The Evolution of Cyber Insurance

Introduction

The ongoing armed conflict between Israel and Hamas/ Palestine is in the news all across the world. The latest conflict was triggered by unprecedented attacks against Israel by Hamas militants on October 7, killing thousands of people. Israel has launched a massive counter-offensive against the Islamic militant group. Amid the war, the bad information and propaganda spreading on various social media platforms, tech researchers have detected a network of 67 accounts that posted false content about the war and received millions of views. The ‘European Commission’ has sent a letter to Elon Musk, directing them to remove illegal content and disinformation; otherwise, penalties can be imposed. The European Commission has formally requested information from several social media giants on their handling of content related to the Israel-Hamas war. This widespread disinformation impacts and triggers the nature of war and also impacts the world and affects the goodwill of the citizens. The bad group, in this way, weaponise the information and fuels online hate activity, terrorism and extremism, flooding political polarisation with hateful content on social media. Online misinformation about the war is inciting extremism, violence, hate and different propaganda-based ideologies. The online information environment surrounding this conflict is being flooded with disinformation and misinformation, which amplifies the nature of war and too many fake narratives and videos are flooded on social media platforms.

Response of social media platforms 

As there is a proliferation of online misinformation and violent content surrounding the war, It imposes a question on social media companies in terms of content moderation and other policy shifts.  It is notable that Instagram, Facebook and X(Formerly Twitter) all have certain features in place giving users the ability to decide what content they want to view. They also allow for limiting the potentially sensitive content from being displayed in search results.

The experts say that It is of paramount importance to get a sort of control in this regard and define what is permissible online and what is not, Hence, what is required is expertise to determine the situation, and most importantly, It requires robust content moderation policies. 

During wartime, people who are aggrieved or provoked are often targeted by this internet disinformation that blends ideological beliefs and spreads conspiracy theories and hatred. This is not a new phenomenon, it is often observed that disinformation-spreading groups emerged and became active during such war and emergency times and spread disinformation and propaganda-based ideologies and influence the society at large by misrepresenting the facts and planted stories. Social media has made it easier to post user-generated content without properly moderating it. However, it is a shared responsibility of tech companies, users, government guidelines and policies to collectively define and follow certain mechanisms to fight against disinformation and misinformation.  

Digital Services Act (DSA)

The newly enacted EU law, i.e. Digital Services Act, pushes various larger online platforms to prevent posts containing illegal content and also puts limits on targeted advertising. DSA enables to challenge the of illegal online content and also poses requirements to prevent misinformation and disinformation and ensure more transparency over what the users see on the platforms. Rules under the DSA cover everything from content moderation & user privacy to transparency in operations. DSA is a landmark EU legislation moderating online platforms.  Large tech platforms are now subject to content-related regulation under this new EU law ‘The Digital Services Act’, which also requires them to prevent the spread of misinformation and disinformation and overall ensure a safer online environment.

Indian Scenario

The Indian government introduced the Intermediary Guidelines (Intermediary Guidelines and Digital Media Ethics Code) Rules, updated in 2023 which talks about the establishment of a "fact check unit" to identify false or misleading online content. Digital Personal Data Protection, 2023 has also been enacted which aims to protect personal data. The upcoming Digital India bill is also proposed to be tabled in the parliament, this act will replace the current Information & Technology Act, of 2000. The upcoming Digital India bill can be seen as future-ready legislation to strengthen India’s current cybersecurity posture. It will comprehensively deal with the aspects of ensuring privacy, data protection, and fighting growing cyber crimes in the evolving digital landscape and ensuring a safe digital environment. Certain other entities including civil societies are also actively engaged in fighting misinformation and spreading awareness for safe and responsible use of the Internet. 

Conclusion:

The widespread disinformation and misinformation content amid the Israel-Hamas war showcases how user-generated content on social media shows you the illusion of reality. There is widespread misinformation, misleading content or posts on social media platforms, and misuse of new advanced AI technologies that even make it easier for bad actors to create synthetic media content. It is also notable that social media has connected us like never before. Social media is a great platform with billions of active social media users around the globe, it offers various conveniences and opportunities to individuals and businesses. It is just certain aspects that require the attention of all of us to prevent the bad use of social media. The social media platforms and regulatory authorities need to be vigilant and active in clearly defining and improving the policies for content regulation and safe and responsible use of social media which can effectively combat and curtail the bad actors from misusing social media for their bad motives. As a user, it's the responsibility of users to exercise certain duties and promote responsible use of social media. With the increasing penetration of social media and the internet, misinformation is rampant all across the world and remains a global issue which needs to be addressed properly by implementing strict policies and adopting best practices to fight the misinformation. Users are encouraged to flag and report misinformative or misleading content on social media and should always verify it from authentic sources. Hence creating a safer Internet environment for everyone.

References:

• https://abcnews.go.com/US/experts-fear-hate-extremism-social-media-israel-hamas-war/story?id=104221215
• https://edition.cnn.com/2023/10/14/tech/social-media-misinformation-israel-hamas/index.html
• https://www.nytimes.com/2023/10/13/business/israel-hamas-misinformation-social-media-x.html
• https://www.africanews.com/2023/10/24/fact-check-misinformation-about-the-israel-hamas-war-is-flooding-social-media-here-are-the//
• https://www.theverge.com/23845672/eu-digital-services-act-explained

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Recent Incidents:

Recent reports are revealing a significant security threat linked to a new infostealer based malware campaign known to solely target gaming accounts. This attack has affected users of Activision and other gaming websites. The sophisticated software has captured millions of login credentials, notably from the cheats and players. The officials at Activision Blizzard, an American video game holding company, are still investigating the matter and collaborating with cheated developers to minimize the impact and inform the accounts’ residents of appropriate safety measures.

Overview:

Infostealer, also known as information stealer, is a type of malware designed in the form of a Trojan virus for stealing private data from the infected system. It can have a variety of incarnations and collect user data of various types such as browser history, passwords, credit card numbers, and login details and credentials to social media, gaming platforms, bank accounts, and other websites. Bad actors use the log obtained as a result of the collection of personal records to access the victim’s financial accounts, appropriate the victim’s online identity, and perform fraudulent actions on behalf of the victim.

Modus Operandi:

• Infosteale­r is a malicious program created to illegally obtain pe­ople's login details, like use­rnames and passwords. Its goal is to enable cybe­rattacks, sell on dark web markets, or pursue­ malicious aims.

• This malware targets both personal de­vices and corporate systems. It spre­ads through methods like phishing emails, harmful we­bsites, and infected public site­s.

• Once inside a device­, Infostealer secre­tly gathers sensitive data like­ passwords, account details, and personal information. It's designe­d to infiltrate systems being undete­cted. The stolen cre­dentials are compiled into datalogs. The­se logs are then sold ille­gally on dark web marketplaces for profit.

Analysis: 

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Basic properties:

• MD5: 06f53d457c530635b34aef0f04c59c7d
• SHA-1: 7e30c3aee2e4398ddd860d962e787e1261be38fb
• SHA-256: aeecc65ac8f0f6e10e95a898b60b43bf6ba9e2c0f92161956b1725d68482721d
• Vhash: 145076655d155515755az4e?z4
• Authentihash: 65b5ecd5bca01a9a4bf60ea4b88727e9e0c16b502221d5565ae8113f9ad2f878
• Imphash: f4a69846ab44cc1bedeea23e3b680256
• Rich PE header hash: ba3da6e3c461234831bf6d4a6d8c8bff 
• SSDEEP: 6144:YcdXHqXTdlR/YXA6eV3E9MsnhMuO7ZStApGJiZcX8aVEKn3js7/FQAMyzSzdyBk8:YIKXd/UgGXS5U+SzdjTnE3V
• TLSH:T1E1B4CF8E679653EAC472823DCC232595E364FB009267875AC25702D3EFBB3D56C29F90
• File type: Win32 DLL executable windows win32 pepe dll
• Magic: PE32+ executable (DLL) (GUI) x86-64, for MS Windows
• File size: 483.50 KB (495104 bytes)

Additional Hash Files:

• 160389696ed7f37f164f1947eda00830
• 229a758e232aeb49196c862655797e12
• 23e4ac5e7db3d5a898ea32d27e8b7661
• 3440cced6ec7ab38c6892a17fd368cf8
• 36d7da7306241979b17ca14a6c060b92
• 38d2264ff74123f3113f8617fabc49f6
• 3c5c693ba9b161fa1c1c67390ff22c96
• 3e0fe537124e6154233aec156652a675
• 4571090142554923f9a248cb9716a1ae
• 4e63f63074eb85e722b7795ec78aeaa3
• 63dd2d927adce034879b114d209b23de
• 642aa70b188eb7e76273130246419f1d
• 6ab9c636fb721e00b00098b476c49d19
• 71b4de8b5a1c5a973d8c23a20469d4ec
• 736ce04f4c8f92bda327c69bb55ed2fc
• 7acfddc5dfd745cc310e6919513a4158
• 7d96d4b8548693077f79bc18b0f9ef21
• 8737c4dc92bd72805b8eaf9f0ddcc696
• 9b9ff0d65523923a70acc5b24de1921f
• 9f7c1fffd565cb475bbe963aafab77ff

Indicators of Compromise:

• Unusual Outbound Network Traffic: An increase in odd or questionable outbound network traffic may be a sign that infostealer malware has accessed more data.

• Anomalies in Privileged User Account Activity: Unusual behavior or illegal access are two examples of irregular actions that might indicate a breach in privileged user accounts.

• Suspicious Registry or System File Changes: Infostealer malware may be trying to alter system settings if there are any unexpected changes to system files, registry settings, or configurations.

• Unusual  DNS queries: When communicating with command and control servers or rerouting traffic, infostealer malware may produce strange DNS queries.

• Unexpected System Patching: Unexpected or unauthorized system patching by unidentified parties may indicate that infostealer malware has compromised the system and is trying to hide its footprint or become persistent. 

• Phishing emails and social engineering attempts:  It is a  popular strategy employed by cybercriminals to get confidential data or implant malicious software. To avoid compromise, it is crucial to be wary of dubious communications and attempts of social engineering.

Recommendations:

• Be Vigilant: In today's digital world, many cybercrime­s threaten online safe­ty, Phishing tricks, fake web pages, and bad links pose­ real dangers. Carefully che­ck email sources. Examine we­bsites closely. Use top se­curity programs. Follow safe browsing rules. Update software­ often. Share safety tips. The­se steps reduce­ risks. They help kee­p your online presence­ secure.

• Regular use of Anti-Virus Software to detect the threats: Antivirus tools are vital for finding and stopping cybe­r threats. These programs use­ signature detection and be­havior analysis to identify known malicious code and suspicious activities. Updating virus de­finitions and software-patches regularly, improve­s their ability to detect ne­w threats. This helps maintain system se­curity and data integrity.

• Provide security related training to the employees and common employees: One should learn Cybe­rsecurity and the best practice­s in order to keep the­ office safe. Common workers will ge­t lessons on spotting risks and responding well, cre­ating an environment of caution.

• Keep changing passwords: Passwords should be changed fre­quently for better se­curity. Rotating passwords often makes it harder for cybe­r criminals to compromise and make it happen or confidential data to be­ stolen. This practice keeps intruders out and shie­lds sensitive intel.

Conclusion:

To conclude, to reduce the impact and including the safety measures, further investigations and collaboration are already in the pipeline regarding the recent malicious software that takes advantage of gamers and has stated that about millions of credentials users have been compromised. To protect sensitive data, continued usage of antivirus software, use of trusted materials  and password changes are the key elements. The ways to decrease risks and safely protect sensitive information are to develop improved Cybersecurity methods such as multi-factor authentication and the conduct of security audits frequently. Be safe and be vigilant.

Reference:

• https://techcrunch.com/2024/03/28/activision-says-its-investigating-password-stealing-malware-targeting-game-players/
• https://www.bleepingcomputer.com/news/security/activision-enable-2fa-to-secure-accounts-recently-stolen-by-malware/
• https://cyber.vumetric.com/security-news/2024/03/29/activision-enable-2fa-to-secure-accounts-recently-stolen-by-malware/
• https://www.virustotal.com/
• https://otx.alienvault.com/

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Tech News overview

Recently, the TRAI has passed some recommendations that benefit the telecommunications industry in India. The suggestion is to lower the entry fees and bank guarantees on the 26th of July 20, 2022. Then wrote a few consulting papers, countering comments by the stakeholders of various companies. 

In a significant move, TRAI (Telecom Regulatory Authority of India) has proposed spacious changes in terms of entry fees and bank guarantees in the telecom sector. These endorsements have been abeyant to escort the new era of competition, investment, and innovation, reshaping India’s telecommunication landscape.

Proposal Points by TRAI to telecom companies:

As we dive into considering the recommendations by TRAI  into the crucial aspects of the telecom industry, deliberate about the significance of entry fees, the importance of banks, and the guarantees.

1. Entry fees: Entry fees are the advance key point that upholds the charges that telecom companies pay to the government when they want to offer services to the civilians of the country. The amount they pay is quite hefty and usually non-refundable.
2. Bank guarantee: An important factor that is also a type of security, the financial security that assures the telecom companies to fulfil their financial obligations and follow the regulations and policy conditions specified in their license agreement.
3. TRAI roleplay: The Telecom Regulatory Authority of India is an authority responsible for supervising the telecom industry in the country. Making sure that the regulations and recommendations such as entry fees and bank guarantees are working in the proper way or not, a supervision of such things. 
4. Expected outcomes: TRAI focuses on reducing the entry fees for various types of licenses in the other telecom sector. This step encourages other new telecom operators to enter the market and increase the fair price and investment, which leads to enhancing the competition.
5. Consolidating Bank guarantees: TRAI also proposed an amalgamation of bank guarantees, which means telecom companies are required to maintain separate guarantees for different business licenses, which makes business doing sectors an easy environment.
6. No entry fee at the time of License Renewal: Recommendations by TRAI by not charging any entry fees when telecom operators renew their licenses. This step can reduce the financial burden on both existing and new entrants,, specifically for UL(VNO)license shareholders.

Reshaping the telecom panorama:

Recommendation by TRAI that can potentially help in reshaping the Telecoms landscape in India in various aspects:

• Increment in healthy Competition: By reducing the entry fees, TRAI would be creating a platform profitable and affordable for new market players in India.
• Market enlargement: Lowering the entry fees might lead to the participation of new entrants, including regional and smaller players,, to get involved in the telecom industry. 
• Due to the market expansion, the outcomes can potentially lead to improved access to telecom services in underdeveloped areas and regions and contribute to digital inclusion.
• Job Recruitment: The evolution in the telecom industry due to new operators and increased investment can lead to job uplift in both telecom and industries related to technological infrastructure.
• Choice of preference: As there is a rise in competition, consumers are likely to have many choices when it comes to telecom service providers. The consumers get to select from a wider range of services, leading to better value for money and quality of service.
• Quality of service: With increased competition and a hefty amount of investment, telecom operators have a spur to enhance the quality of service.

Conclusion:

In conclusion, TRAIs proposal on lowering the entry fees and bank guarantee for financial services marks a significant milestone in India’s telecom industry. These essential changes hold the promise of fostering competition, investment, a platform for new entrants, quality of service, wider range of platforms for selection. As these advance suggestions take place, in telecom industry in India is on a new threshold of an existing transformation that could reevaluate the way we communicate and connect.

Reference:

https://www.gearrice.com/update/telecom-companies-will-get-a-sigh-of-relief-on-trais-recommendation-to-the-government-on-entry-fees-and-bank-guarantee/

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