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Expert Take on AI-Augmented Cybersecurity Measures in Financial Institutions

VCCircle

VCCircle · 9m ago

Expert Take on AI-Augmented Cybersecurity Measures in Financial Institutions

- AI-augmented cybersecurity measures are crucial for financial institutions in combating complex and sophisticated cyber threats. - Integrating AI into cybersecurity frameworks enhances threat detection capabilities and response automation. - AI-driven systems can analyze vast amounts of data to identify anomalies, predict breaches, and act swiftly. - Priya Devarajulu is an industry leader leveraging AI-augmented cybersecurity to drive meaningful changes within the financial sector. - By integrating AI-driven solutions, she has improved software code quality, reduced bugs, and achieved substantial cost savings. - Priya's innovative approach addresses challenges and paves the way for efficient workflows, reinforcing the importance of AI in cybersecurity strategies.

Related News

RBI Slaps INR 5.39 Crore Penalty on Paytm Payments Bank for KYC Non-Compliance and Cybersecurity Violations

Business Bytes

Business Bytes · 1y ago

RBI Slaps INR 5.39 Crore Penalty on Paytm Payments Bank for KYC Non-Compliance and Cybersecurity Violations

The Reserve Bank of India (RBI) has imposed a penalty of INR 5.39 crore on Paytm Payments Bank for non-compliance with KYC norms and violations related to cybersecurity. This action highlights the RBI's commitment to maintaining the integrity and security of the Indian financial system. Paytm Payments Bank will need to undertake remediation efforts to address the issues raised by the RBI, ensuring compliance and enhancing cybersecurity measures. This penalty serves as a reminder to all financial institutions to uphold KYC norms and cybersecurity standards rigorously. The impact on customer trust will depend on the effectiveness of corrective actions taken.

AI deepfakes pose challenges to integrity of electoral process

Livemint

Livemint · 1y ago

AI deepfakes pose challenges to integrity of electoral process

Cybersecurity experts warn about the potential use of artificial intelligence (AI) and deepfake technology during India's upcoming Lok Sabha elections in 2024. Prime Minister Narendra Modi emphasized the risks of deepfake videos and called for global regulations on the use of AI. The development of deepfake videos and voice cloning poses challenges to the integrity of the electoral process. Measures such as security testing, detection technology, public education, transparency guidelines, and international cooperation are needed to protect democratic institutions. Experts also suggest using websites and tools to identify deepfake content and consider temporary bans until elections are over.

AI Could Multiple Cybersecurity Challenges: RBI Guv

Inc42 · 1y ago

AI Could Multiple Cybersecurity Challenges: RBI Guv

The Governor of the Reserve Bank of India, Shaktikanta Das, has warned financial institutions about the potential cybersecurity risks associated with the deployment of artificial intelligence (AI). Speaking at a conference, Das urged banks and other financial entities to make significant efforts to protect customer information and strengthen monitoring systems to detect potential fraud. Despite the risks, he acknowledged the benefits of AI in areas such as customer service, fraud prevention, and data protection. The Indian government has recently increased its focus on AI, with the allocation of INR 10,372 Cr ($1.4 billion) for the IndiaAI Mission over the next five years.

Deepfake detection startup Neural Defend secures pre-seed funding

Entrackr

Entrackr · 4m ago

Deepfake detection startup Neural Defend secures pre-seed funding

Deepfake detection startup Neural Defend secures pre-seed funding Cybersecurity startup Neural Defend has raised over $600K in a pre-seed funding round led by Inflection Point Ventures (IPV) along with participation from MIT SBXI, Techstars, and Soonicorn Ventures. The capital will be used to enhance its agentic AI capabilities for real-time, multimodal deepfake detection, further advancing R&D efforts and product development, Neural Defend said in a press release. Co-founded in 2024 by Piyush Verma, Sivashankar Selvarajan, and Sumit Singh, Neural Defend focuses on deepfake detection and cybersecurity innovation, leveraging AI agentic technology to offer scalable and resilient solutions. Neural Defend aims to address the growing risks posed by AI-generated digital deception. The startup intends to redefine identity protection and fraud prevention on a global scale. It is scaling its operations by engaging with global enterprises, fintech companies, and financial institutions for product validation and market expansion. According to Neural Defend, unlike traditional methods, its proprietary AI models detect deepfakes across multiple data formats, including video/image, audio, real-time streams, ensuring robust fraud prevention for businesses and governments. Neural Defend claims to work with fintech companies and financial institutions focusing on Video verification and KYC use cases.

MeitY cybersecurity group seeks ideas in thrust areas

Economic Times

Economic Times · 1y ago

MeitY cybersecurity group seeks ideas in thrust areas

The Indian government is seeking research and development proposals in cybersecurity. The areas of focus include digital forensics, IoT security, mobile security, data security, and network and system security. The proposals can be submitted by individuals or institutions, and a working group will evaluate their feasibility and recommend financial support. The aim is to develop technologies aligned with specific thrust areas and achieve a technology readiness level of 4 or higher within 24 months. The proposal areas range from recovering deleted data in digital forensics to blockchain-assisted IoT security and privacy measures in network security.

No rush to write bespoke rules for AI in finance, says UK watchdog

Economic Times

Economic Times · 1y ago

No rush to write bespoke rules for AI in finance, says UK watchdog

The Financial Conduct Authority (FCA) in the UK has stated that there is no rush to create specific regulations for AI in the financial sector. While the European Union has recently approved a landmark law to regulate AI, FCA CEO Nikhil Rathi believes that a cautious approach is needed as the implications of AI are not fully understood. Rathi emphasized the importance of firms considering anti-fraud and cybersecurity measures as they adopt AI technology. The UK already has existing rules to ensure market integrity and accountability for senior managers.

UnitedHealth hack could take months for full recovery

Economic Times

Economic Times · 1y ago

UnitedHealth hack could take months for full recovery

UnitedHealth Group, the largest US health insurer, faces a lengthy recovery period following a cyberattack on its Change Healthcare unit. The attack, launched by a hacking group known as ALPHV or BlackCat, has been one of the most disruptive to America's healthcare infrastructure. While UnitedHealth has not provided a timeline for full recovery, cybersecurity experts believe it could take months. The breach highlights the vulnerability of healthcare systems and the need for improved cybersecurity measures. ALPHV, a Russian-speaking cybercrime gang, has targeted several hospitals and small healthcare providers, showing persistence in its ransomware attacks.

How Google-Backed DotPe’s ‘Human Error’ Exposed Confidential Customer Data

Inc42 · 9m ago

How Google-Backed DotPe’s ‘Human Error’ Exposed Confidential Customer Data

DotPe, a startup providing services to restaurants, faced a security breach when a user accessed their APIs and gained unauthorized access to restaurant information. The incident sparked a discussion on cybersecurity and the measures companies need to take in the digital world. DotPe acknowledged the breach as a result of human error and rectified the issue. They further committed to improving security across their product suite going forward.

India Inc shoring up its cybersecurity spends amid spillover threats

Economic Times

Economic Times · 1m ago

India Inc shoring up its cybersecurity spends amid spillover threats

In response to recent India-Pakistan hostilities, large and mid-sized Indian companies are enhancing cybersecurity measures due to a rise in cyber threats. Previously slow to act, they recognize the severe financial impact of cyberattacks. Following advisories and increased threats, businesses, especially in BFSI and tech sectors, are reassessing cyber defenses, leading to a surge in cybersecurity expenditure. This swift action reflects heightened focus on mitigating geopolitical cyber risks, with urgency in finalizing security contracts.

RBI raises concerns over potential cybersecurity risks posed by AI in finance sector

IndianStartupNews

IndianStartupNews · 1y ago

RBI raises concerns over potential cybersecurity risks posed by AI in finance sector

The Governor of the Reserve Bank of India, Shaktikanta Das, has expressed concerns about the cybersecurity risks associated with the adoption of artificial intelligence (AI) in the financial sector. He highlighted the potential for increased cyber threats, including identity theft and fraud, and stressed the need for financial institutions to prioritize customer information protection. Furthermore, Das emphasized the importance of leveraging technology, including data analytics and behavioral analysis, to detect and prevent fraud. He also encouraged the use of data analytics in enhancing customer service and emphasized the need for an efficient grievance redressal mechanism.

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