Home Blog Page 133

AI and GenAI use cases increase significantly in India

Naushad K. Cherrayil
-
0
AI and GenAI use cases increase significantly in India
  • AI and GenAI spending in India will skyrocket to reach $6b by 2027.
  • 62% of Indian enterprises anticipate that over 50% of their revenue will derive from digital models by 2026.
  • Government initiatives and sector-specific innovations in healthcare, BFSI, and telecommunications illustrate the diverse applications of AI technologies.
  • As the landscape continues to evolve, organisations in India must remain agile, embracing digital transformation as a core component of their strategic vision to remain relevant in an AI-driven future.
  • India aims to become a manufacturing hub by leveraging AI, robotics, IoT and 3D printing.

India, with its burgeoning digital economy, stands at the precipice of a transformative journey driven by artificial intelligence (AI) and generative AI (GenAI).

Sharath Srinivasamurthy, Research Director at IDC India Enterprise Solutions and ICT Practices, said that a significant paradigm shift is underway across various industries in India.

“While some sectors are scrambling to catch up with digital advancements, others are already deep into the exploration and deployment of AI-based use cases.”

Forecasts indicate that AI and GenAI spending in India will skyrocket to reach $6 billion by 2027 with a compound annual growth rate of 33.7 per cent for the period 2022-2027, IDC forecasts worldwide AI spending will exceed $512 billion by 2027, more than double its 2024 market size.

These statistics reflect an inexorable trend towards digital and intelligent ecosystems in enterprises, with as many as 62 per cent of Indian enterprises anticipating that over 50 per cent of their revenue will derive from digital models by the year 2026.

A crucial factor in this growth narrative, Srinivasamurthy said is the recognition by Indian organisations of the importance of robust data management strategies, with nearly 50 per cent of government entities planning to invest significantly in data management-oriented services.

“The shift from model-centric to data-centric approach emphasises the growing understanding that high-quality data is a fundamental pillar upon which AI applications can be successful.”

Use cases

One noteworthy development is the introduction of Jugalbandi, a GenAI-powered chatbot deployed on WhatsApp in Haryana, which streamlines a myriad of processes from pension disbursements to college scholarship applications.

The initiative showcases how technology can significantly enhance the efficiency and accessibility of government services.

As Srinivasamurthy aptly noted, the government bears the dual responsibility of fostering innovation while ensuring that the deployment of these advanced technologies is governed responsibly.

The healthcare sector, in particular, exemplifies the profound impact of AI and GenAI adoption. With the increasing emphasis on patient-centric care, healthcare institutions are leveraging AI to manage and analyse an increasing volume of clinical data.

Notable examples include Apollo Hospital’s efforts to utilize AI for the early detection of tuberculosis (TB) from chest X-rays, as well as AIIMS Delhi’s “iOncology.ai,” aimed at early identification of breast and ovarian cancers. Such initiatives not only enhance diagnostic capabilities but underscore the inexorable trend of integrating AI into various facets of public health.

In the BFSI sector, institutions like JP Morgan have illustrated a long-term commitment to AI integration, a vision initiated six years ago.

“BFSI sector faces myriad complexities, including stringent regulatory frameworks, substantial data management challenges, and the imperative to respond swiftly to market demand. Despite these hurdles, the rising importance of GenAI pilots within banks and financial services suggests a shifting paradigm, focusing on enhancing existing services and streamlining operations,” Srinivasamurthy said.

Moreover, he said that institutions are gradually recognising the potential of AI to address inherent pain points, such as cyber fraud risks and legacy IT infrastructure challenges.

Telcos under pressure to innovate

The telecommunications industry in India is undergoing its own metamorphosis, aspiring to transcend traditional connectivity roles to emerge as digital leaders.

With India boasting the second-largest subscriber base globally yet grappling with low average revenues per user, telecom players are under pressure to innovate.

IDC forecasts predict that the number of total connections in India will reach 1.5 billion by 2028, accompanied by data traffic soaring to a staggering 468 exabytes.

In this context, he said the significance of AI becomes even more pronounced.

“Telecom operators are adopting AI-driven strategies to enhance customer experience (CX) and optimize network operations, which are critical to balancing customer retention and profit margins. With the augmentation of AI technologies, operators can now address customer needs across various touchpoints, effectively combating churn while simultaneously enhancing profitability.”

The ambiguity inherent in billing processes can lead to significant customer churn, affecting both consumers and enterprises.

To mitigate this issue, Srinivasamurthy said the integration of AI  to clarify and analyse billing details—such as varying bill cycles, bill splits, multiple payment modes, loyalty rewards, and promotional offers—can significantly reduce the frequency and duration of calls to contact centers.

By streamlining communication and improving the understanding of bills, he said that AI can enhance customer satisfaction and retention.

On the network operations front also, he said that advancements in AI are facilitating a paradigm shift from reactive to proactive network management, ultimately guiding us towards predictive management.

“As networks become increasingly disaggregated due to virtualisation and edge deployments, the necessity for automating network operations becomes imperative.”

Supply chain challenges

According to Srinivasamurthy, the transition to closed-loop network management must encompass both network operation workflows and Business Support Systems (BSS). The comprehensive approach ensures that network issues are addressed before they escalate, leading to improved performance and customer experience.

Moreover, for India to transform into a manufacturing hub, as Srinivasamurthy said, it is crucial to harness technologies such as AI, robotics, automation, the Internet of Things (IoT), and 3D printing.

Currently, China dominates global manufacturing with a 28 per cent share, while India accounts for a mere 3.3 per cent, competing with other Southeast Asian nations like Vietnam and South Korea.

One of the primary obstacles India’s manufacturing sector faces includes regular supply chain disruptions.

According to IDC’s April 2024 Global Supply Chain Survey, over 30 per cent of manufacturers, retailers, and logistics companies in India anticipate supply chain challenges due to rising costs, talent shortages, and compliance issues.

AI’s adoption in the manufacturing sector is being accelerated by these challenges, he said and added that the technology offers critical competitive advantages that can enable scaling, reduce costs, and enhance efficiency.

Malicious Falcon Crash Reporter installer distributed to Germans

Mohammed Fahad
-
0
Malicious Falcon Crash Reporter installer distributed to Germans
  • Malefactors behind the attack have skillfully imitated a legitimate German entity through a deceptive website that leverages CrowdStrike’s branding.
  • CrowdStrike CEO says that over 97% of Windows sensors are back online and affected 8.5 million systems.

Following the disruption caused by a flawed CrowdStrike Falcon Sensor update, which led to significant operational interruptions, including the infamous “Blue Screen of Death,” a new and alarming spear-phishing attack emerged, targeting users in Germany.

CrowdStrike, a prominent cybersecurity firm, detected this spear-phishing campaign using a counterfeit Crash Reporter installer to deliver malware.

The malefactors behind the attack have skillfully imitated a legitimate German entity through a deceptive website that leverages CrowdStrike’s branding, further complicating the cybersecurity landscape.

It is essential to note that the software associated with this phishing attempt was not developed or distributed by CrowdStrike, emphasising the need for vigilance among users who are increasingly susceptible to such machinations.

Orchestrated attack

The orchestrated attack is noteworthy for its execution timing, as it likely capitalized on the chaos that ensued from the previous day’s outage. The domain associated with the phishing attempt was created shortly after the faulty update diminished the functionality of countless systems, illustrating how cybercriminals adeptly exploit crises to advance their nefarious goals.

The phishing page presented users with a seemingly legitimate opportunity to download a ZIP file containing the malicious InnoSetup installer, further obscured by JavaScript disguised as JQuery. The localised elements in German heightened its credibility, making it all the more dangerous.

As noted by CrowdStrike’s Counter Adversary Operations team, the impersonated website utilised a format that suggested authenticity in its approach. Though the attack was localised, the implications were globally relevant, resonating with the extensive impact of the July 19 outage that had already strained various sectors, from transportation to finance.

The outage, attributed to a defect in the CrowdStrike Falcon Sensor, affected 8.5 million systems, causing considerable operational disruption and financial repercussions, estimated between half a million and more than $1 billion.

In the wake of this incident, CrowdStrike CEO George Kurtz said that over 97 per cent of Windows sensors are back online after an update from the cybersecurity firm caused one of the world’s biggest IT outages.

“To our customers still affected, please know we will not rest until we achieve full recovery,” Kurtz said in a LinkedIn post.

As the situation evolves, it becomes imperative for individuals and organisations to remain vigilant against phishing attempts, especially in times of crisis when they are at increased risk.

Microsoft remains most imitated brand in phishing attacks

Ana Mary Joseph
-
0
Microsoft remains most imitated brand in phishing attacks
  • Technology sector remains most impersonated industry in brand phishing, followed by social networks and banking sector.

Microsoft remained the most imitated brand in phishing attacks, accounting for more than half of all attempts with 57 per cent, for the second quarter of 2024.

Apple jumped to second spot with 10 per cent, moving up from fourth position in the first quarter of 2024, and LinkedIn kept its previous third place ranking with seven per cent of such attempts, according to Check Point Research (CPR), the Threat Intelligence arm of Check Point Software Technologies Ltd.

New entries to the list include Adidas, WhatsApp and Instagram moving into the top 10 for the first time since 2022.

In the last quarter, researchers observed numerous campaigns utilising the Instagram brand to perpetrate online scams. As a result, Instagram has risen to the 10th position on the list of top brands impacted by phishing, marking its first appearance there since 2022.

In recent months, CPR identified phishing campaigns impersonating Instagram to deceive users into divulging their login credentials. One instance involves a phishing page hosted at instagram-nine-flame.vercel.app/login, which mimics Instagram’s login interface.

This page, hosted on Vercel, a platform for creating React applications, prompts users to enter their usernames and passwords.

Another observed campaign utilised the domain instagram-verify-account.tk.

Although currently inactive, it previously displayed a message designed to trick users into entering personal information under the guise of verifying their Instagram accounts. Such tactics aim to exploit trust and deceive users into compromising their credentials.

Avoid clicking on unsolicited links

“Phishing attacks remain one of the most pervasive cyber threats and are often the entry point for much larger scale campaigns a supply chain. To protect against phishing attacks, users should always verify the sender’s email address, avoid clicking on unsolicited links, and enable multi-factor authentication (MFA) on their accounts,” Omer Dembinsky, Data Group Manager at Check Point Software, said.

Moreover, he said that the technology sector remained the most impersonated industry in brand phishing, followed by social networks and banking sector.

As technology companies often hold sensitive information, including personal data, financial information and access to other accounts, the sector has been a valuable target for cyber criminals.

Companies such as Microsoft, Google and Amazon deliver essential and frequently used services such as email, cloud storage, and online shopping, which means that people are more likely to respond to messages that appear to be from these critical service providers.

Last quarter, Check Point Research observed several phishing campaigns targeting users by impersonating Adidas brand websites.

The phishing website adidas-ozweego.fr, mimicking the official Adidas platform.

For eample, adidasyeezys.cz and adidasyeezys.it are designed to deceive victims into believing they are authentic Adidas Yeezy sites, closely mimicking the appearance of the legitimate Adidas site at https://news.adidas.com/yeezy. 

These fraudulent sites aim to lure users into entering their credentials and personal information, exploiting their resemblance to the original site to successfully steal information. Similarly, adidas-ozweego.fr and adidascampus.co.at mimic the official Adidas platform.

Furthermore, adidasoriginalss.fr currently appears inactive for phishing and instead hosts advertisements.

Delivery robots to ply on Dubai’s Sustainable City

Ana Mary Joseph
-
0
Delivery robots to ply on Dubai’s Sustainable City
  • Pilot program to streamline the delivery process for residents, making efficiency and sustainability key priorities.
  • Robots are equipped with sophisticated navigation systems that allow them to identify and locate charging stations autonomously by eliminating the need for human intervention.

Three autonomous on-demand delivery robots, developed by Dubai Future Labs and Abu Dhabi headquartered Lyve Global, will begin their trial within the Sustainable City community this month.

Dubai’s Sustainable City represent a pioneering model that integrates cutting-edge technology with an environmentally friendly lifestyle

The pilot program aims to streamline the delivery process for residents, making efficiency and sustainability key priorities.

Khalifa Al Qama, Director of Dubai Future Labs at Dubai Future Foundation, articulates the ethos of this project by stating that it not only enhances safety, cleanliness, and cost-efficiency but also contributes to reducing traffic congestion and carbon emissions.

“The autonomous robots are specifically designed to ensure that deliveries are made within an impressive timeframe of under 30 minutes, demonstrating the potential of robotics to redefine convenience in urban living.”

DIEZ and Aramex also doing pilot testing

These robots are not just mechanised couriers; they are equipped with sophisticated navigation systems that allow them to identify and locate charging stations autonomously by eliminating the need for human intervention, making them highly efficient and reliable.

Furthermore, Dubai Integrated Economic Zones Authority (DIEZ) and Aramex also commenced the pilot testing of Aramex’s pioneering autonomous robot delivery system at Dubai Silicon Oasis (DSO), the special economic zone for knowledge and innovation and a member of DIEZ.

The pilot phase testing, scheduled to run for three months, is set to achieve full operational status by September. Initially, it will cover the Cedre Villas community in Dubai Silicon Oasis.

As urbanisation accelerates in Dubai and across the globe, innovations like these are integral to addressing the logistical challenges that arise in densely populated areas. The robots also reflect Dubai’s strategic efforts to position itself as a global hub for technology, particularly in the domains of robotics and automation.

Safe environment for the trial

 “The Sustainable City is an ideal testing ground for these autonomous delivery robots, highlighting the synergy between sustainable urban dwelling and advanced technological applications,” Fadi Alfaris, GM of NZE Solutions at SEE Holding, said.

The city’s design, with its car-free clusters, he said offers a safe environment for the trial and eventual deployment of these robots, ensuring that residents can interact with and benefit from this technology without compromising their safety or well-being.

“The initiative underlines a larger commitment to creating smart urban ecosystems that prioritise sustainability. By piloting innovative technologies that align with the principles of a green economy, The Sustainable City aims to optimize resource usage and spearhead progress towards a net-zero emissions future.”

Hassan Hallas, CEO of Lyve Global, said the collaboration is instrumental in pushing the boundaries of logistics through innovation and sustainability.

“The cutting-edge delivery robots are not merely vehicles for goods; they signify a fundamental shift in how communities can leverage technology to enhance the quality of life for their residents.”

Developed by a dedicated team of roboticists and engineers from Dubai Future Labs, these robots feature an advanced Fleet Management System that enables real-time tracking and efficient operational management.

CrowdStrike outage to cost cyber insurers up to $1.5b

Mohammed Fahad
-
0
CrowdStrike outage to cost cyber insurers up to $1.5b
  • CyberCube’s assessment indicates the losses incurred may reshape how insurance companies approach underwriting for technology-related incidents.
  • Individual insurance carriers may experience varying claims outcomes based on multiple factors inherent to their specific portfolios.

The recent technological crisis, widely referred to as the CrowdOut Event, underscores the tremors that resonate through global industries in the wake of significant cyber disruptions.

Last week, an update to CrowdStrike’s Falcon Sensor—a tool widely employed for cybersecurity—essentially catalyzed a global IT outage, causing massive disruptions across sectors ranging from aviation to banking.

The repercussions of this incident, as estimated by cyber analytics firm CyberCube, have led to projected insured losses between $400 million and $1.5 billion, marking potentially one of the single largest losses in the burgeoning realm of cyber insurance.

At the core of the CrowdOut Event lies a software bug within CrowdStrike’s quality-control system. This diminutive malfunction triggered a cascading failure that paralyzed systems worldwide.

As the event unfolded, it became evident that the magnitude of the outage had extensive ramifications on global operations.

Industries heavily reliant on IT infrastructure, such as airlines, were among the first to report the damage, with Delta Air Lines, for instance, canceling over 6,000 flights, resulting in a considerable operational financial strain estimated to be in the hundreds of millions.

Air France KLM’s reported loss of approximately €10 million due to the outage further illustrates the immediate impact on entities dependent on technology and stable operational flow.

The expected loss ratio impact of this incident on global cyber premiums, calculated at roughly 3-10 per cent of the current market, highlights the significance of such a crisis.

To understand this better, one must consider that the global cyber insurance premium market is valued at around $15 billion.

This affects not only the immediate fiscal health of insurers but also affects the manner in which they assess and underwrite risks associated with technology failures, which till now was generally categorized under cyber threats.

CyberCube’s assessment indicates that the losses incurred from this incident may reshape how insurance companies approach underwriting for technology-related incidents. Importantly, individual insurance carriers may experience varying claims outcomes based on multiple factors inherent to their specific portfolios.

These include the extent of coverage provided for non-malicious system failures and the structural composition of insured parties.

The variability suggests that although the entirety of the cyber insurance market is affected, the impact will disproportionately land on those portfolios with significant exposures to large corporate entities.

Risk Assessment Recalibrated

A critical component in this ongoing analysis is the recognition that the current estimates from CyberCube are provisional, demonstrating the fluidity and dynamic nature of the situation—many affected systems are still in the process of being restored.

 Lessons learned from the CrowdOut Event will catalyse insurers to re-examine their risk exposure and re-evaluate their risk modeling strategies. Insurers who previously may have felt insulated or complacent regarding non-malicious system failures might now be compelled to revisit their assessment and policy formulations.

The traditional lens of underwriting, which has primarily concentrated on malicious cyber threats, will need to broaden to include the complexities and vulnerabilities inherent in software updates and system failures.

Parametrix’s estimate of losses for Fortune 500 companies eclipsing $500 million brings to light the economic scale of such outages.

Institutions are now prompted to assess their dependency on third-party software solutions and review contingency plans, particularly in sectors like aviation that directly tie profitability and operational continuity to technological reliability.

Furthermore, the ramifications extend beyond merely financial metrics. The potential for a significant breakdown in public trust must be considered. With consumers increasingly reliant on seamless digital experiences, the intersecting realms of technology, customer service, and risk management must align in ways that prioritise system reliability while maintaining a robust cybersecurity posture.

Meta deletes 65,500 malicious accounts from Instagram and Facebook

Naushad K. Cherrayil
-
0
Meta deletes 65,500 malicious accounts from Instagram and Facebook
  • With nearly 50% of teens reporting experiences of online bullying or harassment, the need for robust protective measures is clearer than ever.
  • Meta’s commitment to advancing its defenses while ensuring safety of its younger users remains a paramount priority.
  • A multi-faceted approach, encompassing education, proactive policing of online spaces, and community collaboration, is essential to effectively combat these insidious threats.

Meta’s recent announcement regarding the removal of over 63,000 malicious accounts from Instagram and an additional 2,500 from Facebook underscores the ongoing battle against sextortion and financial scams proliferating from Nigeria, primarily associated with a network of cybercriminals known as the ‘Yahoo Boys’.

The strategic campaign not only reflects Meta’s commitment to safeguarding its users but also highlights the urgent need for greater awareness and preventive measures against such predatory behaviours.

Sextortion is a particularly insidious form of social engineering, primarily targeting men, including vulnerable children.

Victims are often lured into sharing explicit content under the guise of developing a relationship, only to be threatened with the release of these materials if they refuse to pay.

The emotional and psychological repercussions of such extortion can be devastating, especially for young individuals. Meta’s acknowledgment of the impact of this crime—labeling it as “horrific”—is a crucial step in raising public awareness about the dangers posed by such scams.

In its extensive removal efforts, Meta has demonstrated a proactive approach by employing its ‘Dangerous Organisations and Individuals’ policy to target and eliminate accounts linked to these scams. The breadth of this initiative is significant, involving not only the deletion of accounts but also the disruption of networks that facilitate these fraudulent activities.

The reported discovery of numerous Facebook groups, pages, and scripts designed for scamming further illustrates the organised nature of these criminal enterprises, as the Yahoo Boys continue to evolve in their tactics.

Socioeconomic factors in Nigeria, particularly the struggling economy, have contributed to the proliferation of these scams, with many perpetrators operating from diverse environments, from affluent neighborhoods to impoverished areas.

The reality raises important questions regarding global economic disparities and their role in fostering cybercrime.

Meta’s collaborative efforts with organisations such as the US National Center for Missing and Exploited Children and the Tech Coalition’s Lantern program signal a broader commitment to online safety, particularly for children.

The implementation of default account settings for younger users and the introduction of safety pop-ups are essential measures aimed at enhancing user protection against potential threats.

As the digital landscape continues to evolve, so too do the strategies employed by scammers. It is imperative for tech companies, policymakers, and parents to maintain vigilance and foster open lines of communication regarding online safety, particularly for the younger generation.

With nearly 50 per cent of teens reporting experiences of online bullying or harassment, the need for robust protective measures is clearer than ever.

Meta’s pop-up safety notifications also direct younger users to resources, such as the Stop Sextortion Hub, crisis support helplines, and educational websites like StopNCII.org and the Take It Down initiative. 

As Meta emphasises, the online environment is rife with adversarial elements, where criminals are perpetually adapting their tactics to circumvent established safety measures.

 Acknowledging this reality, the company asserts the necessity of remaining vigilant and proactive. By investing in the understanding of criminal operations, Meta aims to stay ahead of those who exploit digital platforms for nefarious purposes.

Additionally, Meta’s collaborative efforts with child safety experts, law enforcement, and other technology stakeholders are crucial in fostering a united front against online exploitation. The  cooperative strategy not only amplifies the effectiveness of safety measures but also cultivates a more secure online ecosystem for all users.

1...132133134...273Page 133 of 273