Another Maharashtra cooperative bank's server hacked, Rs 68 lakh siphoned off MUMBAI: Cooperative banks are turning out to be the weak link in the cybersecurity framework of the financial system. Another Maharashtra-based urban cooperative bank's main server was hacked remotely and its account with a large private bank was cleaned of Rs 68 lakh in April. This is the second time that hackers have used the cooperative sector to commit major fraud. Last year, Pune-based Cosmos Cooperative Bank was the victim of cyber criminals who installed a malware that certified fraudulent transactions as genuine ones. According to banking sources, the fraudsters, after gaining access to the cooperative bank's systems, used electronic transfer systems, including Immediate Payment System and National Electronic Fund Transfer for sending funds to a benami account.
New Delhi: Country's fourth-largest software services firm HCL Technologies is doubling its investments in the cybersecurity space and is looking at upgrading its three facilities in India. It is also planning a new Cyber Security Fusion Center in Dallas, Texas, US and is open to acquisitions to further beef up its presence in this space, a top official of the firm told ET. Maninder Singh, corporate vice president, CyberSecurity Services at HCL Technologies, said that in the last one year, corporations across the world have become increasingly cognizant of cyber attacks due to recent ransomware attacks such as WannaCry. Also, the emergence of new technologies such as Internet of Things and new regulations around the world is leading companies to beef up their cybersecurity budgets. Singh said that the three centres in India, Noida, Chennai and Bengaluru, were called security operations centres earlier and now they are being upgraded to be "cyber security fusion centres".
Mint asked top company bosses how they see disruptive technologies such as artificial intelligence, blockchain and 5G impacting Indian firms. The IT and digital transformation industry is witnessing exponential growth in the use of cutting-edge digital technologies like Blockchain, 5G, AI, automation, robotics, cybersecurity and IoT. One can expect all these new age technologies to make greater inroads both in the Indian and global markets, in the years ahead. As part of our TechMNxt charter, we are collaborating and co-innovating with our partner ecosystem to derive business value for our customers by leveraging these digital technologies. I believe if companies are pre-emptive in the data protection space, there will be a huge business opportunity for Indian IT players like Tech Mahindra, not just in the European markets but globally too. At Tech Mahindra, we are bullish on 5G and as part of our preparedness for 5G, we are investing in 5G training labs in partnership with global players as well as setting up a training academy. The government of India has been focusing heavily on developing India into a $1 trillion digital economy by 2025.
Bengaluru-based artificial intelligence startup Niki.ai has raised Rs 3 crore in a new round of funding led by Haresh Chawla, a partner at India Value Fund Advisors (IVFA). Existing investor Ronnie Screwvala's Unilazer Ventures also participated in this round, the startup disclosed in its ROC filings. Both Chawla and Screwvala had not responded to mails sent by Techcircle at the time of filing this report. This is the third time when Unilazer has invested in Niki.ai, which is owned and operated by Techbins Solutions Pvt. Ltd. In May, Mumbai-based Unilazer, along with Rata Tata, interim chairman of Tata Sons, made an undisclosed investment in the firm.
New Delhi: What is the impact of Artificial Intelligence (AI) on our lives? How can we combat increasing cyberattacks? Is the threat to digital privacy real? Co-written by Carlon Ann Browne, director of communications at Microsoft, the book will hit stands on September 10, publishing house Hachette has recently announced. The book claims not to be a self-glorifying "Microsoft memoir", but a "candid and eye-opening investigation into the most divisive issues facing tech companies and governments today -- cyberwar, privacy, mass surveillance, undermining of democracy, AI, diversity".