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.
Block Armour, an India based cybersecurity startup leverages blockchain technology and Software Defined Perimeter (SDP) architecture to provide a next-gen enterprise cybersecurity solution. Co-founded by Narayan Neelakantan and Floyd DCosta, as an underlying technology powering the Bitcoin payment system, blockchain development has seen a growing number of applications with time. Today, blockchain is evidently the most disruptive innovations that we have seen since the advent of internet. This blockchain startup offers a comprehensive integrated solution to secure an enterprise's critical systems, which is the requirement of most of the enterprises today. "Block Armour enhances SDP using private permissioned blockchain and TLS technology creating what we call Blockchain Defined Perimeter (BDP) to render critical systems and cloud servers invisible, making it impossible for hackers to launch cyber attacks against them" says Narayan Neelakantan, Co-founder, Block Armour.
Livspace's proprietary software Canvas develops a design and presents it to the client in 3D. Livspace has some of its most popular home designs in virtual reality for customers to see and experience at its centres across India.Image: Livspace After a lull last year, India's real estate market is on the upswing again, especially in Mumbai, Bangalore and New Delhi. The Indian middle class' purchasing power has significantly increased in the past decade, as realty investments in major metros and Tier 2 towns are on the rise. And the market is estimated to reach $180 billion by 2o2o, a jump of almost 43% over a five-year period. However, the journey to building a dream house is seldom an easy one, something Ramakant Sharma and Anuj Srivastava discovered the hard way.