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Straits Times
03-06-2025
- Business
- Straits Times
AI-powered scam simulator: NYP grad turns final-year project into cyber-security solutions business
Mr Rohan Senthil, 20, co-founded his own start-up, Virage Cybersecurity, on Feb 3 this year. He recently graduated with a diploma in cyber security and digital forensics. PHOTO: COURTESY OF NANYANG POLYTECHNIC AI-powered scam simulator: NYP grad turns final-year project into cyber-security solutions business The TL;DR: Having to explain deepfake scams to the elderly as a volunteer inspired Mr Rohan Senthil to create a platform that puts people in realistic scam scenarios, to sharpen awareness. This turned into his final-year project and, now, a budding start-up. ' Hi, this is Daniel calling from the bank. I need to alert you about some suspicious transactions detected in your account.' Those who frequently receive scam calls – particularly from giveaway stilted, unnatural-sounding robocallers – usually hang up instantly. But a convincingly Singaporean accent and conversational tone may lead some to fall for the scam and follow the caller's instructions. Fortunately for those attending workshops or roadshows by Virage, the entire conversation that follows the opening line above is just a simulation. Virage, an AI-powered phishing and vishing simulation platform, is the brainchild of Nanyang Polytechnic (NYP) classmates Rohan Senthil, 20, and Xavier Woon, 20. Phishing, typically carried out via e-mails, texts or links, tricks victims into divulging personal information. Vishing, or voice phishing, does the same over phone calls. The duo developed the platform for their final-year project (FYP) in their diploma in cyber-security and digital forensics programme, and almost immediately turned it into a business venture. 'As we were doing the project, we always had the intention to turn it into a company, so we worked at a very quick pace,' said Mr Senthil, who graduated on May 6 with a grade point average of 4. The pair finished their FYP in just a month, by December 2024, and with the help o f business and financial technology student Ezekkious Loo, 21, showcased their platform at various technology-related events in January 2025. They also registered their start-up, Virage Cybersecurity, on Feb 3 this year. Similar to other cyber-security companies in the industry, Virage offers e-mail phishing simulation campaigns to their commercial clients. With a short description of the scam scenario, the artificial intelligence software will generate the e-mail content, which is sent to the employees of their client, to test their company's security readiness. What makes Virage stand out, however, is its use of vishing campaigns. Mr Xavier Woon, co-founder and chief operating officer of Virage, showing a voice scam simulation demonstration to a resident. PHOTO: COURTESY OF ROHAN SENTHIL The concept of a vishing simulation platform was inspired by Mr Senthil's volunteering experience s when conducting classes where seniors could learn about online scams so they can better protect themselves. These were part of the Cyber Security Agency of Singapore's (CSA) Cyber Safe Seniors Programme and the Infocomm Media Development Authority's (IMDA) digital literacy workshops in 202 4. He recalled the confused looks on the elderly residents' faces when he verbally explained advancements in scam techniques, such as deepfakes. 'Sometimes scam-prevention lessons can be a bit dry. Even if I told the elderly to look out for various indicators of scams, they could not picture what I was explaining, so many of them seemed disengaged,' he said. He felt there was a better way of teaching scam prevention, by letting people experience what it was like to be on the receiving end of scam calls. This sparked the idea of using AI to simulate the voices of scam callers, which led to his developing an AI-powered vishing simulation platform. 'When a user responds to the voice of the scam caller in the simulation, their input is sent to the AI model, which generates a realistic reply by predicting the most contextually appropriate response, based on patterns it has learnt from training data,' Mr Senthil explained. The technical process of creating the AI voice simulation was relatively simple, as the team adopted large language models online that were accessible by public users and modified them for better performance, rather than creating their own from scratch, to save time. As few 'Singaporean-sounding' voices were available online for adaptation, Mr Senthil enlisted schoolmates and friends so he could 'create scripts and record (their) voices for hours' to clone their voices into the platform. Mr Rohan Senthil (right) showcasing Virage's voice scam simulator at the New Hope Game Carnival. PHOTO: COURTESY OF ROHAN SENTHIL To mimic the moves of scam callers, Mr Senthil read books on social engineering, such as The Art Of Deception by the late Kevin Mitnick, a world-famous hacker-turned-cyber-security expert. He wanted to understand the tactics scammers use to obtain information, such as invoking a sense of urgency and establishing authority . 'We also referred to the monthly scam bulletins published on the ScamShield website by the Singapore Police Force and the National Crime Prevention Council, which showed monthly scam statistics and increasingly prevalent scams to look out for,' he added. The team also represented NYP in showcasing their platform at AI Festival Asia, a two-day event in January hosted by the Association of Small and Medium Enterprises and the Lifelong Learning Institute. A Jan 17 report in The Straits Times that mentioned their start-up caught the interest of a cyber-security company, which became their first commercial client. In Virage's voice scam simulation demo, users will choose a common scam scenario, such as the bank fraud prevention scenario above, before entering a call with an AI-powered 'scam caller'. PHOTO: VIRAGE CYBERSECURITY Corporate clients can subscribe to Virage services that 'test' employees' vulnerability to phone scams. Unsuspecting employees would receive a call from an internet-based phone number, to check if they would unwittingly disclose sensitive information. 'The data from these simulations allows the companies to assess their level of 'human risk',' said Mr Senthil. Such vulnerability assessments could be used by companies to attain certifications under the Cyber Trust mark, a national cyber-security certification offered by CSA. Mr Senthil added: 'The weakest link in any system is humans. Whether it is clicking on one wrong e-mail or picking up a scammer's call, human errors provide the entry points for cyber attacks to happen. This is why education and awareness on scams will always remain important.' Virage team members presenting their voice scam simulation demo to Sengkang GRC MP Jamus Lim at a Sengkang Conversations event. PHOTO: COURTESY OF ROHAN SENTHIL While waiting to enlist for national service, Mr Senthil is working full-time on the start-up, which has expanded to a core team of seven members. Four were his schoolmates from NYP who specialise in various fields like AI, cyber security, information technology and infocomm security, and support the app's front-end and back-end development. Mr Senthil was the vice-president of NYP's technopreneurship club and kick-boxing club, and was also in the information security club. He received the Lee Kuan Yew Award for Mathematics and Science this year for his academic excellence, as well as the Ngee Ann Kongsi Award for All-Round Achievement, for his holistic performance in his studies, leadership and community service. As a Digital for Life partner with IMDA, Virage also organises workshops and participates in roadshows on scam prevention, where people can try the AI vishing simulator and see how they fare under various scam scenarios. The team updates their scam scenario options regularly based on emerging scam trends, such as adding an 'Elections Department voter registration' scenario during the recent general election. About 1,000 people have tried their platform so far. 'They were quite amazed at how realistic the voice is, some people even wondered if it was an actual person calling them,' Mr Senthil said. Correction note: An earlier version of the story said that Virage further recruited four of Mr Senthil's NYP juniors as part of their core team. This has been corrected to four of his NYP schoolmates. Join ST's WhatsApp Channel and get the latest news and must-reads.
Yahoo
28-05-2025
- Automotive
- Yahoo
How Quickly a Tesla Cybertruck Depreciates vs a Ford F-150
The Tesla Cybertruck made waves when it was introduced as a concept vehicle in November 2019, and by the time it was released as a production vehicle in November 2023, enthusiasm was boiling over. But after all the initial excitement, enthusiasm for the distinctive vehicle waned rapidly — and so did the amount of money people were willing to pay for one. Read More: For You: Combined with the turning of public opinion against Tesla and its controversial CEO, Elon Musk, valuations for the Cybertruck have plummeted in the secondary market, with depreciation reaching remarkable levels. How bad have things gotten? Here's a look at the current depreciation rate on the Tesla Cybertruck compared with one of its competitors, the Ford F-150. Depending on the data source, first-year depreciation rates for the Tesla Cybertruck are anywhere between 35% and 45%. Tesla only recently began accepting trade-ins of its Cybertruck, and it's pricing 2024 Cybertruck AWD Foundation Series models with just 6,200 miles on the odometer for $65,400, NewsBytes reported. That's just about a 35% discount off the original $100,000 list price. According to CarGurus data, a more realistic depreciation figure for the Cybertruck in its first year is 45%. As this data is based on real-world sales from all types of dealers, not just Tesla, it may be more indicative of the pricing that buyers can get. Consider This: According to Edmunds, the first-year depreciation rate for a 2024 Ford F-150 is just over 13%. It takes five full years for the depreciation rate to hit 42%, which is about what the 2024 Tesla Cybertruck experiences in a single year. By the formula that Edmunds uses, this greatly increases the 'cost to own' of a Cybertruck, particularly vs. a Ford F-150. If you hold your car forever and never intend to sell it, depreciation may not matter to you as much. It's not a cash expense that comes directly out of your pocket, so in that sense, it's an 'expense' that doesn't cost you anything directly. But if you ever intend to sell your car, depreciation can be a huge problem. Imagine buying a $100,000 vehicle and knowing that you can only get $65,000 or even $55,000 out of it if you need to sell it after one year. That's a terrible burden. On the other side of the coin, if you're a buyer, depreciation can work to your advantage. If you really want a Cybertruck, for example, picking one up with fewer than 10,000 miles for 55% to 65% of its original cost can be a great savings. The data clearly indicates that the Tesla Cybertruck is a flop. Musk initially forecasted an annual sales rate of 250,000 units for the Cybertruck, but since its introduction in November 2023, it has sold fewer than 50,000. Meanwhile, first-year depreciation rates are running in the 35% to 45% range, well above the 20% that's typical for a truck in its first year after purchase. The massive depreciation rates for the vehicle indicate that there is little support or demand in the secondary market for the Cybertruck, even at what are bargain-basement prices compared to brand-new models. The numbers may give potential new Cybertruck buyers pause, as many of them would likely be underwater on their car loan within a year of purchase if current depreciation rates continue. More From GOBankingRates Here's the Minimum Salary Required To Be Considered Upper Class in 2025 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on How Quickly a Tesla Cybertruck Depreciates vs a Ford F-150 Sign in to access your portfolio
Yahoo
28-05-2025
- Automotive
- Yahoo
How Quickly a Tesla Cybertruck Depreciates vs a Ford F-150
The Tesla Cybertruck made waves when it was introduced as a concept vehicle in November 2019, and by the time it was released as a production vehicle in November 2023, enthusiasm was boiling over. But after all the initial excitement, enthusiasm for the distinctive vehicle waned rapidly — and so did the amount of money people were willing to pay for one. Read More: For You: Combined with the turning of public opinion against Tesla and its controversial CEO, Elon Musk, valuations for the Cybertruck have plummeted in the secondary market, with depreciation reaching remarkable levels. How bad have things gotten? Here's a look at the current depreciation rate on the Tesla Cybertruck compared with one of its competitors, the Ford F-150. Depending on the data source, first-year depreciation rates for the Tesla Cybertruck are anywhere between 35% and 45%. Tesla only recently began accepting trade-ins of its Cybertruck, and it's pricing 2024 Cybertruck AWD Foundation Series models with just 6,200 miles on the odometer for $65,400, NewsBytes reported. That's just about a 35% discount off the original $100,000 list price. According to CarGurus data, a more realistic depreciation figure for the Cybertruck in its first year is 45%. As this data is based on real-world sales from all types of dealers, not just Tesla, it may be more indicative of the pricing that buyers can get. Consider This: According to Edmunds, the first-year depreciation rate for a 2024 Ford F-150 is just over 13%. It takes five full years for the depreciation rate to hit 42%, which is about what the 2024 Tesla Cybertruck experiences in a single year. By the formula that Edmunds uses, this greatly increases the 'cost to own' of a Cybertruck, particularly vs. a Ford F-150. If you hold your car forever and never intend to sell it, depreciation may not matter to you as much. It's not a cash expense that comes directly out of your pocket, so in that sense, it's an 'expense' that doesn't cost you anything directly. But if you ever intend to sell your car, depreciation can be a huge problem. Imagine buying a $100,000 vehicle and knowing that you can only get $65,000 or even $55,000 out of it if you need to sell it after one year. That's a terrible burden. On the other side of the coin, if you're a buyer, depreciation can work to your advantage. If you really want a Cybertruck, for example, picking one up with fewer than 10,000 miles for 55% to 65% of its original cost can be a great savings. The data clearly indicates that the Tesla Cybertruck is a flop. Musk initially forecasted an annual sales rate of 250,000 units for the Cybertruck, but since its introduction in November 2023, it has sold fewer than 50,000. Meanwhile, first-year depreciation rates are running in the 35% to 45% range, well above the 20% that's typical for a truck in its first year after purchase. The massive depreciation rates for the vehicle indicate that there is little support or demand in the secondary market for the Cybertruck, even at what are bargain-basement prices compared to brand-new models. The numbers may give potential new Cybertruck buyers pause, as many of them would likely be underwater on their car loan within a year of purchase if current depreciation rates continue. More From GOBankingRates The 5 Car Brands Named the Least Reliable of 2025 6 Hybrid Vehicles To Stay Away From in Retirement This article originally appeared on How Quickly a Tesla Cybertruck Depreciates vs a Ford F-150
Business Wire
27-05-2025
- Business
- Business Wire
Cyberwrite Partners with Samsung Fire & Marine Insurance on Cyber Insurance
SEOUL, South Korea & NEW YORK--(BUSINESS WIRE)-- Cyberwrite has partnered with Samsung Fire & Marine Insurance (SFMI) to strengthen the insurer's cyber insurance capabilities. Following a comprehensive global evaluation by Samsung Financial C-Lab Outside, Cyberwrite was selected for its expertise in next-generation cyber catastrophe modeling, AI-driven real-time cyber underwriting analytics, and broker enablement abilities. The collaboration will focus on strengthening SFMI's ability to assess the probability and economic impact of cyber attacks across its portfolio and manage catastrophic risk. By 2030, the global cyber insurance market is projected to experience substantial growth, rising from approximately $16 billion in annual premiums in 2025 to over $40 billion to 50 billion by the end of the decade. This surge is driven by escalating cyber threats and the increasing financial impact of cyber incidents on organizations worldwide. Concurrently, cybercrime is anticipated to impose significant economic burdens, with global damages expected to reach approximately $10.5 trillion annually by 2030. 'We chose Cyberwrite because it empowers both our sales and underwriting teams with on-demand, real-time intelligence and actionable risk insights that drive smarter decisions and faster responses,' said Dongjoo Lee, Casualty & Specialty Underwriting Team Lead at SFMI. Cyberwrite's solution is powered by its proprietary, patented AI-driven predictive algorithms, designed to predict and quantify how cyber incidents impact organizations of all sizes from SMBs to conglomerates. Since 2017, its platform has become a global benchmark for insurers, delivering accurate, scalable insights into cyber exposure and portfolio risk management in over 50 countries. This collaboration marks an important step in advancing SFMI's cyber insurance capabilities. SFMI is a globally recognized insurance leader serving millions of customers and businesses worldwide. The biggest property and casualty insurer in South Korea, with a worldwide network of some 20 offices in 11 countries, is expanding its offerings to meet the growing need for effective cyber risk management solutions and cyber insurance. 'SFMI's decision to engage with Cyberwrite demonstrates that our platform has set a new bar for underwriters, risk managers, and clients who need real-time clarity on emerging cyber threats,' said Nir Perry, CEO of Cyberwrite. 'Our cyber underwriting AI abilities and next-gen catastrophe modeling platform are already used in over 50 countries and eight languages worldwide and can provide data on over 320 million businesses worldwide in real-time. We are honored to support Samsung's cyber insurance initiatives with the highest technology innovation and service standards.' Cyberwrite continues to support insurers, brokers, and reinsurers worldwide in addressing the rising challenge of cyber risk with data-driven transparency, precision, and scalability. Samsung will present the Cyberwrite solution at Korea International Insurance Conference held from June 4-5, 2025. Cyberwrite CEO Nir Perry will be speaking on the topic of cyber risk quantification at ITC Asia in Singapore on June 4, 2025. About Samsung Fire & Marine Insurance: Since 1952, Samsung Fire & Marine Insurance Co., Ltd. (SFMI) has been delivering exceptional property and casualty insurance products and services to businesses and individuals. About Cyberwrite: Founded in 2017, Cyberwrite is a global leader whose solutions empower insurers, reinsurers, and brokers with next-generation cyber catastrophe modeling, streamlined cyber insurance distribution, and AI-driven underwriting that lowers loss ratios and operating costs. Its flagship platform, 4SEEN®, delivers real-time, actionable insights on over 320 million companies worldwide, providing unparalleled visibility into cyber insurance risk. Recognized as a Gartner Cool Vendor and honored by Frost & Sullivan, Cyberwrite is at the forefront of innovation in cyber insurance analytics. For more information, visit
Business Times
16-05-2025
- Business
- Business Times
Cybersecurity in a divided world
TRADE tariffs and protectionist policies are forcing nations and businesses to navigate and adapt to an increasingly fractured landscape. As rivalries between major powers intensify, the world has become divided in the adoption of technologies and technology providers. At the heart of digital protectionism lies a critical issue – cybersecurity. For decades, the world has benefited from the interconnectedness of a globally shared Internet infrastructure, which has facilitated cross-border communication, innovation and growth. This interconnectedness also enables tighter collaboration on cyber threat intelligence and a quicker response to cyberattacks. Cybersecurity measures are harmonised through international frameworks, regulatory alignment and industry best practices, reducing vulnerabilities that cyber criminals can exploit. However, as nations reassess their technology alignment and dependencies, it is likely that new cybersecurity challenges will emerge. Regulations and regional collaboration As an open economy, Singapore is not immune to these winds of change. The country's approach to cross-border data flows and cybersecurity standards will have to evolve. Stricter regulations are needed to safeguard data. This could mean tighter data localisation rules, where sensitive information stays within national borders for greater security. As well, more stringent regulations may need to be imposed on foreign technology providers. Given its status as a global business and trade hub and a member of Asean, Singapore must strike a delicate balance between regulation, innovation and collaboration. Overly rigid policies could stifle progress and foreign investment, to the detriment of economic growth. One way to navigate this conundrum is to continue to push for a unified Asean cybersecurity framework that fosters a more cohesive regional regulatory environment that supports both security and economic growth. Efforts are already underway to improve regional collaboration through the Asean Cybersecurity Cooperation Strategy. However, varying levels of technology development, political priorities and regulatory environments across Asean nations make harmonisation challenging, and these efforts remain a work in progress. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up As Asean nations continue to grapple with their own national cybersecurity concerns and policies, Singapore should continue to foster and facilitate regional dialogue and information exchange, where governments, businesses and industry stakeholders come together to share best practices and develop collective responses to emerging threats. The country can also demonstrate its commitment to capability building by providing training programmes, resources and technical support to bolster regional cybersecurity. For example, Singapore can take the lead by expanding successful homegrown initiatives such as the Cyber Labelling Scheme, Cyber Trust Mark and cybersecurity toolkits across the region to improve transparency and resilience in critical sectors. Dilemma of picking sides Stricter trade restrictions are disrupting cross-border technology access. The push for technology decoupling by major powers is shaking up supply chains, driving up costs and limiting access to critical components. Companies in Singapore may face the difficult choice of aligning with one technology ecosystem over another. The pressure to comply with trade policies and competing regulations could have a significant impact on their operations and strategic partnerships. As well, those that are currently operating across competing technology ecosystems may be forced to scramble for alternatives. This could potentially lead to businesses adopting less secure or untested alternatives, giving rise to new cybersecurity risks. Moreover, the lack of standardised protections across competing digital systems creates vulnerabilities, making it easier for cyber criminals to exploit these weaknesses. Forced reliance on multiple suppliers with varying security protocols further widens these gaps, increasing the risk of breaches. From a cybersecurity perspective, this fragmentation is already evident in cybersecurity nerve centres, where companies with a large geographical footprint often operate security operation centres with separate technology stacks to navigate data sovereignty and export restrictions. Fundamentally, companies must take proactive steps to safeguard their cybersecurity and operational resilience. They can look to the latest national frameworks, such as the expanded Cyber Essentials and Cyber Trust certification marks. These now offer targeted guidance on cloud, artificial intelligence and operational technology – key areas of emerging risks. The latest frameworks not only help businesses protect against the most common cyberattacks in these domains; they also simplify cybersecurity requirements. By aligning with these frameworks while keeping technology stacks modular and agile, companies can strengthen cyber hygiene practices while navigating the complex and evolving threat environment. Additionally, they can tap into Singapore's strong innovation ecosystem to develop and test new cybersecurity capabilities. This may include investing in research and development to address evolving threat vectors through programmes such as the Cyber Security Agency's annual call for innovation, partnering with specialised security technology providers to enhance their defences, and deploying solutions such as zero-trust architecture, AI-driven threat detection and secure by-design frameworks that are tailored to their operating environment. By staying agile and diversifying their technology dependencies, companies can better mitigate risks, maintain compliance and importantly, build resilience and long-term competitiveness. This will be critical to navigating the evolving intersection of geopolitics and cybersecurity in an increasingly bifurcated world. The writer is EY Asean cybersecurity leader. The views here are the writer's and do not necessarily reflect the views of the global EY organisation or its member firms.
