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Nalin Prabhat joined as the new DGP of Jammu and Kashmir

The Ministry of Home Affairs (MHA) has appointed Nalin Prabhat, a 1992-batch IPS officer, as the new Director General of Police (DGP) for Jammu and Kashmir, effective October 1. Until then, Prabhat will serve as the Special Director-General of the Jammu and Kashmir Police.

In response to the increasing terror attacks in the Jammu region since June 9, which have resulted in casualties among security forces, the Centre has acted swiftly to assign Prabhat, 56, to this crucial role, according to media reports.

A government order issued on Thursday stated, “Following his transfer to the AGMUT cadre from Andhra Pradesh, Prabhat is posted as Special DG, J&K Police effective immediately and will serve in this position until September 30. After the retirement of R R Swain, a 1991-batch IPS officer of the AGMUT cadre on September 30, Prabhat will take over as DGP, J&K Police starting October 1, until further notice.”

The Appointments Committee of the Cabinet (ACC) approved Prabhat’s transfer from Andhra Pradesh to the Arunachal Pradesh-Goa-Mizoram and Union Territory (AGMUT) cadre for three years. This decision was made just three months after Prabhat was appointed as the Director General of the National Security Guard (NSG). The ACC had earlier approved his appointment as NSG DG until August 31, 2028.

Before leading the NSG, Prabhat was the additional director general and Special DG of the Central Reserve Police Force (CRPF), overseeing its operations in Jammu and Kashmir. He has also served as the Deputy Inspector General (DIG) for the Kashmir and South Kashmir sectors. An alumnus of St Stephen’s College, he holds a BA (Hons) and an MA degree.

Prabhat has been awarded three police gallantry medals and has previously led the specialised anti-Naxal police force, ‘Greyhounds,’ in Andhra Pradesh, his original cadre state.

India’s bio-economy to reach $300 billion by 2030: Union Minister Jitendra Singh

Union Minister Jitendra Singh announced that the Modi Government’s recently launched BioE3 (Biotechnology for Economy, Employment, and Environment) Policy is set to establish India as a global leader in the bio-economy. Highlighting the policy’s transformative impact, he noted that as India ascends as a biotech powerhouse, Prime Minister Narendra Modi Ji will be globally acknowledged as a key driver of the biotech revolution, fostering economic growth, innovation, and environmental sustainability.

India’s bio-economy has experienced remarkable growth, expanding from $10 billion in 2014 to over $130 billion in 2024, with projections to reach $300 billion by 2030. The BioE3 Policy is expected to further boost this trajectory, making significant contributions to the ‘Make in India’ initiative by promoting bio-based products with low carbon footprints.

Singh emphasized that the BioE3 Policy aims to tackle pressing global challenges like climate change and the depletion of non-renewable resources by transitioning from chemical-based industries to sustainable bio-based models. The policy also envisions the creation of biomanufacturing hubs, which will be crucial in developing and commercializing bio-based products and driving innovation through Bio-AI hubs.

The policy is projected to create substantial employment opportunities, particularly in tier-II and tier-III cities, by utilizing local biomass sources and promoting regional economic development. Singh reaffirmed that the BioE3 Policy aligns with India’s vision of a ‘Viksit Bharat’ (Developed India), demonstrating how strategic science policies can propel national development and sustainability.

OpenAI Backs California Bill Mandating Labels for AI-Generated Content Ahead of Key Vote

OpenAI, the developer behind ChatGPT, has announced its support for a California bill, AB 3211, which would require tech companies to label AI-generated content, such as memes or deepfakes, especially in contexts where misinformation could be spread, including political campaigns. This bill has gained traction despite being overshadowed by another AI-related bill, SB 1047, which mandates safety testing for AI models and has faced pushback from the tech industry, including OpenAI.

California lawmakers have introduced a variety of AI-related bills this legislative season, but many have stalled. AB 3211, however, has progressed significantly, having already passed the state Assembly and the Senate appropriations committee. If approved by the full state Senate before the legislative session ends on August 31, it will move to Governor Gavin Newsom for final approval.

In a letter to Assembly member Buffy Wicks, who authored the bill, OpenAI emphasized the importance of transparency and content provenance, especially in an election year. The company’s Chief Strategy Officer, Jason Kwon, highlighted the role of new technologies in helping the public distinguish between human-generated and AI-generated content, a concern that is growing as more countries hold elections this year.

RBI Governor Shaktikanta Das Launches Unified Lending Interface to Transform Credit Delivery

Reserve Bank of India (RBI) Governor Shaktikanta Das has officially launched the Unified Lending Interface (ULI), a groundbreaking initiative expected to revolutionize the lending sector much like the Unified Payments Interface (UPI) did for digital payments.

Governor Das introduced the ULI at the Global Conference on “Digital Public Infrastructure and Emerging Technologies,” highlighting its potential to significantly enhance credit delivery across India. He described ULI as a key component of India’s evolving digital infrastructure, referring to it as part of the “new trinity” of JAM-UPI-ULI.

Initially piloted by the RBI last year, ULI aims to streamline the credit process by enabling seamless, consent-based digital information flow from various data providers, including land records, directly to lenders. This innovation is particularly beneficial for small and rural borrowers, as it drastically reduces the time needed for credit appraisals.

Das emphasized that ULI’s architecture leverages standardised APIs, allowing for a ‘plug and play’ approach that simplifies access to diverse information sources. This, in turn, accelerates loan delivery and reduces the need for extensive documentation, making credit more accessible and efficient.

By digitizing fragmented financial and non-financial data, ULI aims to meet the significant demand for credit among rural and MSME borrowers, ultimately driving economic growth.

In addition, Governor Das touched on the RBI’s cautious approach to Central Bank Digital Currency (CBDC), stressing the importance of understanding its broader impacts before a full-scale rollout. The ongoing pilots in retail and wholesale segments, involving over 5 million users and 16 banks, are testing the CBDC’s potential, particularly its offline and programmability features, which could play a crucial role in financial inclusion.

The launch of ULI, along with advances in CBDC, marks a significant leap forward in India’s digital financial infrastructure, poised to reshape the future of lending and payments in the country.

New Cybersecurity Report Warns of Widespread Web Application Vulnerability Threatening Businesses

A recent report by cybersecurity firm Check Point reveals that a serious vulnerability in web applications, known as Server-Side Template Injection (SSTI), is exposing numerous businesses to significant risk. This flaw enables cybercriminals to execute malicious code on websites, allowing them to access sensitive information.

Over the past three months, SSTI attacks have targeted one in every 16 organizations on a weekly basis, with retail and wholesale sectors being the most affected, experiencing attacks in one out of every 11 organizations weekly. Financial institutions, including banks, were also frequently targeted, with one in every 15 facing weekly attacks. “SSTI vulnerabilities can have devastating effects,” warns Check Point. “They give attackers the potential to gain complete control of systems, exfiltrate critical data, and severely damage a company’s reputation.”

Notable platforms have already been compromised by SSTI attacks, including Atlassian Confluence, a widely used collaboration tool, as well as file-sharing services like CrushFTP and Rejetto HTTP File Server. Check Point researchers also discovered that hackers are employing sophisticated techniques to evade detection, such as encoding their attacks and using advanced programming methods. Some attackers have even covertly installed software to mine cryptocurrency using the victim’s computer resources.

DoT Declines to Regulate OTT Apps Like WhatsApp and Telegram, Clarifies New Telecom Act

The Department of Telecommunications (DoT) has stated that it does not plan to regulate over-the-top (OTT) communication services like WhatsApp and Telegram. Officials clarified that the new Telecommunications Act does not classify these apps under its definition of telecommunications. This announcement comes as telecom companies push for OTT apps to be regulated under the same rules as traditional telecom services, arguing for a “same-service, same-rule” approach. However, OTT providers maintain that they are already regulated under the Information Technology Act. The DoT’s position suggests that the current definition of “telecommunication” primarily applies to licensed telecom operators, and not OTT services, as these involve data packet transmission rather than network-based switching. The government is still considering how to address security concerns related to OTT apps, with the Ministry of Electronics and IT potentially regulating them under the Digital India Act or another relevant law.

Eruditus Nears $150 Million Investment Deal with TPG, Valuation Could Reach Up to $2.3 Billion

Eruditus, an Indian edtech start-up, is reportedly nearing a substantial investment deal with TPG, a prominent private equity firm. According to TechCrunch, TPG is in the final stages of negotiations to lead a $150 million funding round for Eruditus, which could become one of the most significant fundraising efforts by an Indian education company in recent years.

This new funding round is expected to value Eruditus at up to $2.3 billion, depending on the start-up’s ability to meet specific performance benchmarks. If these targets are not achieved, the valuation could drop to a minimum of $1.8 billion. This marks a decline from Eruditus’s previous valuation of $3.2 billion during its last funding round in August 2021.

Founded 14 years ago, Eruditus collaborates with leading global universities to offer executive education programs, with more than two-thirds of its revenue coming from international markets. Initial talks for the funding began last year, focusing on a $50 million secondary round to allow early investors to exit. However, after achieving a full year of EBITDA profitability, Eruditus opted to pursue a larger round, aiming to finalize it before moving its headquarters from Singapore to India.

The anticipated $150 million round would be Eruditus’s first major equity raise since August 2021. In the meantime, the SoftBank-backed company secured $350 million in debt from the Canada Pension Plan Investment Board (CPPIB) in 2022 to support mergers and acquisitions and strengthen its market position. Looking forward, Eruditus plans to relocate its headquarters from Singapore to India within the next 12-18 months, marking a strategic shift in its expansion efforts.

AI and Cybersecurity: Experts Reveal How Adaptive Tech is Shaping the Future with ObserveNow

As the digital landscape evolves, so do the threats that target it. Among the most pressing concerns for organizations today is the integration of adaptive AI-infused defense mechanisms to combat adversarial AI attacks. These advanced defense systems leverage artificial intelligence to identify and respond to threats in real time, adapting to new and emerging cyber threats.

However, while these technologies offer significant advantages, there are also potential pitfalls associated with their use. In this regard, Siddharth Mala, Correspondent, ObserveNow Media interacted with experts to gather more insights on the subject.

According to a recent report by Check Point Research, there has been a significant rise in cyberattacks worldwide, with a 30 percent increase on corporate networks in Q2 2024 compared to Q2 2023, and a 25 percent increase compared to Q1 2024. On average, organizations face 1,636 attacks per week.

In India, organizations are experiencing a substantial jump in cyberattacks, with a 46 percent year-over-year growth dealing with an average of 3,201 attacks per week, the second-highest in the Asia-Pacific region after Taiwan.

Integrating Adaptive AI-Infused Defense Mechanisms

Adaptive AI-infused defense mechanisms are designed to enhance cyber resilience by dynamically evolving in response to threats. These systems can analyze vast amounts of data to detect anomalies, predict potential attacks, and respond to incidents with minimal human intervention. By continuously learning from new data, adaptive AI can improve its threat detection capabilities and reduce the risk of successful cyberattacks.

“Organizations can significantly bolster their cyber resilience by leveraging adaptive AI-infused defense mechanisms. This empowerment comes from AI’s ability to analyze vast amounts of data in real-time, detecting patterns and anomalies that would take the human eye much longer to identify. For instance, AI can help identify unusual behavior that might signal a cyberattack and even automate responses to such threats. This is particularly empowering against adversarial AI attacks, where attackers use AI to craft more sophisticated and targeted assaults” said Mohan Krishnamurthy Madwachar, Country Manager, Sattrix.

The integration of such mechanisms often involves incorporating machine learning algorithms and predictive analytics into existing cybersecurity frameworks. These technologies enable organizations to anticipate and counteract sophisticated attacks more effectively. For example, AI-powered tools can analyze patterns in network traffic and identify subtle changes that may indicate an ongoing attack, allowing for quicker response times.

Potential Pitfalls of Over-Reliance on AI

Despite the benefits, there are significant risks associated with over-reliance on AI in cybersecurity. One major concern is the potential for adversarial AI attacks. Malicious actors can exploit vulnerabilities in AI systems to manipulate or deceive them, potentially leading to false positives or missed threats. Additionally, AI systems can be prone to biases if not properly trained and calibrated, which can undermine their effectiveness.

Another challenge is the complexity and cost associated with implementing and maintaining advanced AI systems. Organizations must invest in specialized talent and resources to manage these technologies, which can be a barrier for smaller entities. Furthermore, relying too heavily on AI can lead to complacency, where human oversight is diminished, and critical thinking in threat response is neglected.

Accelerating Proactive Research Through Interdisciplinary Collaborations

To address the evolving cyber threat landscape, interdisciplinary collaborations between academia and industry are crucial. These partnerships can accelerate the development of proactive research and actionable measures to counter AI-centric threats. By combining theoretical knowledge from academic research with practical insights from industry experts, organizations can create more robust and innovative defense strategies.

Mohan Subrahmanya, Country Leader – India, Insight Enterprises highlighted “While industry offers practical exposure, there is a huge demand for Cybersecurity Education and training courses to upskill professionals in this area and address the knowledge-practice gap in cybersecurity.

By combining practical insights from industry experts, with state-of-the-art research and theoretical knowledge, interdisciplinary collaborations between academia and industry can expedite the creation of preventive research and a concrete framework to counter AI-associated risks. It takes collaboration to create cooperative projects, constant communication, and training programs that match industry demands with academic breakthroughs. Organisations and academic institutions can also join hands to give way to policy development and advocacy as well as introduce and influence best practices across industry. The cybersecurity industry will be able to anticipate and combat AI-driven threats more successfully by bridging this gap, further added Subrahmanya.

One of the significant challenges in cybersecurity is the knowledge-practice gap, where there is a disconnect between academic research and practical implementation. Bridging this gap requires a concerted effort from both researchers and practitioners to ensure that theoretical advancements are translated into actionable solutions.

As organizations integrate adaptive AI-infused defense mechanisms to enhance cyber resilience, they must be mindful of the potential pitfalls of over-reliance on these technologies. Balancing AI capabilities with human oversight and fostering interdisciplinary collaborations will be key to addressing emerging threats and bridging the knowledge-practice gap in cybersecurity. Through these efforts, organizations can better navigate the complexities of the modern cyber threat landscape and strengthen their overall security posture.

 

 

 

Axio Secures Rs 167 Crore Through Rights Issue, Amazon Among Potential Key Investors

Axio, an online lending platform previously known as Capital Float, has successfully secured Rs 167 crore (approximately $20 million) through a rights issue from its existing investors. According to a regulatory filing obtained from the Registrar of Companies (RoC), Axio’s board approved a special resolution to issue 11,25,000 preference shares at Rs 1,486 each, targeting a capital raise of Rs 167 crore.

The rights issue offers existing shareholders 0.51 shares for each share they hold, ensuring their ownership stakes remain proportionate. While the company has not publicly disclosed the names of the participating investors, it is speculated that Amazon, a known backer of Axio, made a significant contribution. This comes amid earlier reports that Amazon was contemplating a full acquisition of the company.

Amazon had previously invested in Axio during its Rs 144 crore extended Series C round in 2018, holding around 8% of the Bengaluru-based platform before this latest round. Other major shareholders include Lightrock, the largest external investor with a 19.42% stake prior to the round, followed by Elevation Capital at 13.84%. Additional key backers include Peak XV, Creation Investments, Ribbit Capital, and QED Innovations.

Axio has demonstrated strong financial performance recently, with co-founder Sashank Rishyasringa revealing a 50% revenue increase and a 95% reduction in losses during FY24. While specific figures for FY24 are yet to be disclosed, Axio reported doubling its revenue to Rs 220 crore in FY23, up from Rs 110 crore in FY22, though losses grew slightly to Rs 137 crore in the fiscal year ending March 2023.

This new capital injection is expected to bolster Axio’s position in the competitive online lending market as the company continues to scale its operations and enhance its service offerings.

Tags: Amazon

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