergy is where cybersecurity resiliency will reside in the future-the defenders won't just be reacting to emergencies but will rather be driving the way.

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References

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• https://www.sisainfosec.com/blogs/incident-response-automation/
• https://stratpilot.ai/role-of-ai-in-crisis-management-and-its-critical-importance/
• https://www.juvare.com/integrating-artificial-intelligence-into-crisis-management/
• https://www.motadata.com/blog/role-of-automation-in-incident-management/

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Executive Summary:

Recently, a viral post on social media claiming that actor Allu Arjun visited a Shiva temple to pray in celebration after the success of his film, PUSHPA 2. The post features an image of him visiting the temple. However, an investigation has determined that this photo is from 2017 and does not relate to the film's release.

Claims:

The claim states that Allu Arjun recently visited a Shiva temple to express his thanks for the success of Pushpa 2, featuring a photograph that allegedly captures this moment.

Fact Check:

The image circulating on social media, that Allu Arjun visited a Shiva temple to celebrate the success of Pushpa 2, is misleading. 

After conducting a reverse image search, we confirmed that this photograph is from 2017, taken during the actor's visit to the Tirumala Temple for a personal event, well before Pushpa 2  was ever announced. The context has been altered to falsely connect it to the film's success. Additionally, there is no credible evidence or recent reports to support the claim that Allu Arjun visited a temple for this specific reason, making the assertion entirely baseless.

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Before sharing viral posts, take a brief moment to verify the facts. Misinformation spreads quickly and it’s far better to rely on trusted fact-checking sources.

Conclusion:

The claim that Allu Arjun visited a Shiva temple to celebrate the success of Pushpa 2 is false. The image circulating is actually from an earlier time. This situation illustrates how misinformation can spread when an old photo is used to construct a misleading story. Before sharing viral posts, take a moment to verify the facts. Misinformation spreads quickly, and it is far better to rely on trusted fact-checking sources.

• Claim: The image claims Allu Arjun visited Shiva temple after Pushpa 2’s success.
• Claimed On: Facebook
• Fact Check: False and Misleading