Expert Insights on Fighting Digital Fraud, Generative AI Risks, and Future Trends

The evolving technology while immensely beneficial, comes with significant risks, particularly in the form of cyberattacks. In the recent past we have seen Indian government taking measures to control it whether it is DPDT law or the new norms for the telecommunication industry.

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The guidelines and law are need of the hour to secure us from any kind of technology attacks. And, to strengthen this the government needs to roll out a concrete policy in place. During an interaction with Vidushi, Pankit Desai, CEO Cofounder, Sequretek explores strategies to combat digital fraud, the impact of new laws like DPDP, and how businesses can prepare for evolving threats, including generative AI. Experts also discuss the importance of cyber insurance, key upgrades for CIOs in 2024, and Sequretek's innovative approach to cybersecurity challenges.

How can stakeholders like the government and service providers reduce digital fraud?

To tackle digital fraud, stakeholders like the government and service providers should focus on strengthening regulations and data protection frameworks. Initiatives such as DPDPA, CERT-In Incident Reporting, and SEBI/RBI regulations are crucial for fortifying the digital finance landscape against threats. By enhancing legislative measures, we can create a robust defense system against cybercrime. Public-private partnerships are essential for efficient threat intelligence sharing. The CERT-In threat feed sharing is a prime example of how collaboration can lead to improved security measures. By working together, both sectors can better anticipate and counteract threats, fostering a safer digital ecosystem. In addition, investing in advanced security technologies and promoting digital literacy is crucial. Implementing phishing simulations and conducting cyber awareness programs empower individuals and organizations to recognize and protect against digital fraud. However, mass citizen awareness is also necessary. While the Reserve Bank of India (RBI) has made efforts, campaigns must reach trending media channels to ensure widespread adoption. By engaging the public in meaningful ways, the collective defense against digital fraud can be significantly strengthened.