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TakeMe2Space to Launch India’s First AI Laboratory in Space This December

Hyderabad-based space tech company TakeMe2Space is set to revolutionize space research with the launch of MOI-TD (My Orbital Infrastructure – Technology Demonstrator), India’s first AI laboratory in orbit. Scheduled for mid-December 2024 aboard ISRO’s PSLV C60 launch vehicle, the mission aims to make space research more accessible and cost-efficient by enabling real-time data processing in orbit.

The project has been supported by the IN-SPACe Technical Centre, a government agency facilitating private space ventures. Located in Ahmedabad, IN-SPACe provided critical infrastructure for the testing and validation of the MOI-TD platform. TakeMe2Space plans to continue leveraging these advanced facilities for future missions.

MOI-TD tackles a major issue in satellite operations—processing the massive volumes of data captured daily. Currently, up to 40% of satellite data can be unusable due to factors like cloud cover, and transmitting all data to Earth for processing can take weeks. By performing data processing in orbit, MOI-TD reduces costs, minimizes latency, and delivers actionable insights directly to users.

Through OrbitLab, a web-based console, users can upload AI models for various applications, including environmental monitoring, maritime tracking, deforestation observation, and greenhouse gas detection. The platform’s first users include a leading Malaysian university and Indian school students, showcasing its potential to broaden participation in space research.

Equipped with advanced onboard technology like AI accelerators, reaction wheels, and magnetorquers, MOI-TD also features flexible solar cells capable of powering future satellite missions. This innovation is seen as a stepping stone toward establishing space-based data centres that could one day rival terrestrial cloud computing services.

Following the successful demonstration of its radiation shielding technology earlier this year aboard PSLV C-58, TakeMe2Space has laid the groundwork for extending satellite mission lifespans. The MOI-TD mission is expected to advance Earth observation capabilities while paving the way for more sustainable and cost-effective space computing technologies.

As the world watches, TakeMe2Space is poised to push the boundaries of space research, making it a game-changer in the global space industry.

Indians see wallets drain by Rs 485 crore in ‘UPI scams’ in FY24- 25

India witnessed a staggering 6.32 lakh cases of UPI payment frauds worth ₹485 crore in the first six months, as per government data presented to Parliament by Minister of State for Finance, Pankaj Chaudhary. This alarming rise reflects the darker side of the country’s rapidly growing digital payments ecosystem.

The figures for FY24 paint an even grimmer picture, with 13.42 lakh cases of UPI fraud amounting to ₹1,087 crore, marking an 85% year-on-year (YoY) increase in incidents compared to FY23. The total amount involved in such cases surged by nearly 90% from ₹573 crore in FY23. This data, sourced from the Central Payment Fraud Information Registry (CPFIR), underscores the vulnerabilities in the system as digital transactions continue to proliferate.

Despite the rise in fraud, UPI continues to dominate India’s payments landscape, with 13,112 crore transactions worth ₹199.96 lakh crore in FY24. October 2024 alone saw 1,658 crore UPI transactions, representing a 45% YoY growth, with their total value reaching ₹23.5 lakh crore.

The market remains concentrated, with PhonePe, Google Pay, and Paytm collectively handling over 90% of UPI transactions, demonstrating their stranglehold on the ecosystem.

Amidst its domestic challenges, the NPCI is also expanding UPI’s global footprint. Its international arm, NPCI International, is in discussions with 10 countries to deploy the UPI and RuPay stack. India has already partnered with nations such as Sri Lanka, Mauritius, Bhutan, Nepal, the UAE, and Canada, showcasing the scalability and adaptability of its homegrown payment systems.

To address the escalating threat, the government has implemented several measures:

1. Two-Factor Authentication (2FA): A critical safeguard for preventing unauthorized access.
2. Daily Transaction Limits: Designed to reduce exposure to fraud.
3. AI-Powered Fraud Detection: The National Payments Corporation of India (NPCI) has deployed advanced AI-driven tools to help banks detect and block fraudulent transactions.
4. National Cybercrime Reporting Portal: A centralized platform for reporting financial frauds.
5. “Chakshu” Facility by DoT: An initiative under the Sanchar Saathi portal to report suspicious communications through SMS and WhatsApp.

These steps aim to bolster trust in the digital payments framework while curbing fraud.

ICRA Analytics Taps into $3-5 Billion Indian Cybersecurity Market with Strategic Bitsight Partnership

ICRA Analytics Limited (ICRA Analytics), a wholly owned subsidiary of ICRA Ltd, has entered into a strategic collaboration with cyber risk management firm Bitsight, a Moody’s partner, to strengthen its position in the rapidly expanding cybersecurity market. The partnership aims to broaden ICRA Analytics’ risk management offerings and extend its solutions to a larger client base across India.

Currently, ICRA Analytics provides a wide range of comprehensive solutions, analytical tools, and consulting services in risk management for financial institutions, helping them mitigate risks and protect asset value. Through this collaboration, ICRA Analytics will market Bitsight’s advanced cybersecurity solutions to clients across India, leveraging Bitsight’s reputation in enterprise security and digital supply chain risk management.

Founded in 2011 and headquartered in Boston, Bitsight has developed the industry’s most widely adopted security ratings platform. Bitsight’s data-driven insights assist organizations in managing and monitoring their cyber risks by evaluating the security performance of companies worldwide. Their solutions are widely used across industries including manufacturing, insurance, finance, energy, technology, and retail, enabling businesses to make informed decisions about cybersecurity and minimize risks associated with third-party vendors.

Jayanta Chatterjee, MD & CEO of ICRA Analytics, shared his enthusiasm about the partnership: “We are excited to announce our collaboration with Bitsight – a Moody’s partner and a leading cybersecurity ratings platform globally, which we believe will enable us to deliver next-generation cyber risk solutions across India. This further strengthens the bouquet of offerings under the risk management platform and will help ensure access to superior quality of cyber risk management framework to our clients. With this collaboration, we are looking forward to further fortify our presence in the rapidly growing cyber security market in India.”

Jason Rivard, Global Channels at Bitsight, highlighted the growing importance of cyber risk management in the evolving digital landscape: “We are proud to partner with ICRA Analytics to bring Bitsight’s proven cyber risk management solutions to businesses across India. As cyber threats continue to evolve, organizations need actionable insights to protect their assets and build resilience. By combining ICRA Analytics’ deep expertise in risk management with Bitsight’s industry-leading capabilities for external attack surface management and third-party risk management, we aim to empower Indian enterprises to better identify, communicate and prioritize, cyber risks in today’s complex digital landscape.”

Earlier this year, ICRA Analytics introduced IRS 3.0, an upgraded version of its Internal Rating Solution (IRS), to help banks and non-banking financial companies (NBFCs) better identify, assess, mitigate, and monitor credit risk. With over two decades of experience in serving banks and NBFCs, ICRA Analytics continues to enhance its product offerings, including the iECL solution, which helps financial institutions automate the computation of Expected Loss Provisioning.

NIKE Announces Treasure Heinle as New CHRO, Effective January 2025

NIKE Inc. revealed on Tuesday that Treasure Heinle will take on the role of Executive Vice President and Chief Human Resources Officer (CHRO) starting January 6, 2025. Heinle will succeed Monique Matheson, who is retiring after a distinguished 26-year tenure with the company.

Currently serving as NIKE’s Chief Talent Officer, Heinle has been with the company since 2012, beginning as Vice President and HR Business Partner for North America. Her career also includes roles at Danaher, Tektronix, and In-Focus.

In her upcoming role, Heinle will oversee NIKE’s global HR operations, spearheading its people strategy and vision. As part of the Senior Leadership Team (SLT), she will report directly to President and CEO Elliott Hill.

A graduate of the University of Oregon, Heinle brings extensive experience and a proven track record to her new position.

Amazon India Prepares to Enter Quick Commerce Market with “Tez” Service

Amazon India is set to make its debut in the fiercely competitive quick commerce sector with a new delivery service codenamed “Tez.” According to a Reuters report, the service is expected to launch by late December 2024 or early 2025, accelerating from an earlier plan targeting 2025.

Amazon’s move comes on the heels of significant developments in the 10-minute delivery space, including Zepto, led by Aadit Palicha, securing over $1.3 billion in funding within the past six months. The entry of Amazon is poised to heighten rivalry with established players like Blinkit, Swiggy Instamart, and Tata Digital’s Neu Flash, which is already operational in select cities.

Flipkart, Amazon India’s primary competitor, launched its quick commerce service, Flipkart Minutes, earlier this year and has rapidly expanded across major cities, setting the stage for a heated battle.

The “Tez” initiative is expected to kick off with groceries and daily essentials, adopting a model similar to its competitors. Amazon is building the necessary infrastructure, including dark stores, optimized stock-keeping units (SKUs), and an enhanced logistics network to ensure fast deliveries.

The company is also prioritizing recruitment for this high-stakes project, with job listings describing it as a “ground-up initiative.” As Amazon gears up for its entry, the quick commerce market is set for a major shakeup.

Nvidia Introduces AI Model Fugatto: Revolutionizing Audio and Music Creation with Generative Technology

Nvidia unveiled a new artificial intelligence model on Monday designed to generate music and audio, capable of modifying voices and creating unique sounds. The technology, called Fugatto (short for Foundational Generative Audio Transformer Opus 1), is aimed at music producers, filmmakers, and video game developers. While Nvidia, the world’s largest chipmaker and AI software supplier, has no immediate plans to release the model publicly, it showcases advancements similar to technologies from startups like Runway and major players like Meta, which can generate audio and video from text prompts.

Based in Santa Clara, California, Nvidia’s Fugatto can generate sound effects and music based on textual descriptions, including creating unusual sounds such as making a trumpet bark like a dog. What sets Fugatto apart is its ability to modify existing audio, such as transforming a piano melody into a human voice or altering the accent and mood of a spoken word recording.

Bryan Catanzaro, Nvidia’s VP of applied deep learning research, highlighted that generative AI could revolutionize music, video games, and personal creativity, much like how synthesizers changed music production decades ago. However, the technology raises concerns about potential misuse, such as generating misinformation or violating copyright laws.

While companies like OpenAI are discussing AI’s role in Hollywood, tensions have arisen, particularly after accusations from actress Scarlett Johansson that OpenAI mimicked her voice. Nvidia’s model was trained on open-source data, and the company is still weighing its options for public release, mindful of the risks associated with generative technologies.

India’s UPI Internationalisation Gains Momentum as Digital Innovations Propel Economic Growth: RBI Report

India is rapidly solidifying its position as a global leader in digital transformation, driven by the internationalisation of the Unified Payments Interface (UPI), according to a recent Reserve Bank of India (RBI) report. UPI achieved a record-breaking milestone of 16.6 billion transactions in October, reflecting its growing adoption and enhanced capabilities, including an 86% success rate for instant debit reversals, up from 77% a year earlier.

RBI Deputy Governor Michael Debabrata Patra highlighted UPI’s impact, describing it as an open-ended system that integrates multiple bank accounts into a single mobile app, facilitating seamless inter-bank and peer-to-merchant transactions.

Patra also pointed to innovations like Account Aggregators, Open Credit Enablement Network (OCEN), and the Open Network for Digital Commerce (ONDC) as key contributors to productivity gains. ONDC now operates in over 720 cities, with 49.72 million orders processed as of March 2024. Additionally, the Trade Receivables Discounting System (TReDS) is addressing MSME credit gaps, estimated at ₹52.2 trillion, by connecting businesses with banks and clients, reducing funding costs by up to 2.5 percentage points. The value of invoices financed through TReDS has surged 23-fold since inception.

India’s digital economy is further bolstered by widespread internet penetration, with 40% of the rural population and 78% of those aged 20-30 years actively online. E-commerce activity is robust, with one-third of households making online purchases of consumables and services, and significant engagement in consumer durables and food purchases. Embedded financing’s share in FinTech funding has also risen from 2% in 2020 to 9% in 2024, reflecting its growing role in the digital ecosystem.

A new index measuring India’s digitalisation, constructed using a dynamic factor model, underscores the transformative impact of digital technology on the economy and monetary policy transmission. “The index has been rising, reflecting the ongoing digital revolution,” noted Patra.

India’s strong digital public infrastructure, vibrant IT sector, burgeoning youth population, and significant AI talent base uniquely position the nation to unlock new growth opportunities and optimise existing resources, the report concluded.

MobiKwik Appoints Jaskaran Singh Kapany as Chief Marketing Officer

MobiKwik has appointed Jaskaran Singh Kapany as its new Chief Marketing Officer (CMO). Sharing the news on LinkedIn, Kapany expressed his excitement about contributing to the company’s mission of revolutionizing digital payments and financial services in India.

With over two decades of experience in marketing, branding, and strategic growth across various industries, Kapany brings a wealth of expertise to his new role. Before joining MobiKwik, he spent a year advising startups on marketing and business strategies. Previously, he was the CMO at Table Space Technologies, where he established the company’s marketing framework, emphasizing brand building, public relations, digital media, and social marketing.

Kapany’s notable achievements include his tenure as CMO at Xiaomi India, where he led product marketing, brand strategy, and go-to-market initiatives. His efforts in social media campaigns, performance marketing, and customer acquisition played a pivotal role in enhancing Xiaomi’s presence in the Indian market.

Starting his career in 2003 at JWT, Kapany worked on brand-building and repositioning projects for renowned companies like Unilever, De Beers, Philips, and Baskin Robbins. He has also held senior marketing positions at ICICI Prudential Life Insurance and Paytm, contributing significantly to their brand development and market growth.

At MobiKwik, Kapany plans to leverage his extensive marketing experience to strengthen the company’s market position, improve customer engagement, and drive growth in the digital payments sector, as the platform continues to serve millions of users across India.

Record Surge in International Students in the U.S., India Takes the Lead

The number of international students attending U.S. colleges and universities reached an all-time high of over 1.1 million (1,126,690) during the 2023-2024 academic year, marking a 7% increase compared to the previous year.

According to the Open Doors 2024 Report on International Educational Exchange, published by the U.S. Department of State’s Bureau of Educational and Cultural Affairs and the Institute of International Education, India emerged as the top contributor, with 331,602 students pursuing higher education in the U.S.—a significant 23% jump from the prior year.

U.S. Ambassador to India Eric Garcetti hailed the milestone, noting that for the first time since 2009, India surpassed all other countries in sending the most students to the U.S. Indian students now account for 29% of the international student population in the U.S., cementing the nation’s position as the largest source of graduate-level students (master’s and Ph.D. programs) for the second year running.

ETS India & South Asia Country Manager Sachin Jain highlighted the growing preference for the U.S. among Indian students, stating: “The Open Doors 2024 Report underscores the U.S.’s continued leadership as a global higher education destination. The remarkable 21% growth in Indian students reflects their strong preference for U.S. institutions, a trend mirrored by the rise in GRE and TOEFL test takers.”

In the graduate category, nearly 197,000 Indian students enrolled—a 19% year-on-year growth. Participation in the Optional Practical Training (OPT) program saw an impressive 41% rise, with 97,556 students gaining valuable work experience. Undergraduate enrollments also grew by 13%, surpassing 36,000, while non-degree student numbers declined by 28%, dropping to 1,426.

The report highlights India’s critical role in shaping the U.S. academic landscape and contributing to its skilled workforce, reaffirming the enduring appeal of American institutions for international education.

Staying Ahead of Cyber Threats: Ganesh Iyer, MD, India & SAARC, Trellix Shares their Cyber resilience plan with ObserveNow

The cybersecurity threat landscape has rapidly evolved, with attackers adopting advanced techniques such as ransomware, AI-driven malware, and zero-day exploits. The shift to remote work and the proliferation of connected devices have significantly expanded the attack surface, leaving organizations increasingly vulnerable to complex and persistent threats.

In response, endpoint security solutions have advanced to address these challenges. Modern tools now include features like real-time threat detection, extended detection and response (XDR), and AI-powered analytics, enabling organizations to stay ahead of attackers. These innovations play a critical role in safeguarding endpoints and maintaining robust cybersecurity defenses in an ever-changing digital world. In this regard Riya Adlakha, Assistant Editor ObserveNow Media interacted with Ganesh Iyer, Managing Director, India & SAARC, Trellix.

Here are a few edited excerpts from the interview:

1. Can you provide an overview of the current cybersecurity threat landscape and how it has evolved over the past year?

Over the last year, we’ve seen further intensification across the threat landscape. Cyber resilience planning is very critical right now.

Much of the observed intensification is driven by geopolitical tensions which have heightened nation-state and hacktivist threat activity. Nearly half of the world’s population was or will be subject to an election in 2024 which creates motivation for malicious actors. This is on top of the Russia-Ukraine and Israel-Hamas conflicts. We’re observing more activity from groups linked to Iran and a shift in typical operations – from a focus on information gathering and espionage to instead putting muscle behind causing disruption and spreading misinformation.

It has also been heavily changed by rapid AI developments and shifts in the ransomware ecosystem. For example, we’ve seen a diversification of ransomware actors and an increase in more, smaller, and lesser-known ransomware groups since law enforcement action against members of LockBit. Our Advanced Research Center has also seen increases in use of AI to develop and spread malware and ransomware, and AI-based tools for sale on the cybercriminal underground.

We can’t underscore how critical securing email remains – and beyond email, collaboration platforms (Slack, Microsoft 365, Google Workspace, etc.) and anywhere files are shared are very important to secure. Email remains the top vector for attackers to target.

Finally, as we detailed in our earlier CyberThreat Report: June 2024, we are seeing increased use of EDR evasion techniques. This is shifting the landscape and attackers are growing new skills to refrain from being detected. To combat this, organizations need to ensure they’re monitoring their EDR closely. Alert and logging needs to be set up so if EDR tools are turned off, the SOC is notified immediately and appropriate action can be taken. Shutting down of EDR tools can be an indicator of tampering, and moving quickly is critical to limiting an attacker’s access to your network. It is also critically important to use a defense-in-depth strategy, allowing other tools like your Network Detection and Response (NDR) platform to detect potential incidents. and moving quickly is critical to limit the access an attacker gets to your network.

2. Trellix Endpoint Security emphasizes a unified solution with a single agent for protection, detection, investigation, and response. How does this approach differentiate Trellix from other endpoint security providers in the market?

Trellix offers a single-agent approach which offers a more streamlined approach than many in the market. We’ve focused on delivering high-performance and ease of use endpoint security, with enhanced threat response speed.

3. With the introduction of new DLP capabilities for Trellix Email Security Cloud, how do these features enhance an organization’s ability to protect sensitive information and comply with data protection regulations?

Trellix Email Security Cloud stops advanced threats through multi-layered detection powered by Trellix Wise artificial intelligence (AI). By integrating DLP capabilities into email security, organizations can address both inbound malicious threats and outbound loss of sensitive information in one solution.

• Prevent data mishandling and exfiltration of sensitive data with built-in rules-based policy controls.

• Accelerate response time to potential data breaches with real-time capture of data events and monitoring accessible to email system administrators within the Email Security Cloud console.

• Adhere to and extend data compliance controls with pre-built report templates to quickly demonstrate compliance. By extending data compliance controls to outbound email communications, organizations can lower the risk of potential fines from government regulators.

Trellix Email Security meets the stringent requirements of many government agencies, including the U.S. Department of Defense.

4. While many organizations are moving towards public cloud solutions, there remains a significant need for local data management and protection. How does Trellix balance these requirements to offer flexible security solutions?

One of our biggest differentiators is the flexibility we offer customers when it comes to securing public or private cloud, hybrid, or on-premise environments. Meeting customers where they are in their digital transformation journey and addressing their unique compliance needs is important to us.

5. Looking ahead, what are Trellix’s key focus areas and innovations in the cybersecurity space to continue powering a resilient and thriving digital world?

It’s an exciting time at Trellix. We’re continuing to deliver a robust cybersecurity platform that meets the needs of enterprises and government organizations globally. We’re also focused on Trellix Wise, the AI-powered foundation of our platform. Further integration across our security controls and strengthening of our AI foundation will continue to drive benefits and efficiencies for our customers.

6. As India prepares to implement the DPDP Act, how can Trellix assist organizations in enhancing their data protection strategies?

As India prepares for the Digital Personal Data Protection (DPDP) Act, at Trellix, we are dedicated to guiding organizations through every phase of their data protection journey. Our AI-powered cybersecurity solutions are designed to enhance data security, improve breach detection, and streamline response processes, ensuring businesses are well-prepared for the new regulatory landscape.

At Trellix, we work with our customer organizations through the entire journey. We begin by conducting comprehensive assessments to understand their current data protection measures. We then identify areas for improvement and provide tailored strategies to enhance their data security framework. Our expert team helps implement advanced security technologies, including data encryption and intrusion detection systems to safeguard sensitive information at every stage.

As leaders in cybersecurity, we are dedicated to supporting the growth and innovation of businesses in this new era of data protection.

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