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RBI Suspends Loan Activities of Four NBFCs Over Regulatory Violations

The Reserve Bank of India (RBI) has enacted stringent regulatory measures against four Non-Banking Financial Companies (NBFCs), effectively halting their loan sanctioning and disbursal operations as of October 21, 2024. This action targets Asirvad Micro Finance Limited, Arohan Financial Services Limited, DMI Finance Private Limited, and Navi Finserv Limited, in accordance with Section 45L(1)(b) of the Reserve Bank of India Act, 1934.

The RBI’s directive is prompted by serious concerns regarding these companies’ loan pricing strategies and other regulatory infractions, raising questions about the potential impact on customers. The central bank identified several issues related to the pricing policies of the NBFCs, particularly their Weighted Average Lending Rate (WALR) and interest spread over the cost of funds.

The RBI noted that these institutions were imposing excessive interest rates beyond regulatory limits, constituting a breach of its Master Directions for Microfinance Loans, updated in July 2022, as well as the Non-Banking Financial Company–Scale Based Regulation guidelines, revised in March 2024. Furthermore, these companies inadequately assessed the household incomes of borrowers or considered their current or future repayment capacities, resulting in the approval of microfinance loans without thorough evaluations. This raises concerns about the financial well-being of borrowers and the long-term viability of the lending institutions.

For the affected NBFCs—Asirvad Micro Finance, Arohan Financial Services, DMI Finance, and Navi Finserv—the RBI’s decision represents a significant setback. They must now concentrate on achieving compliance by reassessing their pricing structures and ensuring that all loans are approved based on proper evaluations of household income and repayment capability. Until these corrective actions are taken and reviewed, the firms will be prohibited from resuming loan disbursals.

Importantly, the restrictions do not impede these companies from servicing existing customers. They may continue with loan collection and recovery processes, as long as they adhere to current regulatory standards. The RBI has indicated that it will lift these restrictions once the NBFCs demonstrate compliance, particularly regarding risk management, customer service, and equitable pricing policies.

For existing borrowers, the immediate impact appears minimal; they can maintain their repayment schedules without disruption, and current loans will remain unaffected. However, the suspension of new loan disbursals could pose challenges for prospective borrowers who rely on microfinance loans from these institutions.

HDFC Bank’s Unit HDB Financial to Launch $1.5 Billion IPO

HDFC Bank announced that its subsidiary, HDB Financial Services, will raise up to 125 billion rupees ($1.5 billion) through its initial public offering (IPO). HDFC Bank, which holds a 94.6% stake in HDB Financial, will divest shares worth 100 billion rupees in the offering. The pricing and other specifics of the IPO will be disclosed in due course.

Last month, HDFC Bank approved the issuance of shares worth 25 billion rupees as part of the IPO, marking the group’s first public listing in six years.

Established in 2007, HDB Financial Services offers both secured and unsecured loans through more than 1,680 branches across India.

The listing follows new guidelines set by India’s central bank in 2022, mandating that large non-banking financial companies (NBFCs) be listed by September 2025. So far in 2024, 269 companies in India have raised over $12.57 billion via IPOs, surpassing last year’s total of $7.42 billion, pushing India to a new record in Asia’s equity capital market.

Indian Startups Secure $405.94 Million in Funding Across 32 Ventures Between October 14-19, 2024

Between October 14 and October 19, 2024, 32 Indian startups from a wide range of sectors raised a total of $405.94 million in fresh funding from investors. The sectors that saw significant backing include AI, SaaS, Edtech, Fashiontech, Insurtech, Sportstech, Healthtech, D2C, Lending, Wellness, Semiconductor, GenAI, Logistics, and Beauty.

Among the standout deals, Edtech firm Eruditus led the way, securing $150 million in its latest funding round. Purplle, an omnichannel beauty retailer, closed a Rs 1,500 crore ($181 million) funding round after raising an additional Rs 500 crore.

Other key players included Neuron7.ai, GIVA, and Everstage, which collectively raised $104.3 million. Neuron7.ai secured $44 million, GIVA garnered $30.3 million, and SaaS startup Everstage closed a $30 million round.

Additional notable deals include funding for sustainability startup Brown Living (pre-seed), robotics startup Perceptyne ($3 million seed round), biogas-tech venture Sistema.bio ($15 million), and several AI-focused startups such as Data Science Wizards and Tablesprint. Various other startups across sectors like eldercare, wellness, and fintech also raised significant sums.

Meanwhile, the period also saw multiple strategic mergers and acquisitions, including Licious’ acquisition of My Chicken and More, IBM’s acquisition of Bengaluru-based Prescinto, and other notable deals in the financial and tech sectors.

AICTE Partners with 1M1B Green Skills Academy to Launch Nationwide Green Internship Program

The All India Council for Technical Education (AICTE) has partnered with the 1M1B Green Skills Academy to introduce a new “Green Internship Program” across all its affiliated colleges and universities, officials announced on Thursday. By 2030, this initiative aims to provide 100,000 students with opportunities to participate in green-focused internships, starting with 10,000 positions in the first year.

As part of the program, interns will work on live projects to transform educational institutions into green campuses, aligning their efforts with NIRF rankings that prioritize sustainability.

Their responsibilities will include conducting campus audits, proposing energy-saving solutions, designing zero-waste systems, and developing expertise in making organizations more sustainable. The initiative will also involve industry leaders to mentor and train students on sustainability practices, emphasizing skills in data intelligence for climate action.

The learning approach will feature gamified assessments and data analysis of live projects, focusing on areas like energy efficiency, renewable energy, waste management, water conservation, and carbon footprint reduction. The 1M1B Green Skills Academy was first announced at the United Nations headquarters in December 2023.

Understanding the Role of Digital Technologies in Education

In today’s rapidly evolving world, digital technologies have become integral to various facets of life, including education. The integration of these technologies into educational frameworks is transforming traditional teaching methods, making learning more interactive, engaging, and accessible. Digital tools and platforms are enabling personalised learning experiences, where students can learn at their own pace and access a wealth of information and resources at their fingertips.

Embracing technology as a key enabler, the National Education Policy (NEP) 2020 in India has also recognised the importance of digital literacy and digital fluency for students. The policy has laid out ambitious initiatives to integrate educational technology (Ed-Tech) into the education system, empowering students with the necessary skills to thrive in the digital age. This forward-thinking approach aims to create a tech-savvy generation capable of navigating and excelling in an increasingly digital world, ultimately enhancing the quality of education and preparing students for future challenges.

Categories of Digital Tools in Education

Examining the incorporation of digital tools in education requires a clear understanding of the term “digital technology.” Within the framework aimed at ensuring comprehensive access to learning opportunities, digital technology encompasses a diverse range of tools and platforms that enhance the educational experience. Below is an exploration of the various categories of digital technology that are profoundly influencing the education sector:

Learning Management Systems (LMS)

LMS platforms streamline educational experiences by efficiently organising resources and content. Educators can consolidate course materials, assignments, and communications into a cohesive system, simplifying lesson delivery and academic monitoring.

Interactive Learning Software

This dynamic category includes educational apps, simulations, and games designed to engage students deeply while imparting essential knowledge. These tools foster immersive learning experiences, stimulating curiosity and enhancing understanding across subjects.

Educational Apps

These versatile tools encompass language aids, math resources, and comprehensive platforms for educational materials. Accessible on smartphones, tablets, and computers, they support adaptive learning journeys and improve educational outcomes.

Smart Classroom Solutions

Integrating smart TVs, interactive digital boards, projectors, and digital whiteboards, smart classrooms enhance learning environments. These technologies promote real-time interaction and collaboration, fostering engaging and interactive lessons.

Digital Textbooks and E-Books

Offering interactive, portable alternatives to traditional materials, these resources are typically available in PDF format. They eliminate the need for heavy physical books, enhancing accessibility and durability in modern educational settings.

Digital Libraries

Transforming learning spaces, digital libraries provide extensive digital content on tablets, notebooks, and Android laptops tailored for grades 1 through 12. They offer flexible learning opportunities, empowering students to access materials anytime, anywhere.

Adaptive Learning Systems

Utilising data and algorithms, adaptive systems customise learning experiences based on individual student needs. They assess strengths and weaknesses to deliver personalised support, improving academic performance.

Digital Assessments

Tools like quizzes and practice sets conducted via digital devices enable efficient evaluation of student performance. Immediate feedback helps students identify areas for improvement, enhancing learning outcomes through tailored learning paths.

Learning Analytics

Essential for validating educational innovations, learning analytics involves data collection and analysis on student performance and engagement. Educators use this insight to refine teaching methods and curriculum, optimising overall learning outcomes.

Benefits of Technology Integration in Education

The integration of digital technology has profoundly transformed educational practices, offering numerous advantages that greatly enhance the learning experience. This evolution serves as a powerful complement to traditional educational approaches, leveraging various types of digital tools to optimise teaching and learning outcomes and prepare students for the challenges of the modern world. Here are the key benefits of embracing digital technology in education.

Increased Interaction and Engagement

One of the primary advantages of integrating digital technology in education, particularly in classrooms, is its ability to enhance student interaction and engagement significantly. Smart classroom solutions, interactive learning software, and educational applications collectively foster a vibrant and immersive learning atmosphere. This shift empowers students from passive receivers of information to active participants in the educational journey. These interactive and stimulating educational tools encourage curiosity and deepen understanding across a wide range of subjects.

Efficient Learning Resource Management

Digital technology in education is prominently exemplified by Learning Management Systems (LMS), which streamline the organisation and distribution of educational content. LMS platforms centralise the administration of course materials, assessments, and student communication, optimising the teaching and learning process. This approach enhances teachers’ ability to manage educational resources effectively, deliver lessons, and monitor student progress, ultimately benefiting both educators and learners alike.

Flexibility and Reach

Digital technology enhances the flexibility and accessibility of education. Digital textbooks and educational applications are accessible across various devices like computers, tablets, and smartphones. This flexibility allows students to engage in self-directed learning and transform their educational journey. Furthermore, the portability and durability of digital textbooks eliminate the need to carry heavy bags filled with traditional paper textbooks.

Customised Learning

In education, digital technology facilitates individualised learning experiences. Through the use of data and algorithms, adaptive learning systems tailor educational materials to each student’s unique strengths and areas needing improvement. This approach ensures that students receive targeted support to excel, thereby maximising the effectiveness and efficiency of education.

Enriched Digital Content

Digital libraries and Smart ICT laboratories offer students access to a diverse range of digital content, enhancing their educational journey. These resources provide extensive information and interactive elements, empowering students to explore and acquire knowledge independently. Digital libraries enable teachers to augment their curriculum with multimedia materials, engaging students and fostering a deeper understanding of subjects.

Instant Feedback

An additional benefit of integrating digital technology in education is the transformation of assessments into digital formats. Digital assessments and learning analytics provide teachers and students with immediate feedback. Tools for digital assessment, including practice sets and exams, offer prompt and relevant evaluations of student performance. This feedback enables teachers to better support their students by adjusting their teaching methods and curriculum and helping students identify areas for improvement. Moreover, digital assessments help ensure accuracy in tracking students’ learning progress.

How Technology Helps Teachers and Supports their Development

Technology is becoming increasingly integral to supporting teachers and advancing their professional development. It offers a wealth of benefits that enhance instructional effectiveness and streamline administrative tasks. Digital tools provide educators with access to a diverse range of instructional resources, including interactive lessons, multimedia content, and educational apps. These resources enable teachers to create engaging and differentiated learning experiences that cater to the needs and interests of their students.

Moreover, technology simplifies classroom management through Learning Management Systems (LMS) and classroom management software. These tools automate tasks such as attendance tracking, grading, and lesson planning, allowing teachers to allocate more time to direct interaction with students. Adaptive learning technologies further enhance teaching practices by analysing student data to make distinctive educational content. This tailored approach helps educators address individual learning styles and abilities, thereby improving student engagement and academic performance.

In addition to supporting instructional delivery, technology provides continuous professional development opportunities for teachers. Online platforms offer access to a wide range of professional development courses, workshops, and collaborative networks. These resources enable educators to stay abreast of evolving pedagogical practices and leverage technological innovations in their teaching. Furthermore, technology facilitates collaboration among teachers, allowing them to share resources, collaborate on lesson plans, and participate in virtual learning communities. This collaborative environment fosters peer learning, creativity, and innovation in teaching practices, ultimately benefiting both teachers and students alike.

Conclusion

Digital technology in education serves as a transformative force, benefiting students and teachers alike. For students, it enhances learning through interactive tools and tailored experiences, fostering engagement and deeper understanding. Meanwhile, for teachers, digital tools streamline administrative tasks and offer continuous professional development opportunities, enabling them to deliver more effective and individualised instruction. By embracing these advancements, educators can navigate the complexities of modern education, ensuring that every student receives the support needed to succeed in a digitally driven world.

Author – Praveen Singh, CEO, AASOKA by MBD Group
Disclaimer: The views expressed in this article are solely those of the author and do not necessarily reflect the opinions or policies of ObserveNow Media. The author is solely responsible for ensuring the accuracy, completeness, and validity of the information presented, encouraging readers to independently verify and seek professional advice if needed.
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Enterprises Face Fewer Attack Paths in an Evolving Cybersecurity Landscape

As organizations expand their digital footprint, the attack surface becomes more susceptible to exploitation. Daily news about data breaches, ransomware attacks, and other cyber- attacks hit newspaper headlines. Data also points towards the urgency of addressing such vulnerabilities.

According to the 2024 State of the External Attack Surface Report findings, the number of exposed databases doubled in 2023, and 79% of threat alerts were generated from externally exposed sources.

Understanding Attack Surface Attack surface refers to the summation of all potential entry points, such as endpoints and vulnerabilities, that allow hackers to enter a system.

Put simply, this is the entire surface area of an enterprise at risk of hacking and security breaches. Given the increasing utilization of technologies such as IoT, most, if not all, modern- day businesses rely on a considerable volume of devices, network nodes, and web apps, to name a few.

Thus, organizations with a vast attack surface area require continuous attack surface monitoring to increase visibility and ensure all vulnerabilities across multiple aspects of a network are detected and remediated well before it is too late.

Understanding the Threats of Increasing Attack Surface The attack surface expansion has made it increasingly

challenging for enterprises to maintain a secure posture. The attacks are commonplace and serve as a wake-up call for organizations that take the threat of the attack surface for granted.

Cybercriminals are becoming increasingly sophisticated and are always looking for new ways to exploit weaknesses in an enterprise’s digital infrastructure.

Causes of Attack Surface Over the past two years, the attack surface has been driven by numerous factors, such as increasing usage of public Cloud, IoT, and application-related vulnerabilities.

However, the most crucial reason is the sprawling usage of additional third-party APIs or Application Programming Interfaces that help various systems and software to interact with each other.

A Gartner report also found that 76% of organizations have experienced some cyberattack due to an unknown, unmanaged, or poorly managed internet-facing asset.

Components of Attack Surface
Typically, the attack surface is formed by four different components:

On-premise Assets: This component comprises servers, hardware, and other on-site assets.

Cloud Network: These are all of the devices that utilize the cloud in order to work and store data. These can include SaaS programs, cloud-based databases, servers, and many more.

Third-party/ External Assets: An additional factor is the external partners and vendors. They have partial access to sensitive company data. They can access, store, and even transfer on insecure, vulnerable to attack, networks.

Subsidiary networks: A parent company’s attack surface expands with each subsidiary, and these shared networks create vulnerabilities. Attackers exploit these weaknesses.

Mitigating Attack Surface Risks: The Power of Attack Surface Management To combat this threat, experts recommend a holistic approach involving automated tools, such as API scanners, and offensive testing.

By regularly assessing the effectiveness of security measures and identifying new vulnerabilities, enterprises can proactively address potential entry points for attackers.

Conclusion
As cyber threats continue to evolve, it’s clear that attack surface management will play a critical role in the future of enterprise security. That demands proactive risk identification, prioritizing risks based on severity, and automated and continuous penetration testing. This helps organizations build resilient systems, protect valuable assets, and maintain the trust of their customers and stakeholders.

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ObserveNow Media to host 3rd Super 40 Digital Native Summit & Awards: Spotlight on AI-Driven Digital Transformation

ObserveNow Media is set to host the 3rd edition of its prestigious Super 40 Digital Native Summit & Awards in Gurugram on 18th October 2024. With the theme “AI Powered Transformation: The Digital Native Imperative,” this one-day mega event promises to spotlight the transformative shifts in the digital native industry.

The summit will feature over 5 sessions, 10+ industry presentations, 40+ speakers, and will bring together more than 150 digital native leaders, emphasizing the significant impact this gathering will have on the industry’s landscape. Summit will also feature an impressive lineup of partners, including Niveus Solutions and Google Cloud as presenting partners, IBM as the co-presenting partner, Fortinet and Ingram as cybersecurity partners, Spectra as the associate partner, and Pleasin Strides as the CSR partner.

Taniya Tikoo, Editor in Chief & Co-Founder, ObserveNow Media, will kick off the event with an opening speech, delving into the revolutions reshaping the digital native industry.

The event will also feature multiple panel discussions, starting with “Generative AI: Revolutionising User Experiences.” The panel will include industry heavyweights such as Rohit Sood, Advisory Data & AI Specialist, Technology, India and South Asia, IBM; Imran Khan Niazi, Co-Founder & CTO, Trustsignal; Karan Aggarwal, CTO, DeHaat; Shakti Goel, Chief Architect and Data Scientist, Yatra; Ankit Aggarwal, Founder & CEO, Unstop; Nitin Jain, Co-founder & CBO, OfBusiness; Anand Chandra, Co-Founder & Executive Director, ARYA; Sushan Rungta, Chief Technology Officer, Absolute; and Vipin Jain, Group CTO, CollegeDekho. The panel will be moderated by Sunny Kapoor, Director – Technology Consulting, Ernst & Young LLP.

Next, the spotlight will shift to the second panel, “The Future of Digital Transformation and Cybersecurity: Mastering Strategies for the Decade Ahead,” featuring experts such as Mohit Srivastava, CISO, Perfios; Ashish Mathur, Head of Cyber Security, TBO; Suhan Shetty, Enterprise Architect – Infrastructure Services, Niveus Solutions; Abhas Agarwal, Field Sales Representative, Google Cloud; Kush Kaushik, Co-Founder, Scrut Automation; Shiva Nand Singh, Director of Engineering, Moglix; and Sandip Chhettri, Chief Executive Officer, TradeIndia.com – Infocom Network Private Limited. The discussion will be moderated by Jaspreet Singh, Partner, Grant Thornton Bharat LLP.

A special panel focusing on the role of women in the digital native industry, titled “The Power Shift: Women Steering India’s Leadership Revolution,” will highlight the contributions of Amrita Sirohia, Co-founder, IND Money; Tripti Tiwari, Founder, CloudTrains; Jharna Saha, Co-founder, Enlog; Dipali Mathur Dayal, Founder, Super Smelly; and Shruti Kharbanda, Founder, Invincible Robo League, with the session being moderated by Taniya Tikoo.

The day continues with a fourth panel discussion on “AI 2.0: Innovating Beyond the Hype with Robust Cybersecurity Solutions,” featuring experts like Dhruv Anand, Enterprise Sales, Google Cloud; Atul Dubey, Regional Sales Manager, Fortinet; Sahil Singla, VP Engineering, 99Acres; Sanjeev Singh, Head of Tech & Data, GensolEV; Saurabh Wadhawan, Co-Founder, Scalenut; and more. Ravi Mathur, Co-Founder & CTO, Insurance Samadhan, will moderate the discussion.

The final panel of the day, “D2C Innovations in Digital Retail: Leveraging AI to Transform Customer Experiences,” will be moderated by Abhay Batra, Co-founder & CFO, Clovia, and feature speakers like Tanay Dixit, Co-Founder and CPTO, Wobot; Shivam Maheshwari, Co-Founder & CTO, Goals101; Natwar Agrawal, Founder & Director, Bacca Bucci; Ankita Chaudhary, Co-founder, Power Gummies; and others.

The event will conclude with an award ceremony, recognizing and honoring digital native brands that are making waves in the industry.

Stay tuned for an unforgettable day of innovation, insights, and industry leadership at the Super 40 Digital Native Summit & Awards!

AM/NS India inaugurates AI-enabled Digital Classroom at Government Primary School in Kawas

ArcelorMittal Nippon Steel India (AM/NS India) has taken a significant step in transforming rural education with the inauguration of an AI-enabled digital classroom at the government primary school in Kawas village, Gujarat. This initiative is part of the company’s “Digital Pathshala” project, a corporate social responsibility (CSR) effort aimed at integrating modern technology into traditional learning environments, thereby making education more accessible and engaging for students in rural areas.

The inauguration ceremony, a pivotal moment for the community, was attended by Truptiben Patel, President of the Taluka Panchayat, Choryasi, alongside several local leaders and education officers, including Dr. Anil Matoo, Head of Corporate Affairs, Hazira, AM/NS India. Other dignitaries such as Archana Dhameliya, Taluka Education Officer, Nilesh Tadvi, District Panchayat Member, and Lata Patel, Taluka Panchayat Member, were also present, along with school staff, villagers, and eager students.

Speaking at the event, Dr. Anil Matoo highlighted the importance of equipping students with digital tools to prepare them for a technology-driven future. He stated, “This AI-enabled classroom at Kawas is a big step towards preparing students in the Hazira belt for a rapidly evolving digital world by providing them with access to digital resources and innovative learning methods. We aim to enhance their educational experience and future employability by empowering them with the right tools. This initiative also reflects our commitment to the betterment of the local community.”

The AI-powered classroom is part of AM/NS India’s broader mission to bridge the digital divide in rural education. The classroom, which features the latest technology, including modern learning devices and AI-driven tools, promises to create a more interactive and engaging learning environment. Students will benefit from innovative teaching methods that go beyond traditional chalk-and-board education, providing a more holistic and immersive experience.

During the ceremony, students and dignitaries participated in a live demonstration of the classroom’s digital capabilities. The event showcased the interactive tools and AI-based learning resources that will now be available to the students, offering a glimpse into the future of education in Kawas village. The local community and parents expressed their appreciation for the initiative, which they believe will significantly improve the quality of education and better prepare students for future opportunities.

AM/NS India’s “Digital Pathshala” project has already made a considerable impact, having equipped 23 government primary schools in Surat with digital classrooms. This expansion into more schools demonstrates the company’s ongoing commitment to enhancing educational infrastructure in rural India.

India Second Highest Target for Ransomware Attacks in Asia Pacific: ZScaler Report

India has increasingly become one of the top targets for ransomware attacks in the Asia Pacific and Japan region, now ranking second in terms of successful attacks. This alarming trend is highlighted in the recent 2024 Ransomware Report by Zscaler ThreatLabz, which analyzes ransomware incidents from April 2023 to April 2024. The report reveals a global surge in ransomware attacks, emphasizing the escalating threat to critical sectors worldwide.

Ransomware attacks, a type of malware assault, prevent users from accessing their files, systems, or networks. Cybercriminals demand ransom payments in exchange for restoring access to these systems. Common methods employed in ransomware attacks include phishing, exploiting Remote Desktop Protocol (RDP), and credential abuse. However, hackers are continually finding new ways to exploit software vulnerabilities, making it a persistent and evolving threat.

Globally, ransomware attacks have surged by 18% year-on-year, with the report citing a staggering ransom payment of $75 million made to the Dark Angels ransomware group. This amount nearly doubles the largest publicly known payout to date, raising concerns that such record payments will embolden other cybercriminals to adopt similar tactics, further exacerbating the global threat landscape.

The Asia Pacific region, particularly India, is witnessing a rapid pace of digital transformation, with 1.3 billion more AI-related transactions than any other region, including Europe, West Asia, and Africa (EMEA). This growth, particularly in artificial intelligence (AI) and machine learning (ML) technologies, has positioned India as a prime target for cybercriminals. Despite the sophistication of these attacks, the number of successful ransomware incidents in India has remained relatively flat, with a slight decrease from 62 incidents in 2023 to 60 in 2024.

Nevertheless, the rise of AI-powered attacks is expanding vulnerabilities within India’s digital defenses, prompting urgent calls for enhanced cybersecurity measures.

According to the Zscaler report, India’s manufacturing sector remains the most targeted, accounting for nearly 29% of ransomware incidents. Other key industries under threat include healthcare and financial services, each representing 8.89% of incidents, alongside technology and pharmaceuticals.

The report also highlighted the growing use of Ransomware-as-a-Service (RaaS), zero-day attacks on outdated systems, and AI-driven strategies as significant contributors to the rise in cybercrime. Deepen Desai, Chief Security Officer at Zscaler emphasised the importance of Zero Trust security frameworks in the fight against ransomware. He noted that organisations must prioritise these architectures to reduce vulnerabilities and prevent costly breaches.

“With AI-powered attacks becoming more prevalent, a Zero Trust platform, like Zscaler, plays a pivotal role in mitigating risks, reducing the impact of breaches, and closing potential attack vectors,” said Desai.

The report also identifies the top ransomware families operating in India, with LockBit leading the charge, responsible for 23.33% of attacks. Following LockBit are BianLian (16.67%), BlackCat (11.67%), 8Base (10%), and Mallox (5%). LockBit continues to dominate both in India and globally, with emerging groups like Dark Angels expected to pose future threats.

PM Modi Calls for Global Digital Framework & Ethical Use of AI amidst Security Concerns

Prime Minister Narendra Modi made a strong call for the establishment of a global framework for digital technology and the ethical use of artificial intelligence (AI) during the inauguration of the International Telecommunication Union – World Telecommunication Standardization Assembly (WTSA) 2024 and India Mobile Congress in New Delhi. Stressing the importance of international cooperation in an interconnected world, the Prime Minister emphasized that security cannot be an afterthought in today’s digital age.

“There is a need for a global framework… guidelines for digital technology,” PM Modi stated during his address. “Time has come when global institutions have to accept the importance of a rule-based framework for digital technology.”

Highlighting the borderless nature of digital tools and applications, he underscored that no single country can single handedly protect its citizens from cyber threats. He stressed the need for international collaboration, urging global institutions to take responsibility. “For this, we have to work together. Global institutions have to take responsibility,” he said, adding that clear ‘dos’ and ‘don’ts’ are needed at the global level to safeguard citizens from the risks posed by emerging technologies.

PM Modi drew a parallel with global aviation regulations, which ensure the safety and security of international air travel through established technical, legal, and operational standards. He suggested that a similar approach be adopted for the digital world.

The Prime Minister’s call for a rule-based global framework is aimed at setting standards that address the ethical use of AI, data privacy, and cybersecurity. “Global standards need to be framed for ethical AI and data privacy that respect the diversity of different countries,” Modi ji noted.

Modi ji also outlined India’s efforts in creating a robust digital infrastructure, which has become a cornerstone for delivering services to its vast population. “India is one among the most happening countries when it comes to telecom and its related technologies,” he remarked, citing the country’s massive mobile phone user base of 1.2 billion, 950 million internet users, and its dominance in real-time digital transactions, accounting for over 40% of global transactions.

India’s digital journey, he explained, rests on four pillars: making devices affordable, ensuring widespread connectivity, providing cost-effective data, and adopting a digital-first approach. He pointed out that India has transitioned from being an importer of mobile phones to an exporter, while also establishing a fiber optic network spanning eight times the distance between the earth and the moon.

In his address, Modi ji emphasized India’s readiness to share its digital experience with the world. “India is willing to share its experience of successfully building digital public infrastructure with the rest of the world,” he said, highlighting the country’s success in rolling out 5G services and its ongoing work on 6G technology.

The Prime Minister called on global bodies like the WTSA to take the lead in addressing security concerns in the telecommunication sector, urging them to develop guidelines that ensure safety for all. “I would ask WTSA to deliberate on how to make telecommunications safe for everyone,” he said.

As part of its own commitment to a secure digital future, Modi noted that India has enacted a data protection law and a national cybersecurity strategy to safeguard its digital ecosystem.

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