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Introduction

With the increasing reliance on digital technologies in the banking industry, cyber threats have become a significant concern. Cyberlaw plays a crucial role in safeguarding the banking sector from cybercrimes and ensuring the security and integrity of financial systems.

The banking industry has witnessed a rapid digital transformation, enabling convenient services and greater access to financial resources. However, this digitalisation also exposes the industry to cyber threats, necessitating the formulation and implementation of effective cyber law frameworks.

Recent Trends in the Banking Industry

Digital Transformation: The banking industry has embraced digital technologies, such as mobile banking, internet banking, and financial apps, to enhance customer experience and operational efficiency.

Open Banking: The concept of open banking has gained prominence, enabling data sharing between banks and third-party service providers, which introduces new cyber risks.

How Cyber Law Helps the Banking Sector

The banking sector and cyber crime share an unspoken synergy due to the mass digitisation of banking services. Thanks to QR codes, UPI and online banking payments, India is now home to 40% of global online banking transactions. Some critical aspects of the cyber law and banking sector are as follows:

Data Protection: Cyberlaw mandates banks to implement robust data protection measures, including encryption, access controls, and regular security audits, to safeguard customer data.

Incident Response and Reporting: Cyberlaw requires banks to establish incident response plans, promptly report cyber incidents to regulatory authorities, and cooperate in investigations.

Customer Protection: Cyberlaw enforces regulations related to online banking fraud, identity theft, and unauthorised transactions, ensuring that customers are protected from cybercrimes.

Legal Framework: Cyberlaw provides a legal foundation for digitalisation in the banking sector, assuring customers that regulations protect their digital transactions and data.

Cybersecurity Training and Awareness: Cyberlaw encourages banks to conduct regular training programs and create awareness among employees and customers about cyber threats, safe digital practices, and reporting procedures.

RBI Guidelines

The RBI, as India’s central banking institution, has issued comprehensive guidelines to enhance cyber resilience in the banking industry. These guidelines address various aspects, including:

Technology Risk Management

Cyber Security Framework

IT Governance

Cyber Crisis Management Plan

Incident Reporting and Response

Recent Trends in Banking Sector Frauds and the Role of Cyber Law

Phishing Attacks: Cyberlaw helps banks combat phishing attacks by imposing penalties on perpetrators and mandating preventive measures like two-factor authentication.

Insider Threats: Cyberlaw regulations emphasise the need for stringent access controls, employee background checks, and legal consequences for insiders involved in fraudulent activities.

Ransomware Attacks: Cyberlaw frameworks assist banks in dealing with ransomware attacks by enabling legal actions against hackers and promoting preventive measures, such as regular software updates and data backups.

Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs)

Draft of Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs) issued by the Reserve Bank of India (RBI). The directions provide guidelines and requirements for PSOs to improve the safety and security of their payment systems, with a focus on cyber resilience. These guidelines for PSOs include mobile payment service providers like Paytm or digital wallet payment platforms.

Here are the highlights-

The Directions aim to improve the safety and security of payment systems operated by PSOs by providing a framework for overall information security preparedness, with an emphasis on cyber resilience.

The Directions apply to all authorised non-bank PSOs.

PSOs must ensure adherence to these Directions by unregulated entities in their digital payments ecosystem, such as payment gateways, third-party service providers, vendors, and merchants.

The PSO’s Board of Directors is responsible for ensuring adequate oversight over information security risks, including cyber risk and cyber resilience. A sub-committee of the Board may be delegated with primary oversight responsibilities.

PSOs must formulate a Board-approved Information Security (IS) policy that covers roles and responsibilities, measures to identify and manage cyber security risks, training and awareness programs, and more.

PSOs should have a distinct Board-approved Cyber Crisis Management Plan (CCMP) to detect, contain, respond, and recover from cyber threats and attacks.

A senior-level executive, such as a Chief Information Security Officer (CISO), should be responsible for implementing the IS policy and the cyber resilience framework and assessing the overall information security posture of the PSO.

PSOs need to define Key Risk Indicators (KRIs) and Key Performance Indicators (KPIs) to identify potential risk events and assess the effectiveness of security controls. The sub-committee of the Board is responsible for monitoring these indicators.

PSOs should conduct a cyber risk assessment when launching new products, services, technologies, or significant changes to existing infrastructure or processes.

PSOs, including inventory management, identity and access management, network security, application security life cycle, security testing, vendor risk management, data security, patch and change management life cycle, incident response, business continuity planning, API security, employee awareness and training, and other security measures should implement various baseline information security measures and controls.

PSOs should ensure that payment transactions involving debit to accounts conducted electronically are permitted only through multi-factor authentication, except where explicitly permitted/relaxed.

Conclusion

The relationship between cyber law and the banking industry is crucial in ensuring a secure and trusted digital environment. Recent trends indicate that cyber threats are evolving and becoming more sophisticated. Compliance with cyber law provisions and adherence to guidelines such as those provided by the RBI is essential for banks to protect themselves and their customers from cybercrimes. By embracing robust cyber law frameworks, the banking industry can foster a resilient ecosystem that enables innovation while safeguarding the interests of all stakeholders or users.

Introduction

The rise in start-up culture, increasing investments, and technological breakthroughs are being encouraged alongside innovations and the incorporation of generative Artificial Intelligence elements. Witnessing the growing focus on human-centred AI, its potential to transform industries like education remains undeniable. Enhancing experiences and inculcating new ways of learning, there is much to be explored. Recently, a Delhi-based non-profit called Rocket Learning, in collaboration with Google.org, launched Appu- a personalised AI educational tool providing a multilingual and conversational learning experience for kids between 3 and 6.

AI Appu

Developed in 6 months, along with the help of dedicated Google.org fellows, interactive Appu has resonated with those the founders call “super-users,” i.e. parents and caregivers. Instead of redirecting students to standard content and instructional videos, it operates on the idea of conversational learning, one equally important for children in the targeted age bracket. Designed in the form of an elephant, Appu is supposed to be a personalised tutor, helping both children and parents understand concepts through dialogue. AI enables the generation of different explanations in case of doubt, aiding in understanding. If children were to answer in mixed languages instead of one complete sentence in a single language (eg, Hindi and English), the AI would still consider it as a response. The AI lessons are two minutes long and are inculcated with real-world examples. The emphasis on interactive and fun learning of concepts through innovation enhances the learning experience. Currently only available in Hindi, it is being worked on to include 20 other languages such as Punjabi and Marathi. 

UNESCO, AI, and Education

It is important to note that such innovations also find encouragement in UNESCO’s mandate as AI in education contributes to achieving the 2030 Agenda of Sustainable Development Goals (here; SDG 4- focusing on quality education). Within the ambit of the Beijing Consensus held in 2019, UNESCO encourages a human-centred approach to AI, and has also developed the “Artificial Intelligence and Education: Guidance for Policymakers” aiming towards understanding its potential and opportunities in education as well as the core competencies it needs to work on. Another publication was launched during one of the flagship events of UNESCO- (Digital Learning Week, 2024) - AI competency frameworks for both, students and teachers which provide a roadmap for assessing the potential and risks of AI, each covering common aspects such as AI ethics, and human-centred mindset and even certain distinct options such as AI system design for students and AI pedagogy for teachers.

Potential Challenges

While AI holds immense promise in education, innovation with regard to learning is contentious as several risks must be carefully managed. Depending on the innovation, AI’s struggle with multitasking beyond the classroom, such as administrative duties and tedious grading, which require highly detailed role descriptions could prove to be a challenge. This can become exhausting for developers managing innovative AI systems, as they would have to fit various responses owing to the inherent nature of AI needing to be trained to produce output. Security concerns are another major issue, as data breaches could compromise sensitive student information. Implementation costs also present challenges, as access to AI-driven tools depends on financial resources. Furthermore, AI-driven personalised learning, while beneficial, may inadvertently reduce student motivation, also compromising students' soft skills, such as teamwork and communication, which are crucial for real-world success. These risks highlight the need for a balanced approach to AI integration in education.

Conclusion

Innovations related to education, especially the ones that focus on a human-centred AI approach, have immense potential in not only enhancing learning experiences but also reshaping how knowledge is accessed, understood, and applied. Untapped potential using other services is also encouraged in this sector. However, maintaining a balance between fostering intrigue and ensuring the inculcation of ethical and secure AI remains imperative.

References

• https://www.unesco.org/en/articles/what-you-need-know-about-unescos-new-ai-competency-frameworks-students-and-teachers?hub=32618
• https://www.unesco.org/en/digital-education/artificial-intelligence
• https://www.deccanherald.com/technology/google-backed-rocket-learning-launches-appu-an-ai-powered-tutor-for-kids-3455078
• https://indianexpress.com/article/technology/artificial-intelligence/how-this-google-backed-ai-tool-is-reshaping-education-appu-9896391/
• https://www.thehindu.com/business/ai-appu-to-tutor-children-in-india/article69354145.ece
• https://www.velvetech.com/blog/ai-in-education-risks-and-concerns/ 

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The concept of web accessibility (i.e., access to the internet) stems from the recognition of internet access as an inalienable right. In 2016, the United Nations Human Rights Commission (UNHRC) General Assembly referred to the access to Internet as an essential human right. The Supreme Court of India also declared such internet access as a fundamental right under the Constitution of India. Various international instruments of which India is a signatory, such as the United Nations Convention on Rights of Persons with Disabilities (UNCRPD) mandate access to information. The heavy reliance on the internet and websites necessitates making the web space inclusive, navigational and accessible to all individuals, including persons with disabilities.

Various laws mandate web accessibility:

• Right of Persons with Disability Act, 2016: The Right of Persons with Disability Act 2016 Is the primary document for the protection of the rights of persons with disabilities to ensure their full participation. The Act provides several direct and indirect provisions (such as Section 2(y) “Reasonable Accommodation”, Section 40 on “Accessibility”, and Section 42 on “Access to Information and Communication Technology”) to ensure that technology products and services are accessible to a person with disabilities. 
• Rights of Persons with Disabilities Rules 2017: The 2017 rules under Rule 15 (2) task the respective Ministries and Departments to ensure compliance with accessibility standards.
• Guidelines for Indian Government Websites (GIGW): The GIGW provide a framework for websites to be designed in accordance with Web Content Accessibility Guidelines (WCAG) 2.0 standards. The GIGW enables websites to obtain certification by the Standardisation Testing and Quality Certification Directorate, after audit. 

Various other policies include;

• National Policy on Universal Electronic Accessibility, 2013: The National Policy ("Policy") on Electronic Accessibility recognizes the need to eliminate discrimination on the basis of disabilities and to facilitate equal access to Electronics & ICTs. The National Policy also recognizes the diversity of differently-abled persons and provides for their specific needs. The Policy covers accessibility requirements in the area of Electronics & ICT by different stakeholders. It recognizes the need to ensure that accessibility standards, guidelines and universal design concepts are adopted and adhered to.
• Web Content Accessibility Guidelines (WCAG): The WCAG defines how to make web content more accessible to persons with disabilities. While adhering to these guidelines is optional, various versions of the WCAG have been issued. It operates on four principles; perceivable, operable, understandable and robust. It provides a path to ensuring compliance and demonstrating reasonable accommodation for persons with disabilities.

However, despite the laws, web accessibility remains a challenge. A vast majority of Indian websites, especially e-commerce entities and several government websites remain inaccessible to persons with disabilities and most often do not conform with international accessibility standards. A report by the Centre of Internet and Society states that out of the 7800 websites of the Government of India, 5815 had accessibility barriers and 1985 websites failed to open. The report also notes that more than half of the websites had no navigation markup and only 52 websites had the option to change colours. The Ministry of Electronics and Information Technology (MeITy), during the 258^th Session of the Rajya Sabha on 9 December 2022 noted that 95 websites of the Central Government have been made accessible to persons with disabilities during the COVID-19 pandemic, however, only 45 websites of the Central Government have been certified as compliant under the Guidelines for Indian Government Websites (GIGW). As of that date, certification of the remaining governmental websites remains incomplete due to the pandemic. Meity also stated that the Department of Empowerment of Persons with Disabilities in 2017 sanctioned a project to be implemented by ERNET India for making 917 websites of State and Union territories. Under the project, a total of 647 websites have been made accessible as of that date.

Conclusion 

While India has established a robust legal framework and policies emphasizing the importance of web accessibility as a fundamental right, the existing gap between legislation and effective implementation poses a significant challenge. The reported accessibility barriers on numerous government and e-commerce websites indicate a pressing need for heightened efforts in enforcing and enhancing accessibility standards. 

In addressing these challenges, continued collaboration between government agencies, private entities and advocacy groups can play a crucial role. Ongoing monitoring, regular audits and public awareness campaigns may contribute to improving accessibility for persons with disabilities to ensure an inclusive environment and compliance with fundamental laws.

References:

1. https://www.legalserviceindia.com/legal/article-2967-right-to-internet-and-fundamental-rights.html 
2. https://www.indiacode.nic.in/bitstream/123456789/15939/1/the_rights_of_persons_with_disabilities_act%2C_2016.pdf 
3. https://www.meity.gov.in/writereaddata/files/National%20Policy%20on%20Universal%20Electronics%281%29_0.pdf 
4. https://www.meity.gov.in/writereaddata/files/National%20Policy%20on%20Universal%20Electronics%281%29_0.pdf 
5. https://www.w3.org/TR/WCAG21/#:~:text=Web%20Content%20Accessibility%20Guidelines%20(WCAG)%202.1%20defines%20how%20to%20make,%2C%20learning%2C%20and%20neurological%20disabilities. 
6. https://www.boia.org/blog/india-digital-accessibility-laws-an-overview
7. https://cis-india.org/accessibility/accessibility-of-govt-websites.pdf/view 
8. https://sansad.in/rs/questions/questions-and-answers