Assignment-1

1. Role of Cyber Security industry A landscape in india ?

1. Owing to the rapidly growing IT and business process management (IT&BPM)

sector and its various data breaches, the country is facing unprecedented pressure
from foreign offshoring clients and Western governments to strengthen
cybersecurity. In 2011, the US and India signed a memorandum of understanding
to promote cybersecurity-related cooperation and exchange information. In
bilateral talks, the US emphasized India’s need for capacity building in
cybersecurity, especially in cybercrime detection and investigation. Because India
is a major offshoring destination for back offices and other high-value business
functions, cybersecurity orientation of Indian businesses has been an issue of
pressing concern to US and other Western businesses.

Economic Issues :
Two key features of the Indian economy affect its cybersecurity posture. First, owing to the
rapidly growing IT and business process management (IT&BPM) sector and its various data
breaches, the country is facing unprecedented pressure from foreign offshoring clients and
Western governments to strengthen cybersecurity. In 2011, the US and India signed a
memorandum of understanding to promote cybersecurity-related cooperation and exchange
information. In bilateral talks, the US emphasized India’s need for capacity building in
cybersecurity, especially in cybercrime detection and investigation. Because India is a major
offshoring destination for back offices and other high-value business functions, cybersecurity
orientation of Indian businesses has been an issue of pressing concern to US and other
Western businesses. Second, the Indian government severely lacks the resources to develop
and enforce criminal cybersecurity-related regulations, standards, and guidelines. For
instance, in 2011, the police cybercrime cell of Delhi had only two inspectors. In 2012, the
Delhi High Court noted the Delhi police website’s lack of functionality, calling it “completely
useless” and “obsolete.”(2) Until 2010, there wasn’t a single cybercrime-related conviction in
Bangalore, the country’s biggest offshoring hub. One law enforcement officer attributed the
low conviction rates to the police’s lack of technical skills, knowledge, and training in collecting
evidence.(3) For instance, when a police officer was asked to seize a hacker’s computer, he
brought in the monitor. In another case, the police seized the CD-ROM drive from a hacker’s
computer instead of the hard disk.
Defence and Cybersecurity :
India has an extensive defence industrial base and maintains the third-largest armed forces
in the world (KPMG 2010). At the same time, it has linked its defence sector with the new
technologies, in the process opening the country up to a set of ever-evolving threats due to a
dependence on these technologies and the reliance on integrating networks. For instance, in
2012 a cyberattack was launched by hackers against the Indian Navy’s eastern command
computer systems which oversee the testing of India’s ballistic missile submarines and
maritime activities in the South China Sea. The naval computers were infected by a virus that
secretly collected confidential documents and files and transmitted them to Chinese IP
addresses. While Indian officials have yet to disclose the type of information that was targeted
in this attack (Pubby 2012), the Navy is not the only Indian defence institution to have faced
such adverse events — the National Security Agency (NSA) and the Air Force have proved to
be vulnerable as well. In 2010 the hackers targeted the NSA’s office as well as several
computers of the Indian Air Force, opening up numerous small windows through which
classified files and documents were stolen (Unnithan 2012). In the same year, the country
witnessed the biggest cyberattack yet, in which more than 10,000 email addresses of the top
government officials were hacked, particularly military officials, the Prime Minister’s Office
(PMO), defence, home ministries, external affairs, and intelligence agencies (Singh 2012).
Threats to the Indian defence sector usually originate from actors with political, economic, or
quasi-political motivations, negatively impacting national security, public safety or economic
well-being of the society (Reich and Gelbstein 2012). Thus, there exists a need to develop a
cyber defence environment in order to protect the technologies and capabilities of the defence
sector in real time vis-à-vis providing protection and incident response (DEITY 2011). In this
context, V. K. Saraswat, the former Director-General of India’s Defence Research and
Development Organisation (DRDO), has said that “the DRDO in collaboration with some
premiere institutions is developing India’s own Operating System as a response to 8 the
growing concern over cyberattacks as today we are mainly dependent on operating systems”
(The Economic Times 2012).
2. What are the information security methods in banking sector ?
Data Security Best Practices for Banks:

1. Authentication

Authentication requires that every transaction in the bank takes place after confirming the
identity of the person initiating the transaction. This applies to the customers logging in to
online or mobile banking systems, to those visiting the bank in person, or to those using
credit/debit cards at POS terminals and ATMs. It also applies to bank employees who have
access to customers’ and banks’ data. While earlier authentication simply required an ID and
a password or PIN, many banks have now implemented two-factor and multi-factor
authentication to ensure that the person is actually who he/she claims to be. Banks are also
using biometric authentication techniques to verify customers’ identity, including behavioral
biometrics, when they interact with banking systems like IVR.

2. Audit Trails

A history of banking transactions was always available as a statement or passbook.

Additionally, banking systems also maintain an audit trail for every event that takes place
during a customer’s interaction with the systems. Whether it is a customer using phone
banking or online banking, the time of the interaction is recorded along with the details of the
interaction. This data is backed up daily and is never purged completely but archived at
defined time intervals.
3. Secure Infrastructure

Secure infrastructure implies the database systems and servers where data is stored and the
boundaries established to secure these. Production data is usually encrypted in any core
banking system. If required for testing, it is mandatory that important data like bank account
number, customer name, and address be masked. Access to production systems is restricted.
Vendors who deal with infrastructure are generally different from those who deal with
applications. Bank employees are usually given special equipment where access to social
websites, personal emails, and USB ports is blocked. Employees can only access the banks’
network over a VPN when using public Wi-Fi.

4. Secure Processes

Banks have established many processes to ensure that security is implemented and tested.
This includes KYC (Know Your Customer) updates for customers, NDA (Non-disclosure
agreement) for employees and vendors, securing special zones within the premises and
remote data centers.
With Data Loss Prevention (DLP) solutions, banks can mitigate insider threats and safeguard
customers’ personal data like names and credit card numbers. These solutions can also help
meet the compliance requirements of data protection regulations such as the GDPR, thus
ensuring that a bank’s security meets consensus standards and keeps its customers’
information secure.
Processes related to global and local regulations are also implemented, and risk assessments
are carried out to ensure that these processes are in line with the requirements.

5. Continuous Communication

Banks also communicate regularly with consumers on upgrades to systems, the introduction
of new authentication procedures, etc., in addition to the periodic account statements that are
generated and sent to customers. Customers can also set limits and alerts based on different
conditions to ensure that they are informed if any unexpected activity takes place concerning
their accounts. While there are multiple channels of communication available, the set-up is
flexible to cater to customers’ convenience.

Thus banks work round the clock to ensure that they do everything that needs to be done
to secure their data.

1. Ransomware

Ransomware has been a major headache for organizations around the world for
several years now and doesn’t look like stopping any time soon. This is a method of
cybercrime where files are encrypted and users are locked out, with the criminals
demanding money to re-access the system.

Organizations affected by ransomware attacks can find their systems crippled for
extended periods of time, particularly if they don’t have backups. Paying ransoms to
these criminals is also not guaranteed to result in your systems access being restored.

2. Ongoing risks from remote work

As the pandemic enters its third year, the reliance on remote work, hybrid workforces
and cloud-based software systems has become almost ubiquitous. This also means
that financial institutions have more potential cybersecurity vulnerabilities than ever
before. Employees are no longer always accessing data on systems and networks
that are controlled by the organization, so extra vigilance is necessary.

3. Cloud-based cyberattacks on the rise

As more software systems and data are stored in the cloud, cybercriminals have
seized upon this and as a result an increase in cloud-based attacks has been one of
the most prevalent cyber threats to the banking industry. Banks need to ensure that
the cloud infrastructure is configured securely to protect from harmful breaches.

4. Social engineering

One of the biggest threats to banking and finance is social engineering. People are
often the most vulnerable link in the security chain – they can be tricked into giving
over sensitive details and credentials. This can equally affect a bank’s employees or
its customers.
Social engineering takes many forms, it might be through phishing or whaling attacks
or it could be by sending bogus invoices that purport to be from a trusted source. It’s
important to keep your employees informed about social engineering tactics and how
these threats continue to evolve.