Mental Health and Protecting Our Minds Against Misinformation
Introduction
Conversations surrounding the scourge of misinformation online typically focus on the risks to social order, political stability, economic safety and personal security. An oft-overlooked aspect of this phenomenon is the fact that it also takes a very real emotional and mental toll on people. Even as we grapple with the big picture questions about financial fraud or political rumors or inaccurate medical information online, we must also appreciate the fact that being exposed to misinformation and becoming aware of one’s own vulnerability are both significant sources of mental stress in today’s digital ecosystem.
Inaccurate information causes confusion and worry, which has negative consequences for mental health. Misinformation may also impair people's sense of well-being by undermining their trust in institutions, authority figures, and their own judgment. The constant bombardment of misinformation can lead to information overload, wherein people are unable to discriminate between legitimate sources and misleading content, resulting in mental exhaustion and a sense of being overwhelmed by the sheer volume of information available. Vulnerable groups such as children, the elderly, and those with pre-existing health conditions are more sensitive or susceptible to the negative effects of misinformation.
How Does Misinformation Endanger Mental Health?
Misinformation on social media platforms is a matter of public health because it has the potential to confuse people, lead to poor decision-making and result in cognitive dissonance, anxiety and unwanted behavioural changes.
Unconstrained misinformation can also lead to social disorder and the prevalence of negative emotions amongst larger numbers, ultimately causing a huge impact on society. Therefore, understanding the spread and diffusion characteristics of misinformation on Internet platforms is crucial.
The spread of misinformation can elicit different emotions of the public, and the emotions also change with the spread of misinformation. Factors such as user engagement, number of comments, and time of discussion all have an impact on the change of emotions in misinformation. Active users tend to make more comments, engage longer in discussions, and display more dominant negative emotions when triggered by misinformation. Understanding the evolution pattern of emotions triggered by misinformation is also important in view of the public’s emotional fluctuations under the influence of misinformation, and social media often magnifies the impact of emotions and makes emotions spread rapidly in social networks. For example, the sentiment of misinformation increases when there are sensitive topics such as political elections, viral trending topics, health-related information, communal and local information, information about natural disasters and more. Active misinformation on the Internet not only affects the public's psychology, mental health and behavior, but also has an impact on the stability of social order and the maintenance of social security.
Prebunking and Debunking To Build Mental Guards Against Misinformation
As the spread of misinformation and disinformation rises, so do the techniques aimed to tackle their spread. Prebunking or attitudinal inoculation is a technique for training individuals to recogniseand resist deceptive communications before they can take root. Prebunking is a psychological method for mitigating the effects of misinformation, strengthening resilience and creating cognitive defenses against future misinformation. Debunking provides individuals with accurate information to counter false claims and myths, correcting misconceptions and preventing the spread of misinformation. By presenting evidence-based refutations, debunking helps individuals distinguish fact from fiction.
What do health experts say about online misinformation?
“In the21st century, mental health is crucial due to the overwhelming amount of information available online. The COVID-19 pandemic-related misinformation was a prime example of this, with misinformation spreading online, leading to increased anxiety, panic buying, fear of leaving home, and mistrust in health measures. To protect our mental health, it is essential to cultivate a discerning mindset, question sources, and verify information before consumption. Fostering a supportive community that encourages open dialogue and fact-checking can help navigate the digital information landscape with confidence and emotional support. Prioritising self-care routines, mindfulness practices, and seeking professional guidance are also crucial for safeguarding mental health in the digital information era.”
In conversation with CyberPeace ~ Says Dubai-based psychologist, Aishwarya Menon, (BA,in Psychology and Criminology from the University of Westen Ontario, London and MA in Mental Health and Addictions (Humber College, University of Guelph),Toronto.
CyberPeace Policy Recommendations:
1) Countering misinformation is everyone's shared responsibility. To mitigate the negative effects of infodemics online, we must look at developing strong legal policies, creating and promoting awareness campaigns, relying on authenticated content on mass media, and increasing people's digital literacy.
2) Expert organisations actively verifying the information through various strategies including prebunking and debunking efforts are among those best placed to refute misinformation and direct users to evidence-based information sources. It is recommended that countermeasures for users on platforms be increased with evidence-based data or accurate information.
3) The role of social media platforms is crucial in the misinformation crisis, hence it is recommended that social media platforms actively counter the production of misinformation on their platforms. Local, national, and international efforts and additional research are required to implement the robust misinformation counterstrategies.
4) Netizens are advised or encouraged to follow official sources to check the reliability of any news or information. They must recognise the red flags by recognising the signs such as questionable facts, poorly written texts, surprising or upsetting news, fake social media accounts and fake websites designed to look like legitimate ones. Netizens are also encouraged to develop cognitive skills to discern fact and reality. Netizens are advised to approach information with a healthy dose of skepticism and curiosity.
Final Words:
It is crucial to protect mental health by escalating and disturbing the rise of misinformation incidents on various subjects, safeguarding our minds requires cognitive skills, building media literacy and verifying the information from trusted sources, prioritising mental health by self-care practices and staying connected with supportive authenticated networks. Promoting prebunking and debunking initiatives is necessary. Netizen scan protect themselves against the negative effects of misinformation and cultivate a resilient mindset in the digital information age.
References:
- https://www.hindawi.com/journals/scn/2021/7999760/
- https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8502082/
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Introduction
India’s digital growth journey has been moving at a tremendous pace. According to MeitY’s report, India’s digital economy is expected to rise to US$ 500 billion by 2025, up from US$ 200 billion in 2019. The digitisation drive that we are experiencing is likely to foster and boost a favourable business environment that will attract rapid investment and augment economic growth across sectors. This will, in turn, compel businesses to adopt digital platforms as solutions to meet customer expectations. Due to accelerated digitisation, cyber risks often deter business growth. Cybercrimes are becoming more rampant and complex and the costs associated with such breaches are not only increasing but also becoming more systemic.
Development of the Cyber Insurance Landscape
Digitization of businesses started in the 1980s with the use of mainframes. Personal computers entered the game and further modified the landscape from the 2000s along with LANs, the internet and the dot-com boom of the 2000s. In the late 1990s, cyber-insurance was developed as a risk management tool to ensure information security. Coverage was limited, and clients included SMEs in need of insurance to qualify for tenders, or community banks too small to hedge the risks of their online banking operations. The first cyber insurance policy was written in 1997 through AIG, against hacking as a third-party liability policy.
The current trends in the cyber insurance space are focused on the prevention of cyber risks, which by nature are hard to outline and constantly evolving. The result is that the buyers have limited clarity on the types of cyber risks covered under cyber insurance, and even lesser visibility on the scope and amount of optimum coverage. Unfamiliarity with the claim procedure and resolutions, ambiguous claim thresholds during settlements, and confusion around exclusions and coverage of regulatory fines and penalties under a purchased scheme further discourage potential buyers from seriously investing in cyber insurance products.
Key Factors in Cyber Insurance Evolution and Its Role in Risk Management
The cyber insurance market in India has three key influencing factors, namely the speed of achieving digital maturity, government initiatives to digitise and enforce stringent cyber laws, and the evolving landscape with technology giants and MNCs entering the cyber insurance domain. The latter are the catalyst for intensifying competition in this market.
Advancements in technology in terms of AI, machine learning, big data, robotics, blockchain, augmented and virtual reality, and IoT are expected to reshape the insurance industry and help reach untapped audiences in a more digital-forward manner. With the absence of a standard cyber insurance policy, regulators need to take the following variables into consideration while developing cyber insurance policies: the risk insured against, the scope of the loss covered and the limits/ sub-limits.
Challenges
With the complexity of cyber risks increasing exponentially the challenges to counter the same are growing too which is leading to gaps in the coverage offered for cyber threats. Resultantly, the compliance regulations are dependent on the risks which exist and cyber threat actors adopt new technologies faster and exploit them to their benefit. A lack of historical data and predictability in future cyber risks, the possibility of large overwhelming loss events, uncertainties among market participants about what is specifically covered under such policies, and legal battles over fundamental issues are some of the challenges identified.
Future Outlook/ Recommendations
India's cyber infrastructure requires a multi-faceted approach that involves collaboration between government, industry, and academia should be developed. Some recommendations are:
- Risk assessments should be a general practice and the cyber insurance policies should be simplified, clearing the mismatch between the premium paid and insurance coverage and there should be standard verbosity across cyber policy language.
- Promoting R&D tailored to India focused on education programs that have public-private partnerships and global collaborations to share threat intelligence, best practices, and expertise in critical infrastructure protection.
- Cyber insurance can also be promoted as compliance with the DPDP Act, which would lead to better development of cyber infrastructure and cyber hygiene practices.
- Regular updates to cyber insurance policies to ensure relevance and effectiveness. Insurers could create and offer holistic cyber insurance risk management plans.
Conclusion
According to a report by Deloitte in 2023, the cyber insurance market in India is expected to grow by 27-30 per cent in the coming years and it is currently valued at USD 50-60 million, while maintaining a steady 27-30 per cent CAGR in the past three years. The Indian cyber infrastructure’s nature is challenging, however, it offers opportunities for growth, innovation, and collaboration. A proactive approach, supported by robust policies, advanced technologies, and skilled professionals, will be essential to building a resilient cyber infrastructure capable of withstanding evolving threats.
Reference
- https://www2.deloitte.com/content/dam/Deloitte/nl/Documents/financial-services/deloitte-nl-fsi-demystifying-cyber-insurance-coverage-report.pdf
- https://www.dnaindia.com/business/report-what-s-cyber-liablity-insurance-and-why-you-may-need-it-2136556
- https://economictimes.indiatimes.com/industry/banking/finance/insure/cyber-insurance-gains-momentum-in-india-set-to-witness-exponential-growth-deloitte/articleshow/104189297.cms?from=mdr
Introduction
In a groundbreaking move, India's Reserve Bank has embarked on a transformative journey with its Central Bank Digital Currency (CBDC) project. As the world grapples with the evolving landscape of digital finance, the implications of India's CBDC initiative extend beyond its borders, potentially reshaping global payment systems. The Union Minister of State for Finance, Shri Pankaj Chaudhary, revealed that on October 7, 2022, the Reserve Bank of India released a proposal note on Central Bank Digital Currency (CBDC). Two pilot projects using blockchain-based technology are described in the concept note: Digital Rupee-Wholesale (e₹-W) and Digital Rupee-Retail (e₹-R). Launched on November 1, 2022, the bulk trading pilot aims to increase intermediary competitiveness, particularly in the resolution of trades in the secondary market involving sovereign debt. In parallel, on December 1, 2022, the retail banking pilot, known as e₹-R, got underway in a limited user group with eight banks taking part in stages.
The digital asset known as e₳-R is issued across financial institutions for Person-to-Person (P2P) and Person-to-Merchant (P2M) transactions. It is intended to serve as a virtual currency that represents legal money and exhibits characteristics similar to actual cash. Based on input gathered during the continuing trial phases, the RBI intends to progressively broaden the pilot project's scope.
Central Bank Digital Currency Pilot Projects
Central Bank Digital Currency (CBDC), which the Central Bank of India is promoting, may easily perform an essential part in payments made across borders, according to Reserve Bank Governor Shaktikanta Das. The CBDC is going to be expanded to the international financial markets after being implemented as a trial in both the retail and wholesale industries.
CBDC in International Payments
He emphasized that although physical currency will still exist, the CBDC will eventually replace all forms of money worldwide.
"CBDC is going to be the future currency of the world and it is necessary that every central bank, every country works on CBDC," he stated. He also stated that as worldwide commerce moves more and more around science and technology, CBDCs will play a significant role since they can effectively and affordably speed up payment processing across different countries. Regarding India's foreign exchange reserves, the governor stated that the selection to increase the resources as a safety net and protection versus contagion possibilities was made consciously.
CBDCs' Place in the Transnational Economic Revolution
In certain economies worldwide, having a CBDC internationally accessible could lead to more replacements for foreign currencies rather than the home currencies, which could cause financial aggregates to become volatile and change the mix of instruments of exchange.
CBDC may have benefits related to first-mover savings of scale, and other consequences even in everyday circumstances. If nations with global currencies have established CBDCs, they could strengthen current advantages and disadvantages, including consequences, particularly in terms of revenue. In a similar vein, CBDC might alter the structure of international liquidity while safeguarding asset supply. Additionally, and particularly if imposed abruptly, CBDC may, in certain circumstances, result in significant capital movements and associated repercussions on the foreign exchange rate as well as additional asset prices. Furthermore, nations may encounter difficulties in getting ready for virtual currencies issued by central banks.
The worldwide and international scope of CBDCs accessible to immigrants may become particularly apparent in situations where there is a widespread flight safety concern. In these circumstances, converting a CBDC into a foreign currency would make it possible for capital markets to deleverage more quickly. The elimination of debt challenges could show up as tight finance constraints and abrupt swings in foreign exchange markets if CBDCS expedited its flight from uncertainty.
Deposits of Foreign Exchange and Self-Dependency
Reserve Bank Governor Shaktikanta Das stated "We must rely on ourselves. We must maintain our robust reserves. In order to achieve that goal, we have been amassing quite substantial reserves, and the outside world has come to feel quite confident that India would be able to fulfil its contractual responsibilities to the international community no matter what the obstacles,"
Involvement of RBI in the Currency Market
Given that the trading community was confident that the Reserve Bank of India would be capable of and able to fulfil its contractual responsibilities, the value of the Indian rupee did not decline as dramatically. The RBI governor stated that the RBI does participate in the economy, but that "our engagement operates in two ways," he would not hesitate to acknowledge this.
The Value of Macroeconomic and Budgetary Cooperation
According to RBI Governor Das, the RBI makes purchases and sales of dollars based on the direction in which the financial sector is trending. However, the RBI does not intend to set a certain level for the rupee because it does not consider any specific threshold for the Indian rupee's conversion rate against the US dollar. He also emphasized how crucial it is for both the financial and monetary authorities to work together.
Conclusion
India's CBDC project signals a transformative shift in the global digital finance landscape. Governor Shaktikanta Das envisions CBDCs as the future global currency, emphasizing their role in international payments. The potential impact on financial systems, cross-border transactions, and the need for self-reliance underscore the significance of India's CBDC initiative in shaping the evolving dynamics of the digital economy. As the project progresses, close cooperation between financial and monetary authorities becomes imperative for navigating the challenges and opportunities associated with this groundbreaking venture.
References
- https://economictimes.indiatimes.com/news/economy/policy/central-bank-digital-currency-can-play-important-role-in-cross-border-payment-rbi-guv/articleshow/104706717.cms
- https://www.bis.org/cpmi/publ/d174.pdf
- https://bfsi.economictimes.indiatimes.com/news/fintech/explained-how-rbi-is-leveraging-upi-to-push-the-use-of-retail-cbdc/103591989
- https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-gearing-up-for-central-bank-digital-currency
- https://www.business-standard.com/economy/news/cbdc-pilot-projects-show-promising-results-rbi-governor-shaktikanta-das-123102601171_1.html
Introduction
Attacks by cybercriminals targeting national critical infrastructure are increasing at an unsettling rate. Such attacks have the potential to do severe damage by upsetting transportation networks, utilities, financial services, and other vital infrastructure. The physical and digital systems that underpin a nation's economy are known as critical infrastructure thus if they were to be disrupted, there would be serious risks to the economy and public health and safety. Establishing proper cybersecurity measures and protecting those digital systems from possible threats or cyberattacks is necessary. Both public and private sector assets are included in these essential infrastructure categories.
Nationwide alert:
Recently one of the biggest hacker organizations has warned of an upcoming cyberattack on the critical infrastructure and websites in India, causing a countrywide alert. A gang of hackers from Indonesia and Pakistan, celebrating 4,000 members, announced a planned “Cyber Party” on 11 December 2023. The event’s claimed goal is to compromise and disrupt India's digital infrastructure. They disclosed this information on their Telegram channel.
This hacker organization holds a record of launching extensive cyberattacks; in the past, it sent out a "red notice" that was intended to target 12,000 websites run by the Indian government. They have previously attacked other nations, such as Israel, Sweden, and the United States. Their reasons are varied and might include anything from assaults on certain groups to religious disagreements.
The gang has also been acclaimed for hacking into a New York City police agency, obtaining health and social media data from Israel, and exposing information from Swedish social media users. These alarming events show how urgently strong and all-encompassing cybersecurity measures are needed, not only in India but throughout the world.
Effect(s) on India
1. Central Agencies Are Alert, Expect Health Sector Attacks: The cyberinfrastructure of the health sector has been a common target of assaults, particularly in the aftermath of the COVID-19 epidemic, which has authorities particularly concerned. Relevant ministries have received notifications from central authorities advising them to take precautions against unwanted access. The security of digital infrastructure is seriously challenged by the constantly changing panorama of cyber-attacks, according to those who are aware of the warning and threat.
2. National security concerns: Because of the interconnectedness of critical national infrastructure, a cyberattack may have an impact on national security. Attacks against defense networks, intelligence organizations health infrastructure, or military systems, for instance, might make it more difficult for the nation to respond to threats from outside.
3. Concerns for Public Safety and Health: Cyberattacks on healthcare systems run the risk of compromising patient data, stopping medical procedures, and even endangering the general public's health. This might have potentially fatal results in urgent circumstances.
4. Data Breach and Privacy Issues: Stealing confidential data is a common component of cybersecurity assaults. A breach of critical infrastructure systems might result in sensitive data, including personal information, being misused and accessed without authorization, raising privacy issues.
Preventive and protective measures
1. The plan for responding to incidents: Make sure a clear incident response strategy is in place, with a focus on healthcare systems, and that it is especially designed to handle cyber-attacks on critical infrastructure.
2. Better Tracking: Observing vital networks, systems, and data flows more closely, especially in the healthcare industry. Using cutting-edge threat detection technologies to spot odd or questionable activity.
3. Critical System Isolation: Cutting off vital healthcare systems from the wider network to reduce the chance of attackers moving laterally.
4. Continual Backups: Make sure that backup copies of important data and systems are kept in a safe, isolated location by regularly backing them up. In the event of a ransomware attack or data breach, this makes recovery easier.
5. Update and patch systems: Make sure that all operating systems and apps utilized in the infrastructure of the healthcare industry are updated with the most recent security updates.
6. Protocols for Communication: In the case of a cyber-incident, establishing explicit communication mechanisms to guarantee that pertinent parties are notified as soon as possible. This covers correspondence with law enforcement, the public, and other members of the healthcare industry as needed.
Conclusion
Urgent preventative actions are essential in response to an impending cyber threat revealed by a large hacker organization that is targeting India's key infrastructure, specifically the healthcare sector. The interconnectedness of this infrastructure puts public safety, privacy, and national security in danger. A crucial defensive approach is formed by the proactive measures mentioned, which include communication protocols, system isolation, improved monitoring, incident response preparation, and frequent backups. The dangers underline the necessity of international collaboration in tackling cybersecurity issues and the requirement for shared responsibility of everyone to safeguard digital networks. To reduce risks and guarantee the resilience of vital national infrastructure in the face of changing cyber threats, authorities must continue to develop and adapt their cybersecurity tactics.
References:
- https://www.cnbctv18.com/technology/exclusive--nationwide-alert-sounded-as-hacker-group-plans-cyber-party-to-attack-indias-critical-digital-infra-18520021.htm
- https://www.the420.in/ndian-authorities-high-alert-hacker-groups-threaten-cyber-assault/
- https://www.cnbctv18.com/technology/exclusive--nationwide-alert-sounded-as-hacker-group-plans-cyber-party-to-attack-indias-critical-digital-infra-18520021.htm#:~:text=By%20News18.com%20Dec%208,%3A58%20AM%20IST%20(Published)&text=A%20nationwide%20alert%20has%20been,Indian%20websites%20and%20critical%20infrastructure
- https://verveindustrial.com/resources/blog/critical-infrastructure-cyber-security/
