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Addressing the Escalating Menace of Cyber Crime: Parliamentary Panel Engages with Tech Giants Google and Apple

The exponential rise in cyber-crimes has prompted the Parliamentary Standing Committee on Finance to convene a meeting with representatives from prominent banks.

Addressing the Escalating Menace of Cyber Crime: Parliamentary Panel Engages with Tech Giants Google and Apple

The exponential rise in cyber-crimes has prompted the Parliamentary Standing Committee on Finance to convene a meeting with representatives from prominent banks, including Punjab National Bank, Bank of India, Yes Bank, and Indian Computer Emergency Response Team (CERT-In), as well as global and national tech giants such as Google, Apple, and Paytm. Chaired by BJP’s Jayant Sinha, the committee aims to discuss the pressing issues of cyber security and the increasing incidence of cyber and white-collar crimes. This move follows an earlier meeting where industry experts shed light on unlawful activities, including fraudulent loan applications and the alarming rise of fraudulent lending apps.

In an era dominated by online transactions, cyber criminals have developed sophisticated tactics to defraud unsuspecting individuals of their hard-earned money. The prevalence of cyber-crimes poses a significant challenge to individuals, organizations, and financial institutions alike. It is crucial for all stakeholders to collaborate and devise effective strategies to combat this evolving threat.

Recognizing the urgent need for action, the Parliamentary Standing Committee on Finance has taken a proactive stance by summoning representatives from various sectors. By engaging with both financial institutions and tech giants, the committee aims to comprehensively address the multifaceted challenges of cyber security.

The participation of renowned tech companies such as Google, Apple, and Paytm in this meeting demonstrates their commitment to tackling cyber-crimes and ensuring the safety of their users. These companies possess substantial resources, technological expertise, and vast user databases, making their insights and cooperation invaluable in devising effective countermeasures.

The meeting provides an opportunity for stakeholders to exchange ideas, share best practices, and discuss emerging trends in cyber-crime. By bringing together financial institutions, industry experts, and technology leaders, the parliamentary committee seeks to foster a collaborative approach towards combating cyber threats.

One of the primary objectives of the meeting is to delve into the existing cyber security measures employed by financial institutions and tech companies. It is essential to evaluate the effectiveness of these measures in light of evolving cyber threats. By identifying potential vulnerabilities and addressing them proactively, stakeholders can enhance their cyber security frameworks and better protect their customers.

The committee’s engagement with the Indian Computer Emergency Response Team (CERT-In) highlights the significance of strengthening law enforcement agencies in the fight against cyber-crime. CERT-In plays a crucial role in coordinating incident response, issuing guidelines, and conducting awareness campaigns. A comprehensive discussion on empowering CERT-In will aid in equipping them with the necessary resources and authority to combat cyber threats effectively.

Addressing the Escalating Menace of Cyber Crime

The parliamentary committee’s meeting also addresses the growing concern surrounding fraudulent loan applications and lending apps. These apps, disguised as legitimate financial platforms, exploit vulnerable individuals by charging exorbitant interest rates or swindling them outright. By investigating these fraudulent activities, the committee aims to safeguard the financial interests of the citizens and restore their trust in digital lending platforms.

During the previous meeting, industry experts representing Chase India, Razorpay, PhonePe, CRED, and QNu Labs, along with Nasscom, shared their experiences and perspectives on combating cyber-crime. Their insights shed light on the evolving techniques employed by cyber criminals and the countermeasures required to curb their activities. Building upon this knowledge, the forthcoming meeting with representatives from Google, Apple, and other tech giants promises to provide further valuable insights.

As cyber criminals continue to evolve their tactics, it is imperative for all stakeholders, including financial institutions, tech giants, law enforcement agencies, and regulatory bodies, to work together in a concerted effort to mitigate cyber risks effectively. The meeting between the parliamentary committee and representatives from Google, Apple, Paytm, and others serves as a crucial step towards forging stronger alliances and formulating robust strategies to safeguard individuals and organizations from cyber threats.

The Parliamentary Standing Committee on Finance’s initiative to engage with representatives from banks and tech giants to address cyber security concerns and the surge in cyber-crimes is a commendable effort. By pooling their collective expertise, resources, and insights, stakeholders can develop comprehensive measures to combat cyber threats. The collaborative approach between financial institutions, tech companies, and regulatory bodies will play a pivotal role in securing the digital landscape and preserving the trust of individuals in online transactions.

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