Cyber Pulse Aug Sept 2024

Dear Cyber Pulse Readers,

 

As we celebrate the 7th anniversary of our newsletter, it is an opportune moment to reflect on the journey we've taken in chronicling the evolution of cybersecurity in India. Over the past seven years, we have witnessed unprecedented changes—both in the challenges we face, and, in the solutions, we've developed as a nation and as part of the global digital landscape. One of the most notable trends during these years has been the growing recognition of the importance of cybersecurity at all levels – from individual users to large organizations. This shift can be seen in the increasing adoption of cybersecurity technologies, the rise of dedicated cybersecurity teams, and the emergence of regulations.

 

In this edition we look at the transformative potential of FinTech sector and how its growth is significantly shaping India’s financial services industry. We explore the importance of cyber security as important guardrails of this growth journey and also look at the key trends. The interconnected world we inhabit today is driven by data, information, and financial transactions that know no borders. As more citizens and businesses go online, the importance of protecting our digital infrastructure cannot be overstated. An exploit in one part of the world can ripple across continents, affecting millions in an instant. This reality underscores the need for a unified approach to cybersecurity, where nations work together to establish and uphold global standards.

 

I would like to take this opportunity to thank you for your continued support as we continue to bring you the latest updates on best practices and emerging trends in cyber security.

 

Sincerely,

 

Santhosh George

CEO, ReBIT

 

 

Anniversary Editions: Launch Edition Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
 

Celebrating 7 Years of Cyber Pulse

Reporting from the Frontlines of Cybersecurity 

The anniversary edition marks a significant milestone for Cyber Pulse—7 years of chronicling the ever-evolving world of cyberattacks, defense strategies, and the digital battles shaping the future. From ransomware outbreaks to cutting-edge defense mechanisms, Cyber Pulse has been at the forefront, delivering timely insights and expert analysis straight from the frontlines of cybersecurity. 

Our mission has always been to keep the cybersecurity community informed and empowered to defend against the growing sophistication of threats in our digital age. 

A huge thank you to our readers, contributors, and partners for making this journey possible. Your support and engagement have fueled our drive to continuously explore the complexities of cyber frontiers. As cyber threats grow more relentless, our commitment to bringing you the latest in cyber defense remains stronger than ever.

Here’s to many more years of reporting from the trenches of cybersecurity! 

 

 

 

In today’s digital-first world, financial technology (Fintech) is rapidly transforming how individuals and businesses interact with financial services. From seamless mobile payments to AI-driven lending platforms, fintech is pushing the boundaries of what’s possible in the financial ecosystem.

 

Riding in the Fast Lane of Digital Public Infrastructure (DPI)

Shri Shaktikanta Das, Governor of the Reserve Bank of India, recently addressed the Global Fintech Fest in Mumbai, where he emphasized the importance of FinTech in India's future financial landscape, setting priorities for India’s centenary in 2047. He outlined five pillars of growth as financial inclusion, enhancing digital public infrastructure, strengthening cybersecurity, promoting long-term sustainable finance and global integrations and co-operation as vision of Fintech for India@100. 

Fintech encompasses a wide range of industries—payments, digital currencies, investments, and trading—each with its own business environment involving financial data. Usually, these data points are highly sensitive, and as these fintech platforms grow in usage, they too have become prime targets facing an increase in the incidents of cyberattacks. Efforts are on to build strong guardrails for a safe and secure fintech future. With respect to regulations, the government has initiated the Digital Personal Data Protection Act, 2023 that ensures your data privacy, while the Guidelines for Prevention of Dark Patterns, 2023 aims to safeguard you from misleading online tactics.

 

With Speed Comes Responsibility

Regulation and supervision practices are continuously evolving for FinTech entities. From regulatory sandbox to periodic assessments significant efforts are being made by regulatory authorities like the RBI. By being informed about the latest threats and best practices, FinTech businesses can mitigate risks and protect their customers' valuable data. While many fintech companies have established robust governance frameworks, there are instances where there is room for improvement. One such example of governance challenges in fintech is the issue of data privacy, an issue that gained prominence with consumer complaints against the loan apps. These practices not only violate consumer rights but also undermine the trust and confidence in the fintech industry. Some of the key trends that Fintech industry can look at while continuing its growth story are:

 

• Secured Payments: Ensuring that digital transactions are secure from start to finish is a top priority in both fintech and cybersecurity. This involves using encryption protocols and advanced authentication methods to safeguard financial exchanges.
• Encryption and Data Privacy: One of the core functions of cybersecurity is ensuring that sensitive financial data, such as personal information and transaction details, remain encrypted and secure, preventing unauthorized access.
• Authentication Protocols: Strong authentication systems are key to preventing unauthorized access to fintech services. 
• Fraud Detection: Using latest cybersecurity technologies one can detect fraudulent activities by monitoring transaction patterns, identifying anomalies, and stopping potential breaches before they cause harm.
• Cloud Security: With more fintech firms moving to cloud-based infrastructures, ensuring robust cloud security is a major focus. 
• Increased Regulatory Compliance: Regulations are increasingly emphasizing consumer data privacy, with stiff penalties for non-compliance to encourage adoption of better security practices and transparency when dealing with customer data. 

With the growing reliance on digital financial services, consumers' expectations for personalized, efficient, and seamless experiences are higher than ever. By staying informed about the latest threats and best practices, FinTech businesses can mitigate risks and protect their customers' valuable data. Remember, investing in cybersecurity is not only good business practice; it's essential for maintaining trust in today's digital world.

 

 

 

 

Sources: Link 1 Link 2 Link 3 Link 4 Link 5 

 

 

7 Most Common Cyber Attacks in Fintech  

 

 

Cyber-attacks have become a widespread issue in today's digital world. With the increasing integration of technology, more and more organizations across various industries are becoming targets for cyber-attacks. The fintech sector, with its increasing reliance on digital platforms and sensitive financial data, has become a prime target for cyber-attacks. Some of the commonly seen types of cyber-attacks being experienced by the fintech industry includes:

 

 

#1 Phishing Attacks: Hackers use emails, text messages, or phone calls to trick users into revealing sensitive information such as login credentials or bank account numbers. FinTech companies must invest in advanced phishing detection systems and educate their customers about the latest scams and best practices for avoiding them. 

#2 Malware: Malicious software can infect computers, servers, or mobile devices and steal data, disrupt operations, or even hold systems ransom. FinTech companies must implement robust malware protection measures, including antivirus software, firewalls, and intrusion detection systems. 

#3 Cloud Security Breach: Data breaches, unauthorized access, and insider threats are just some of the concerns associated with cloud security. FinTech companies must ensure they follow best practices for securing their cloud environments, such as using multi-factor authentication, encryption, and access controls. 

#4 API Security: Application programming interfaces (APIs) are used extensively in FinTech to enable seamless integration between different applications and services. However, APIs can also be vulnerable to attacks, such as injection attacks, cross-site scripting, and man-in-the-middle attacks. FinTech companies must secure their APIs by implementing access control mechanisms, input validation, and output encoding. 

#5 Insider Threats: Insiders pose a significant threat to FinTech cybersecurity. Disgruntled employees, contractors, or even well-meaning but careless staff members can accidentally or intentionally compromise sensitive data. FinTech companies must implement strict access controls, monitor user activity, and provide regular training on cybersecurity best practices. 

#6 Social Engineering Attacks: Social engineering attacks involve manipulating people to reveal sensitive information or perform actions that compromise security. These attacks can take many forms, from email phishing to phone scams. FinTech companies must train their employees and customers on how to identify and respond to social engineering attempts. 

#7 Supply Chain Attacks: This compromises a third-party supplier or vendor within the production process of goods or services, allowing them to introduce malicious components or gain unauthorized access to carry out an attack on target systems. FinTech companies must conduct thorough due diligence on potential vendors, establish clear security guidelines, and maintain ongoing communication and collaboration. 

 

7 Key Safeguards Against Fintech Frauds 

 

Here are some key strategies to mitigate the risk and stay safe. 

1. Use Strong and Unique Passwords: Create complex passwords for all your financial accounts and avoid using the same password across multiple platforms. 

2. Enable Two-Factor Authentication (2FA): This adds an extra layer of security by requiring a verification code in addition to your password when logging into your account. 

3. Keep Your Software Updated: Regularly update your operating system, antivirus software, and mobile apps to protect against known vulnerabilities. 

4. Monitor Your Account Activity: Check your account statements regularly for any unauthorized transactions or suspicious activity. 

5. Be Wary of Phishing Scams: Do not click on links or download attachments from unknown sources, especially those related to financial matters. 

6. Set Up Alerts: Contact your bank or financial institution if you suspect any fraudulent activity and set up alerts for large transactions or unusual account activity.

7. Stay Alert: Be informed about the latest trends and techniques used by cybercriminals and learn how to identify potential threats to your finances.

 

 

Cyber Security in Fintech: 7 Reasons Why

Global Collaboration as Way Forward

 

• "Loans worth over ₹27 lakh crore disbursed under Pradhan Mantri MUDRA Yojana, world's largest microfinance scheme." 
• "Half of the world’s real-time digital transactions happen in India."  
• "Indian fintech products are just as useful for other countries as they are for us."
• "We proposed creation of a Global Digital Public Infrastructure repository during our G20 presidency." 

           – Shri Narendra Modi, Prime Minister, Govt of India at Global Fintech Fest 2024 

 

The interconnected nature of global finance means that a cyber threat in one region can have ripple effects worldwide. Ensuring secure cross-border transactions requires cooperation between financial institutions, governments, and regulatory bodies to harmonize security practices and respond quickly to threats. The fintech industry has recently become a prime target for cybercriminals due to the vast amounts of sensitive information it handles, including personal data, financial records, and transaction details. 

 

Collaboration for Global Standards  

To address these challenges, fintech companies must adopt a proactive approach to cybersecurity by integrating global standards into their core operations. This involves not only complying with existing regulations but also staying ahead of emerging threats and standards. Global standards in cybersecurity provide a structured framework for fintech companies to mitigate risks, ensure data protection, and foster trust in the digital economy. These standards serve as benchmarks that help organizations implement best practices, manage vulnerabilities, and respond to cyber threats effectively. 

 

#1. Cyber Threats Across Global Borders: Cyberattacks on FinTech companies can originate from anywhere in the world, with attackers exploiting vulnerabilities across various countries. By strengthening global cooperation, cybersecurity experts, financial institutions, and governments can share threat intelligence, strategies, and tools to detect and mitigate risks more effectively. 

#2. Country Focus in Standards and Regulations: The regulatory environment for FinTech varies from country to country, leading to inconsistent standards. Global collaboration can help align regulatory frameworks and establish international standards for securing financial technologies. 

#3. Shared Expertise and Resources: Cybersecurity is a constantly evolving field, and no single organization or country can address all challenges alone. Collaborative networks and global cybersecurity partnerships allow for the creation of real-time threat databases, coordinated responses to major attacks, and collaborative defense mechanisms. 

#4. Responding to Advanced Threats: With the increasing use of artificial intelligence (AI), machine learning, and sophisticated attack vectors, cyberattacks are becoming more complex. Combatting these advanced threats requires an equally advanced, coordinated response. International partnerships can bring together FinTech firms, cybersecurity researchers, and governments to leverage cutting-edge technologies and create a robust defense against highly sophisticated cyberattacks. 

#5. Strengthening Trust and Stability: Trust is the cornerstone of FinTech, especially when users are entrusting companies with sensitive financial data. Global collaboration helps maintain the integrity and stability of the FinTech ecosystem, ensuring best practices are shared for businesses and consumers alike. 

#6. Cross-Border Transactions: FinTech companies frequently handle cross-border transactions, meaning that data and funds flow through multiple jurisdictions. Cross-border transactions need robust, coordinated security measures that can only be achieved through global collaboration. 

#7. One Global Team for Cyber Security: With international partnerships, nations can explore new ways to secure financial technologies, such as blockchain, biometric authentication, and encryption techniques while the FinTech sector continues to innovate.

As more financial transactions move online, the volume of sensitive data being transmitted has skyrocketed. This makes digital financial ecosystems prime targets for cyberattacks. Ensuring the security of these transactions is vital to protect against fraud, data breaches, and financial crimes. Building resilience in the global financial system requires collaboration between public and private sectors, sharing threat intelligence, and establishing rapid response protocols to mitigate the impact of cyberattacks.

 

 

The Cyber Strike is a section dedicated to providing you with a summary of the most significant cyber-attacks that occurred over the past month. With the increasing prevalence of technology in our daily lives, cyber-attacks have become a constant threat to business and individuals alike.

It is important to stay informed about the latest cyber threats and attacks to protect ourselves and our organisations from potential harm.

Let’s dive in and explore the most significant cyber-attacks of the month.

 

Microsoft Office Spoofing Vulnerability

 

Impact: A vulnerability has been reported in Microsoft Office which could expose NTLM hashes to a remote attacker and may result incomplete compromise of the vulnerable system.

Recommended Actions

• Blocking all outbound traffic to TCP port 445. Adding users to the Protected Users Security Group, which restricts the use of NTLM as an authentication mechanism. 
• Apply appropriate updates as mentioned in Microsoft advisory https://msrc.microsoft.com/update-guide/en-US/advisory/CVE-2024-38200

Rocinante Banking Malware Strikes 

Impact: Rocinante is a sophisticated banking malware targeting Brazilian financial institutions, capable of keylogging, phishing, and full device takeover. It spreads via deceptive phishing sites, mimics legitimate banking apps, and uses multiple communication channels, including Telegram, to exfiltrate sensitive data. 

 

Recommended Actions 

• Regular Software Updates
• Implement continuous monitoring of network traffic and communication channels
• Limit Accessibility Privileges
• Implement Multi-Factor Authentication (MFA)

Multiple Vulnerabilities in Palo Alto Networks 

Impact: Multiple Vulnerabilities have been reported in Palo Alto Networks products which could allow the attacker to execute privilege escalation, security bypass and arbitrary file upload attack on an affected system. 

1. Arbitrary file upload vulnerability (CVE-2024-5911) 

2. Security Bypass vulnerability (CVE-2024-5912) 

3. Privilege escalation vulnerability (CVE-2024-5913) 

Recommended Actions

• Apply appropriate updates as mentioned in:

  https://security.paloaltonetworks.com/CVE-2024-5911 https://security.paloaltonetworks.com/CVE-2024-5912 https://security.paloaltonetworks.com/CVE-2024-5913 

Multiple Vulnerabilities in Microsoft Edge (Chromium-based)

Impact: Multiple vulnerabilities have been reported in Microsoft Edge (Chromium-based) which could allow a remote attacker to execute arbitrary code on the targeted system. 

Recommended Actions

• Apply appropriate updates as mentioned by the vendor: https://learn.microsoft.com/en-us/DeployEdge/microsoft-edge-relnotes-security#august-22-2024

 

ReBIT is an ambitious, employee-first organisation that believes in empowering our teams to grow alongside the organisation's goals and perform to their full potential. We are fascinated by technology, and house exceptional talent that contributes to ReBIT's mission.

 

Current Job Openings 

Vice President / Vertical Head - Cyber Security

Cyber Security Architect - IT & Infrastructure Security

Architect - Application Security 

CoE Lead - Cyber Security Risk Assessment

and more...

 

We’re looking for candidates who have a zeal for technology and innovation. Check out our careers page for opportunities to work with us!

 

We'd love to hear from you!

Share your thoughts with us at communications@rebit.org.in 

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