#FactCheck- Old Manipur Convoy Video Falsely Linked to CRPF Deployment in West Bengal

Introduction

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The banking and finance sector worldwide is among the most vulnerable to cybersecurity attacks. Moreover, traditional threats such as DDoS attacks, ransomware, supply chain attacks, phishing, and Advanced Persistent Threats (APTs) are becoming increasingly potent with the growing adoption of AI. It is crucial for banking and financial institutions to stay ahead of the curve when it comes to their cybersecurity posture, something that is possible only through a systematic approach to security. In this context, the Reserve Bank of India’s latest Financial Stability Report (June 2025) acknowledges that cybersecurity risks are systemic to the sector, particularly the securities market, and have to be treated as such. 

What the Financial Stability Report June 2025 Says

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The report notes that the increasing scale of digital financial services, cloud-based architecture, and interconnected systems has expanded the cyberattack surface across sectors.   It calls for building cybersecurity resilience by improving Security Operations Center (SOC) efficacy, undertaking “risk-based supervision”, implementing “zero-trust approaches”, and “AI-aware defense strategies”. It also recommends the implementation of graded monitoring systems, employing behavioral analytics for threat detection, building adequate skill through hands-on training, engaging in continuous learning and simulation-based exercises like Continuous Assessment-Based Red Teaming (CART), conducting scenario-based resilience drills, and establishing consistent incident reporting frameworks. In addition, it suggests that organizations need to adopt quantifiable benchmarks like SOC Efficacy and Cyber Capability Index to guarantee efficient governance and readiness.

Implications

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Firstly, even though the report doesn’t break new ground in identifying cyber risk,  it does sharpen its urgency and lays the groundwork for giving more weight to cybersecurity in macroprudential supervision. In the face of emerging threats, it positions cyberattacks as a systemic financial risk that can affect India’s financial stability with the same seriousness as traditional threats like NPAs and capital inadequacy. 

Secondly, by calling to “ensure cyber resilience”, it reflects the RBI’s dedication to  values-based compliance to cybersecurity policies where effectiveness and adaptability matter more than box-ticking. This approach caters to an organisation’s/ sector’s unique nature, governance requirements, and updates to rising risks. It checks not only if certain measures were used, but also if they were effective, through constant self-assessment, scenario-based training, cyber drills, dynamic risk management, and value-driven audits. In the face of a rapidly expanding digital transactions ecosystem with integration of new technologies such as AI, this approach is imperative to building cyber resilience. The RBI’s report suggests exactly this need for banks and NBFCs to update its parameters for resilience.

Conclusion 

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While the RBI’s 2016 guidelines focus on core cybersecurity concerns and has issued guidelines on IT governance, outsourcing, and digital payment security, none explicitly codify “AI-aware,” “zero-trust,” or a full “risk-based supervision” mechanism. The more recent emphasis on these concepts comes from the 2025 Financial Stability Report, which uses them as forward-looking policy orientations. How the RBI chooses to operationalize these frameworks is yet to be seen. Further,  RBI’s vision cannot operate in a silo. Cross-sector regulators like SEBI, IRDAI, and DoT must align on cyber standards and incident reporting protocols.

In the meanwhile, highly vulnerable sectors like education and healthcare, which have weaker cybersecurity capabilities, can take a leaf from RBI’s book by ensuring that cybersecurity is treated as a continuously evolving issue . Many institutions in these sectors are known to perform goals-based compliance through a simple checklist approach. Institutions that take the lead in implementing zero-trust, diversifying vendor dependencies, and investing in cyber resilience will not only meet regulatory expectations but build long-term competitive advantage.

References

• https://economictimes.indiatimes.com/news/economy/policy/adopt-risk-based-supervision-zero-trust-approach-to-curb-cyberfrauds-rbi/articleshow/122164631.cms?from=mdr-%20500
• https://paramountassure.com/blog/value-driven-cybersecurity/ 
• https://www.rbi.org.in/commonman/english/Scripts/Notification.aspx?Id=1721 ‍
• https://rbidocs.rbi.org.in/rdocs//PublicationReport/Pdfs/0FSRJUNE20253006258AE798B4484642AD861CC35BC2CB3D8E.PDF

Introduction

As the sun rises on the Indian subcontinent, a nation teeters on the precipice of a democratic exercise of colossal magnitude. The Lok Sabha elections, a quadrennial event that mobilises the will of over a billion souls, is not just a testament to the robustness of India's democratic fabric but also a crucible where the veracity of information is put to the sternest of tests. In this context, the World Economic Forum's 'Global Risks Report 2024' emerges as a harbinger of a disconcerting trend: the spectre of misinformation and disinformation that threatens to distort the electoral landscape.

The report, a carefully crafted document that shares the insights of 1,490 experts from the interests of academia, government, business and civil society, paints a tableau of the global risks that loom large over the next decade. These risks, spawned by the churning cauldron of rapid technological change, economic uncertainty, a warming planet, and simmering conflict, are not just abstract threats but tangible realities that could shape the future of nations.

India’s Electoral Malice

India, as it strides towards the general elections scheduled in the spring of 2024, finds itself in the vortex of this hailstorm. The WEF survey positions India at the zenith of vulnerability to disinformation and misinformation, a dubious distinction that underscores the challenges facing the world's largest democracy. The report depicts misinformation and disinformation as the chimaeras of false information—whether inadvertent or deliberate—that are dispersed through the arteries of media networks, skewing public opinion towards a pervasive distrust in facts and authority. This encompasses a panoply of deceptive content: fabricated, false, manipulated and imposter.

The United States, the European Union, and the United Kingdom too, are ensnared in this web of varying degrees of misinformation. South Africa, another nation on the cusp of its own electoral journey, is ranked 22nd, a reflection of the global reach of this phenomenon. The findings, derived from a survey conducted over the autumnal weeks of September to October 2023, reveal a world grappling with the shadowy forces of untruth.

Global Scenario

The report prognosticates that as close to three billion individuals across diverse economies—Bangladesh, India, Indonesia, Mexico, Pakistan, the United Kingdom, and the United States—prepare to exercise their electoral rights, the rampant use of misinformation and disinformation, and the tools that propagate them, could erode the legitimacy of the governments they elect. The repercussions could be dire, ranging from violent protests and hate crimes to civil confrontation and terrorism.

Beyond the electoral arena, the fabric of reality itself is at risk of becoming increasingly polarised, seeping into the public discourse on issues as varied as public health and social justice. As the bedrock of truth is undermined, the spectre of domestic propaganda and censorship looms large, potentially empowering governments to wield control over information based on their own interpretation of 'truth.'

The report further warns that disinformation will become increasingly personalised and targeted, honing in on specific groups such as minority communities and disseminating through more opaque messaging platforms like WhatsApp or WeChat. This tailored approach to deception signifies a new frontier in the battle against misinformation.

In a world where societal polarisation and economic downturn are seen as central risks in an interconnected 'risks network,' misinformation and disinformation have ascended rapidly to the top of the threat hierarchy. The report's respondents—two-thirds of them—cite extreme weather, AI-generated misinformation and disinformation, and societal and/or political polarisation as the most pressing global risks, followed closely by the 'cost-of-living crisis,' 'cyberattacks,' and 'economic downturn.'

Current Situation

In this unprecedented year for elections, the spectre of false information looms as one of the major threats to the global populace, according to the experts surveyed for the WEF's 2024 Global Risk Report. The report offers a nuanced analysis of the degrees to which misinformation and disinformation are perceived as problems for a selection of countries over the next two years, based on a ranking of 34 economic, environmental, geopolitical, societal, and technological risks.

India, the land of ancient wisdom and modern innovation, stands at the crossroads where the risk of disinformation and misinformation is ranked highest. Out of all the risks, these twin scourges were most frequently selected as the number one risk for the country by the experts, eclipsing infectious diseases, illicit economic activity, inequality, and labor shortages. The South Asian nation's next general election, set to unfurl between April and May 2024, will be a litmus test for its 1.4 billion people.

The spectre of fake news is not a novel adversary for India. The 2019 election was rife with misinformation, with reports of political parties weaponising platforms like WhatsApp and Facebook to spread incendiary messages, stoking fears that online vitriol could spill over into real-world violence. The COVID-19 pandemic further exacerbated the issue, with misinformation once again proliferating through WhatsApp.

Other countries facing a high risk of the impacts of misinformation and disinformation include El Salvador, Saudi Arabia, Pakistan, Romania, Ireland, Czechia, the United States, Sierra Leone, France, and Finland, all of which consider the threat to be one of the top six most dangerous risks out of 34 in the coming two years. In the United Kingdom, misinformation/disinformation is ranked 11th among perceived threats.

The WEF analysts conclude that the presence of misinformation and disinformation in these electoral processes could seriously destabilise the real and perceived legitimacy of newly elected governments, risking political unrest, violence, and terrorism, and a longer-term erosion of democratic processes.

The 'Global Risks Report 2024' of the World Economic Forum ranks India first in facing the highest risk of misinformation and disinformation in the world at a time when it faces general elections this year. The report, released in early January with the 19th edition of its Global Risks Report and Global Risk Perception Survey, claims to reveal the varying degrees to which misinformation and disinformation are rated as problems for a selection of analyzed countries in the next two years, based on a ranking of 34 economic, environmental, geopolitical, societal, and technological risks.

Some governments and platforms aiming to protect free speech and civil liberties may fail to act effectively to curb falsified information and harmful content, making the definition of 'truth' increasingly contentious across societies. State and non-state actors alike may leverage false information to widen fractures in societal views, erode public confidence in political institutions, and threaten national cohesion and coherence.

Trust in specific leaders will confer trust in information, and the authority of these actors—from conspiracy theorists, including politicians, and extremist groups to influencers and business leaders—could be amplified as they become arbiters of truth.

False information could not only be used as a source of societal disruption but also of control by domestic actors in pursuit of political agendas. The erosion of political checks and balances and the growth in tools that spread and control information could amplify the efficacy of domestic disinformation over the next two years.

Global internet freedom is already in decline, and access to more comprehensive sets of information has dropped in numerous countries. The implication: Falls in press freedoms in recent years and a related lack of strong investigative media are significant vulnerabilities set to grow.

Advisory

Here are specific best practices for citizens to help prevent the spread of misinformation during electoral processes:

• Verify Information:Double-check the accuracy of information before sharing it. Use reliable sources and fact-checking websites to verify claims.

• Cross-Check Multiple Sources:Consult multiple reputable news sources to ensure that the information is consistent across different platforms.

• Be Wary of Social Media:Social media platforms are susceptible to misinformation. Be cautious about sharing or believing information solely based on social media posts.

• Check Dates and Context:Ensure that information is current and consider the context in which it is presented. Misinformation often thrives when details are taken out of context.

• Promote Media Literacy:Educate yourself and others on media literacy to discern reliable sources from unreliable ones. Be skeptical of sensational headlines and clickbait.

• Report False Information:Report instances of misinformation to the platform hosting the content and encourage others to do the same. Utilise fact-checking organisations or tools to report and debunk false information.

• Critical Thinking:Foster critical thinking skills among your community members. Encourage them to question information and think critically before accepting or sharing it.

• Share Official Information:Share official statements and information from reputable sources, such as government election commissions, to ensure accuracy.

• Avoid Echo Chambers:Engage with diverse sources of information to avoid being in an 'echo chamber' where misinformation can thrive.

• Be Responsible in Sharing:Before sharing information, consider the potential impact it may have. Refrain from sharing unverified or sensational content that can contribute to misinformation.

• Promote Open Dialogue:Open discussions should be promoted amongst their community about the significance of factual information and the dangers of misinformation. 

• Stay Calm and Informed:During critical periods, such as election days, stay calm and rely on official sources for updates. Avoid spreading unverified information that can contribute to panic or confusion.

• Support Media Literacy Programs:Media Literacy Programs in schools should be promoted to provide individuals with essential skills to sail through the information sea properly.

Conclusion

Preventing misinformation requires a collective effort from individuals, communities, and platforms. By adopting these best practices, citizens can play a vital role in reducing the impact of misinformation during electoral processes.

References:

• https://thewire.in/media/survey-finds-false-information-risk-highest-in-india 
• https://thesouthfirst.com/pti/india-faces-highest-risk-of-disinformation-in-general-elections-world-economic-forum/

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Data localisation refers to restrictions in the data flow by limiting the physical storage and processing of data within a given jurisdiction’s boundaries.  

An obvious benefit contributing to the importance of data localisation is the privacy benefits it offers. In addition to this, data localisation also has the potential to safeguard sensitive data and decrease the probability of cyber-attacks. In India, data localisation has become a key issue in the last decade due to the increase in the discourse for data privacy. 

The Legal Framework in India

India passed the Digital Personal Data Protection Act of 2023 which directs the data fiduciaries (collectors and processors of digital personal data) to store the data of Indian citizens within India. This push for data localisation aligns with India’s position to enhance privacy, national security and regulatory control. It further requires data fiduciaries to adhere to the principles of data minimisation, purposeful limitation and consent of the data principles. Further, Section 17 of the Act prohibits the transfer of sensitive personal data to foreign jurisdictions unless they meet satisfactory privacy protection standards. 

The Reserve Bank of India, via a circular for Payments Data Regulation in 2018, has mandated that all payment data be stored in India, though it can be processed abroad. It requires the telecom sector to ensure local storage and local processing of subscriber information. It further prohibits the transferring of subscribers’ account information overseas.

MeitY’s Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, emphasise data localisation, specifically when it involves government or critical data. The main idea behind this is that data related to Indian citizens or government activities should remain accessible to Indian law enforcement agencies and is not subject to external jurisdiction.

Common Misinformation about Data Localisation and its Impact

Misconceptions fuel misinformation and influence public perception and policy debates. A common misconception is that all data must be stored in India. It should be noted that non-critical and non-sensitive data are not subject to localisation, and can be cleared for cross-border transfers under specific circumstances.

Another misconception is that data localisation alone ensures complete security. A robust cybersecurity approach, infrastructure and capabilities are what guarantee security and this holds true regardless of the location of where the data is stored. 

The notion that small businesses and startups will suffer the most is untrue. While data localisation policies may lead to increased costs, they foster innovation in the domestic infrastructure and services. This potentially fuels development and innovation in these small businesses and startups. Claims that data localisation will stifle global business are unfounded. 

Proper regulations for data transfers can help balance data flows, enabling international trade while ensuring data sovereignty.

Real Impact of Data Localisation

Data localisation impacts several domains and has both positive and negative outcomes.

• It can be a driver for investment in local data centres and infrastructure, thereby inducing employment generation and boosting the domestic economy. And in contrast, the compliance costs may rise especially for MNCs that need to maintain multiple data storage systems. 
• It can expedite the growth of local technology ecosystems while encouraging innovation in cloud computing and data storage solutions. On the other hand, small businesses might face struggles to afford the required infrastructure updates and upgrades.
• Law enforcement agencies will be able to gain access to data more swiftly while avoiding lengthy processes such as the Mutual Legal Assistance Treaties (MLATs). However, it should be noted that storing data locally does not automatically ensure that they are immune from attacks and breaches.
• A balance between sovereignty and global partnerships is a challenge that emerges with data localisation. International Trade Relationships are vulnerable to data localisations where countries favour a free data flow. This can hamper foreign collaborations with companies that rely on global data systems.

CyberPeace Outlook

It is important to clear misinformation about data localisation, some strategies that can be undertaken are:

• Launching public awareness campaigns to educate the stakeholders about the real requirements and the benefits of data localisation. Misinformation about data restrictions and security guarantees should be tackled fairly quickly. 
• A balanced approach that promotes local economic development while at the same time allowing for the necessary cross-border data flows and creating a flexible and friendly business environment is important.
• India should work on international frameworks to streamline the process of data-sharing with other nations. This would protect national interests while making global cooperation easier.

Conclusion

Data localisation in India presents a valuable opportunity to enhance privacy, bolster national security, and stimulate economic growth through local infrastructure investment. Yet, addressing common misconceptions is crucial; the belief that all data must be stored domestically or that localisation alone ensures security is misleading. 

It’s vital to pair local data storage with robust cybersecurity measures and foster international cooperation. Supporting small businesses, which may face challenges due to localisation requirements, is equally important. By addressing misinformation, promoting flexible regulations, and working towards global data-sharing frameworks, India can effectively manage the complexities of data localisation, safeguarding national interests while encouraging innovation and economic development. 

References

• https://www.thehindu.com/sci-tech/technology/are-data-localisation-requirements-necessary-and-proportionate/article66131957.ece 
• https://carnegieendowment.org/research/2021/04/how-would-data-localization-benefit-india?lang=en
• https://www.rbi.org.in/commonperson/English/Scripts/FAQs.aspx?Id=2995
• https://www.meity.gov.in/writereaddata/files/Information%20Technology%20%28Intermediary%20Guidelines%20and%20Digital%20Media%20Ethics%20Code%29%20Rules%2C%202021%20%28updated%2006.04.2023%29-.pdf