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Overview:

The National Payments Corporation of India (NPCI) officially revealed on the 31st of July 2024 that its client C-Edge Technologies had been subject to a ransomware attack. These circumstances have caused C-Edge to be separated from retail payment systems to  eliminate more threats to the national payment systems. More than 200 cooperative and regional rural banks have been affected leading to disruptions in normal services including ATM withdrawals and UPI transactions.

About C-Edge Technologies:

C-Edge Technologies was founded in the year 2010 especially to meet the specific requirements of the Indian banking and other allied sectors accentuating more on the cooperative and the regional rural banks. The company offers a range of services such as Core Banking Solutions by functioning as the center of a bank where customers’ records are managed and accounting of transactions takes place, Payment Solutions through the implementation of payment gateways and mobile banking facilities, cybersecurity through threat detection and incident response to protect banking organizations, data analytics and AI through the analytics of big banking data to reduce risks and detect frauds.

Details of Ransomware attack:

Reports say, this ransomware attack has been attributed by the RansomEXX group which primarily targeted Brontoo Technology Solutions, a key collaborator with  C-Edge, through a misconfigured Jenkins server, which allowed unauthorized access to the systems.

The RansomExx group also known as Defray777 or Ransom X utilized a sophisticated variant known as RansomEXX v2.0 to execute the attack. This group often targets large organizations and demands substantial ransoms.  RansomEXX uses various malware tools such as IcedID, Vatet Loader, and PyXie RAT. It typically infiltrates systems through phishing emails, exploiting vulnerabilities in applications and services, including Remote Desktop Protocol (RDP).  The ransomware encrypts files using the Advanced Encryption Standard (AES), with the encryption key further secured using RSA encryption. This dual-layer encryption complicates recovery efforts for victims. RansomEXX operates on a ransomware-as-a-service model, allowing affiliates to conduct attacks using its infrastructure. Earlier in 2021,  it attacked StarHub and Gigabyte’s servers for ransome.

Impact due to the attack:

The immediate consequences of the ransomware attack include:

• Service Disruption: This has negative implications to consumers especially the citizens who use the banks to do their day to day banking activities such as withdrawals and online transactions. Among the complaints some of them relate to cases where the sender’s account has been debited without the corresponding credit to the receiver account.

• Isolation Measures: Likely, NPCI is already following the right measures as it had disconnected C-Edge from its networks to contain the proliferation of the ransomware. This decision was made as a precautionary measure so that all functional aspects in a larger financial system are safeguarded.

Operations resumed:

The National Payments Corporation of India (NPCI) said it has restored connectivity with C-Edge Technologies Ltd after the latter’s network connection was severed by NPCI over security concerns that were evaluated by an external forensic auditing firm. The audit affirmed that all affected systems were contained in order to avoid the occurrence of ransomware attack contagion. All the affected systems were localized in C-Edge’s data center and no repercussion was evidenced regarding the infrastructure of the cooperative banks or the regional rural banks that are involved in the business. Both NPCI and C-Edge Technologies have resumed normalcy so that the banking and financial services being offered by these banks remain safe and secure.

Major Implications for Banking Sector:

The attack on C-Edge Technologies raises several critical concerns for the Indian banking sector:

• Cybersecurity Vulnerabilities: It also shows the weak linkages which are present within the technology system that help smaller sized banks. Nevertheless, the service has been offered by C-Edge regarding their cybersecurity solution, this attack evidence that the securities required should improve in all types of banks and banking applications.

• Financial Inclusion Risks: Co operative and regional rural banks also have its importance in the financial inclusion especially in rural and semi urban areas. Gradually, interruptions to their services pose a risk to signal diminished improvement in financial literacy for the excluded groups contrary to the common year advancement.

• Regulatory Scrutiny: After this event, agencies such as the Reserve Bank of India (RBI) may enhance the examination of the banking sector’s cybersecurity mechanisms. Some of the directives may even require institutions to adhere to higher compliance measures regarding the defense against cyber threats.

Way Forward: Mitigation  

• Strengthening Cybersecurity: It is important to enhance the cyber security to eliminate this kind of attacks in the future. This may include using  better threat detection systems, penetration testing to find the vulnerabilities, system hardening, and network monitoring  from time to time.

• Transition to Cloud-Based Solutions: The application of adaptations in cloud solutions can contribute to the enhancement in operative efficiency as well as optimization in the utilization of resources. The security features of cloud should be implemented for  safety  and protection against cyber threats for SMEs in the banking sector.

• Leveraging AI and Data Analytics: Development of the AI-based solutions for fraud and risk control means that bank organizations get the chance to address threats and to regain clients’ trust.

Conclusion:

This ransomware attack in C-Edge Technologies in the banking sector provides a warning for all the infrastructures. Initial cleanup methodologies and quarantining are effective. The continuous monitoring of cyber security features in the infrastructure and awareness between employees helps to avoid these kinds of attacks.  Building up cyber security areas will also effectively safeguard the institution against other cyber risks in the future and fortify the confidence and reliability of the financial system, especially the regional rural banks.

Reference:

• https://www.businesstoday.in/technology/news/story/c-edge-technologies-a-deep-dive-into-the-indian-fintech-powerhouse-hit-by-major-cyberattack-439657-2024-08-01
• https://www.thehindu.com/sci-tech/technology/customers-at-several-small-sized-banks-affected-as-tech-provider-c-edge-suffers-ransomware-attack/article68470198.ece
• https://www.cnbctv18.com/technology/ransomware-attack-disrupts-over-200-co-operative-banks-regional-rural-banks-19452521.htm
• https://timesofindia.indiatimes.com/city/ahmedabad/ransomware-breach-at-c-edge-impacts-transactions-for-cooperative-banks/articleshow/112180914.cms
• https://www.emsisoft.com/en/blog/41027/ransomware-profile-ransomexx/

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Introduction‍

Netizens across the globe have been enjoying the fruits of technological advancements in the digital century. Our personal and professional life has been impacted deeply by the new technologies. The previous year we saw an exponential rise in blockchain integration and the applications of Web 3.0. There is no denying that the Covid-19 pandemic caused a rapid rise in technology and internet penetration all across the globe, bringing the world closer with respect to connectivity and the exchange of ideas and knowledge. Tech advancements have definitely made our lives easier, but the same has also opened the doors to various vulnerabilities and new potential threats. As cyberspace expands, so do the vulnerabilities associated with it, and it is critical we take note of such issues and create safeguards to the extent that such incidents are prevented before they occur. We need to create sustainable and secure cyberspace for future generations.MetaVerse in 2023The metaverse was introduced by Facebook (now Meta) in 2021 as a peak into the future of cyberspace. Since then, tech developers have been working towards arming the metaverse with extraordinary innovations and applications. Netizens came across news like someone bought a house or a plot in the metaverse, someone bought a car in the metaverse, and so on, these news were taken to be the evidence of the netizen’s transition towards the new digital age as we have seen in sci-fi movies. But today this type of news has become history and the metaverse is expanding faster than ever. Let us look at the latest developments and trends in the metaverse-

• Avatar creation - The avatar creation in the metaverse will be a pivotal move as the avatars will represent the user, and essentially it will be the digital, version of the user and will be similar to the user's personal and physical traits to maintain realism in the metaverse.
• Architecture firms - Metaverse has its own set of architects who will be working towards creating your dream home or pro[erty in the metaverse, the heavy code-based services are now being sold just as if they were in the physical space.
• Mining - The metaverse already has companies who are mining gold, silver, petroleum, and other resources for the avatars in the metaverse, for instance, if someone has bought a car in the metaverse, it will still need fuel to run.
• Security firms - These firms are the first line of defenders in the metaverse as they provide tech-based solutions and protocols to secure one’s avatar and belongings in the metaverse.
• Metaverse Police - Interpol, along with its global partner organization has created the metaverse police, who will be working towards creating a safe cyber ecosystem by maintaining compliance with digital laws and ethics.

Advancements beyond metaverse in 2023

‍Technology continues to be a critical force for change in the world. Technology breakthroughs give enterprises more possibilities to lift their productivity and invent offerings. And while it remains difficult to forecast how technology trends will play out, business leaders can plan ahead better by watching the development of new technologies, anticipating how companies could utilize them, and understanding the factors that impact innovation and adoption.

• Applied observability

It advances the practice of pattern recognition. To foresee and identify abnormalities and offer solutions, one must have the capacity to delve deeply into complicated systems and a stream of data. Data fuels this aspect of tech growth in the future.

• Digital Immune System

To ensure that all major systems operate round-the-clock to deliver uninterrupted services, Digital Immune System will combine observability, AI-augmented testing, chaos engineering, site reliability engineering (SRE), and software supply chain security. This will take the efficiency of the systems to a new level.

• Super apps

These represent the upcoming shift in application usage, design, and development, where consumers will utilise a single app to manage most systems in an enterprise ecosystem. Over 50% of the world’s population will utilise super apps on a daily basis to fulfill their daily personal and professional needs.

• AR/VR and BlockChain technology

A combination of better interconnected, safe, and immersive virtual environments where people and businesses may recreate real-life scenarios will be created by combining AR/VR, AI/ML, IoT, and Blockchain, thus creating a new vertical of innovation with keen technologies of Web 3.0.

• AAI

The next level of AI, i.e., Advanced Artificial Intelligence (AI), will revolutionise machine learning, pattern recognition, and computing. It aims to fully automate processes without requiring any manual input, thus eradicating the issues of human error and bad actor influence completely.

• Corporate Metaverse

Aside from its power as a marketing tool, the metaverse promises to provide platforms, tools, and entire virtual worlds where business can be done remotely, efficiently, and intelligently. We can expect to see the metaverse concept merge with the idea of the “digital twin” – virtual simulations of real-world products, processes, or operations that can be used to test and prototype new ideas in the safe environment of the digital domain. From wind farms to Formula 1 cars, designers are recreating physical objects inside virtual worlds where their efficiency can be stress-tested under any conceivable condition without the resource costs that would be incurred by testing them in the physical world.ConclusionIn 2023, we will see more advanced use cases for technology such as motion capture, which will mean that as well as looking and sounding more like us, our avatars will adopt our own unique gestures and body language. We may even start to see further developments in the fields of autonomous avatars – meaning they won't be under our direct control but will be enabled by AI to act as our representatives in the digital world while we ourselves get on with other, completely unrelated tasks. As we go deeper into cyberspace, we need to remember the basic safety practices and inculcate them with respect to cyberspace and work towards creating string policies and legislations to safeguard the digital rights and duties of the netizen to create a wholesome and interdependent cyber ecosystem.

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Introduction

Google is set to change its storage and access of users' "Location History" in Google Maps, reducing the data retention period and making it impossible for the company to access it. This change will significantly impact "geofence warrants," a controversial legal tool used by authorities to force Google to hand over information about all users within a given location during a specific timeframe. This decision is a significant win for privacy advocates and criminal defense attorneys who have long decried these warrants.

The company aims to protect people's privacy by removing the repository of location data dating back months or years. Geofence warrants, which provide police with sensitive data on individuals, are considered dangerous and could turn innocent people into suspects. 

Understanding Geofence Warrants

Geofence warrants, also known as reverse-location warrants, are used by law enforcement agencies to obtain locational data stored by tech companies within a specified geographical area and timeframe to identify devices near a crime scene. In contrast to general warrants, which allow law enforcement agencies to obtain data of one individual (usually the suspect), geofence warrants enable law enforcement authorities to obtain data for all individuals in a specific location and subsequently track and trace any device that may be linked to a crime scene. Geofence warrants have become a major issue, with law enforcement agencies utilising them to obtain location data from tech companies.

Privacy Concerns of Geofence Warrants

While Geofence warrants allow law enforcement agencies to determine and identify potential suspects, these warrants have sparked controversy for their invasive characteristics. Civil rights activities and various technology companies have raised concerns over the impact of these warrants on the rights of data principals. It is noted that geofence warrants mark a rise in cases of state surveillance and police harassment. Not only is any data principal in the vicinity of the crime scene classified as a potential suspect, but companies are also compelled to submit identifying personal data on every device/phone in a marked geographic space.

From Surveillance to Safeguards

Geofence warrants have become a contentious tool for law enforcement worldwide, with concerns over privacy and civil liberties, especially in sensitive situations like protests and healthcare. Google is considering allowing users to store their location data on their devices, potentially ending the use of geofence warrants, which law enforcement agencies use to obtain location data from tech companies.

Google is changing its handling of Location History data, moving it on-device instead of on its servers. The default data retention period will be reduced. Google Maps' product director, Marlo McGriff, stated that the company will automatically encrypt backed-up data for cloud backups, preventing anyone from reading it. When these changes are implemented, Google will have no geodata fishing options for users. Google confirmed that it will no longer be able to respond to new geofence warrants once these changes are implemented, as it will not have access to the relevant data. The changes were designed to put an end to dragnet searches of location data.

Conclusion

Google's decision to change storage and access policies for users' location history in Google Maps marks a pivotal step in the ongoing narrative of law enforcement's misuse of geofence warrants. This move aims to safeguard individual privacy by significantly restricting the data retention period and limiting Google's ability to comply with geofence warrants. This change is welcomed by privacy advocates and legal professionals who express concerns over the intrusive nature of these warrants, which may potentially turn innocent individuals into suspects based on their proximity to a crime scene. As technology companies take steps to enhance user privacy, the evolving landscape calls for a balance between law enforcement needs and protecting individual rights in an era of increasing digital surveillance.  

References:

• https://techobserver.in/news/policy/will-googles-transition-to-on-device-location-storage-end-geofence-warrants-abuse-280852/

• https://telecom.economictimes.indiatimes.com/news/internet/google-to-end-geofence-warrant-requests-for-users-location-data/106081499
• https://www.forbes.com/sites/cyrusfarivar/2023/12/14/google-just-killed-geofence-warrants-police-location-data/?sh=313da3c32c86
• https://timesofindia.indiatimes.com/gadgets-news/explained-how-google-maps-is-preventing-authorities-from-accessing-users-location-history-data/articleshow/106086639.cms

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