Latest news with #DataSecurityCouncilofIndia
Indian Express
19-07-2025
- Business
- Indian Express
Union Minister Piyush Goyal launches Advanced Cyber Skill Centre in Mumbai
An advanced Cyber Skill Centre set up by the Data Security Council of India (DSCI) was inaugurated in Kandivili in Mumbai by Union Minister for Commerce and Industry Piyush Goyal on Saturday. The centre boasts of advanced training infrastructure and facilities to conduct in-depth training in cybersecurity to create industry-ready talent. The centre will focus on training students from tier-II, tier-III cities, with the goal of bridging the gender gap and providing opportunities to underserved communities. The inaugural cohort at the centre consists of 28 young women engineering graduates participating in a four-month intensive training under the 'Cyber Vaahini' program Inaugurating the facility, Goyal, said, '..We want to create opportunities where our youth are not just getting jobs but also serve in high-quality roles available in the global and Indian market and contribute to the journey of realising the dream of 'Viksit Bharat'.' Vinayak Godse, CEO, Data Security Council of India said, 'This learning facility will provide a launchpad for cyber talent and serve the society at large to build quality skills.' The cybersecurity courses will range from beginner to advanced levels in ethical hacking, threat hunting, incident response, and more. The students will receive training from cybersecurity professionals and active practitioners, as well as expert mentorship and career guidance from seasoned mentors. The centre is supported by the Kyndryl Foundation alongside other contributors.
Indian Express
28-06-2025
- Business
- Indian Express
Study of money mules in Karnataka cybercrimes calls for regulation of cryptocurrency to check galloping crime rate
The lack of regulation of the cryptocurrency market in India has been identified as being among the key factors in controlling money laundering linked to cyber crimes in the country by a 'Study on the Use of Money Mules in Cyber Crimes' conducted by the Centre for Cybercrime Investigation Training and Research of CID police in Karnataka. The combination of an unregulated cryptocurrency market and acceptance of cryptocurrency deposits by gaming platforms and casinos has made recovery of funds stolen in cybercrimes highly challenging, the study, which was unveiled at a conference of senior police officers in Bengaluru on Friday, has reported. Quoting data from the National Cyber Crime Reporting Portal (NCRP) for the year 2024, the study states that ₹2,915 crore was lost in 6.11 lakh cyber crimes in Karnataka – ₹1860 crore from private banks (3.02 lakh cases) and ₹948 crore from public banks (2.55 lakh cases). The losses caused by cyber crimes in Karnataka are reported to have increased fourfold in 2024 from ₹660 crore reported in 2023. The study has looked at the subject of money mules who knowingly or unknowingly facilitate the usage of bank accounts to facilitate the laundering and layering of money stolen from lakhs of innocent victims through scams like investment frauds, digital arrests etc, leading to the eventual transfer of the stolen funds to the operators of cybercrime networks through modes like cryptos or direct withdrawals. 'The unregulated cryptocurrency market is exacerbating the issue of money muling. Recent cases have revealed that laundered money is either converted into cryptocurrency using a money mule or transacted through P2P transactions with genuine crypto traders,' says the report authored by cybercrime police experts and the Data Security Council of India. The laundering of cybercrime proceeds through cryptos 'is further complicated by certain gaming platforms, such as casinos, that allow cryptocurrency deposits. Many cryptocurrency exchanges either do not require KYC or are based in foreign countries with lenient regulatory frameworks, both of which pose challenges for investigators,' says the study. The study has identified the tracking of the conversion of money stolen in cybercrime as 'a significant challenge for law enforcement agencies'. Apart from cash withdrawals at overseas ATMs using Indian debit cards in locations such as Dubai, Hong Kong, and Bangkok, as well as ATMs in remote areas across India, cryptocurrency conversions are seen as a key challenge. 'In many instances, illicit funds are converted into cryptocurrency through peer-to-peer (P2P) transfers on unregistered platforms and exchanges) changes). According to the CFCFRMS (Citizen Financial Cyber Fraud Reporting and Management System) platform, crypto valued at approximately ₹ 5.52 crores was transferred from March to May 2024 via the Bitget multi-exchange platform,' states the Karnataka study. 'In this process, criminals use mule accounts to funnel funds into international payment aggregators and global wallets such as Pypl from which the money is subsequently transferred to Binance,' states the report. The study has identified regulation of the cryptocurrency market as a key step in regulating the exploding rate of cyber crimes in states like Karnataka. 'There is a pressing need to regulate the cryptocurrency market in India. This regulation should not only require cryptocurrency exchanges to follow specific norms for collecting and verifying user details but also include penal provisions for money laundering and other illegal activities,' says the study on money mules in cyber crimes. In addition 'gaming and other platforms that receive direct cryptocurrency payments need to be regulated, requiring registration and mandatory KYC verification for customers. The government may consider banning non-compliant platforms and prohibiting Indian residents from transacting on cryptocurrency platforms not registered with the Government of India,' says the report. The study has also called for better monitoring of accounts by the banking sector to identify the creation and usage of mule accounts which tend to be dormant accounts or new accounts opened with fictitious details of identity and location. 'Cybercriminals are exploiting the online account opening facilities offered by numerous banks to open mule accounts using fake and nonlocal addresses. For instance, an individual located in Rajasthan may open an online account while providing a Bengaluru address. In one of the cases investigated at CID Bengaluru, up to 125 mule accounts have been opened in a private bank through online channels, where only basic KYC is required, and no physical verification is conducted by the banks,' states the study. Banks not flagging suspicious transactions While the RBI has mandated the generation of 'Suspicious Transaction Reports' to the centralised Financial Intelligence Unit India (FIU-IND) with warnings against non-compliance as part of efforts to regulate cyber crimes, banks tend to default on STRs, says the report. 'Investigations have revealed that banks sometimes fail to flag transactions as suspicious when large volumes occur. This failure is often attributed to negligence on the part of the banks, and in some rare cases, insiders in the bank colluding,' says the cybercrime report. Banks also tend to allow individuals to easily change the registered phone numbers on their bank accounts, and 'genuine accounts are sold to fraudsters who then link their phone numbers, enabling control over internet banking' even if the new mobile number does not match the one registered with Aadhaar. 'Despite the RBI mandates for strict due diligence on mobile number changes, this is not uniformly enforced across banks,' says the study. The study has pointed out that the RBI has also developed an in-house Artificial Intelligence/Machine Learning based solution called 'to detect suspected mule accounts'. 'Another factor aiding the proliferation of mule accounts is the ease with which fraudsters acquire mobile SIM cards. Cybercriminals procure SIMs using forged Aadhaar cards and other identities,' the study has reported. In terms of legal provisions the absence of punitive measures against money mules in the existing laws in the country has been a hindrance to regulating cybercrimes, says the report. 'As neither the Bharatiya Nyaya Sanhita (BNS), 2023 nor the Information Technology Act, 2000 contains sections solely and expressly dealing with money mules, individuals knowingly operating these accounts do not face criminal penalties in cybercrime cases specifically for being a money mule,' the report has stated. 'The entire gamut of cyber crime offences are occurring in the white economy of the country. The mechanisms introduced for financial inclusion like bank accounts and net banking are being misused for cyber crime. The cyber crimes involve the theft of white money through regular banking channels and not unknown networks,' a Karnataka cybercrime officer said.
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Business Standard
05-06-2025
- Business
- Business Standard
Indian digital forensics market to hit $1.39 bn by 2030: Deloitte-DSCI
The Indian digital forensics market is projected to reach $1.39 billion in the next five years, growing at a compounded annual growth rate (CAGR) of 40 per cent, compared to the global market size of $14.5 billion over the same period. The market for digital forensics is recorded at $265.9 million as of financial year 2025 (FY25). In comparison, the global market is valued at $6.5 billion during the same period, according to a joint report by Deloitte and the Data Security Council of India (DSCI). Major drivers for the sector's growth in India include regulatory requirements guided by apex regulators such as the Reserve Bank of India (RBI), the Securities and Exchange Board of India (Sebi), and cybersecurity agency CERT-In. Compliance with key legislations such as the Digital Personal Data Protection (DPDP) Act — which requires strict privacy safeguards, data protection measures, and breach notification protocols — is expected to further drive adoption. Broadly, factors leading to growing adoption of digital forensics include cybercrime, advancements across segments such as artificial intelligence (AI) and machine learning (ML), regulatory compliance, and digital transformation across sectors such as banking, financial services and insurance (BFSI), healthcare, and government. The Indian market, however, continues to face challenges such as a shortage of skilled staff to handle digital forensics. High costs and limited understanding deter small and medium enterprises (SMEs) from adopting in-house solutions, the report added. 'The sector presents a significant opportunity for growth, driven by rising enterprise demand, regulatory scrutiny and technological advancement. The way forward lies in accelerating capacity building, fostering innovation in indigenous tools, and embedding forensic readiness into the core of digital transformation strategies across sectors,' said Nikhil Bedi, Leader, Risk, Regulatory & Forensic, Deloitte India. The report added that the Centre, in 2024, introduced a scheme to improve forensic capabilities with a financial outlay of ₹2,254 crore by 2029. It is aimed at modernising forensic labs, training staff, and integrating the stream into law enforcement practices. It noted that government agencies lack standardised methodologies, tools and procedures, affecting the reliability and admissibility of digital evidence in court, while recommending domestic standards customised to local requirements. 'Investing in updated forensic tools tailored to handle emerging technologies, such as cloud and mobile forensics, is crucial. This includes leveraging AI and ML to streamline data analysis, automate processes and improve the accuracy and speed of forensic investigations,' it recommended.
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Business Standard
14-05-2025
- Business
- Business Standard
Op Sindoor: India Inc's cyber shield holds firm against swarm of hackers
Setup by Nasscom, DSCI engages with governments and their agencies, regulators, industry sectors, industry associations, and think tanks for policy advocacy, capacity building, and outreach activities Shivani Shinde Ishita Ayan Dutt Dev Chatterjee Mumbai/Kolkata Listen to This Article Cyberattacks on Indian businesses spiked dramatically —rising by up to three times — following the launch of Operation Sindoor, according to industry estimates. Yet, most organisations successfully repelled the onslaught with minimal breaches because of coordinated efforts between government agencies, industry bodies, and private cybersecurity firms. For the first time, the Data Security Council of India (DSCI) — a not-for-profit industry body for data protection — assembled a joint task force of stakeholders including private sector players to source threat intelligence at the origin and ensure coordinated action across the cybersecurity spectrum. This was activated in anticipation of retaliation to
Time of India
26-04-2025
- Business
- Time of India
DSCI making efforts to build global network of cybersecurity experts
By Gurdip Singh Singapore: Data Security Council of India ( DSCI ) has made efforts to build a global network of cyber security experts, its Chief Executive Vinayak Godse said. DSCI is holding interactions in different parts of the world to see how the Indian cyber security experts can collaborate with others in an effort to build an international network, Godse told PTI, after holding India-Singapore Cyber Security Conclave 2025 here on Friday. "This is our first conclave and we are doing such interaction in other geographies as well with one planned India-US Cyber Security Conclave in San Francisco next week," Godse said. "Similarly, we are going to different parts of the geographies to see how the Indian cyber security experts can collaborate with others in an effort to build an international network," he added. This is one way for cyber security professionals to come together and exchange ideas. It is also how industry can add value and government-to-government engagement, he elaborated. "As such, this conclave is an effort to bring people from cyber security together and see how from the industry system and ecosystem we can add value to what is happening to government-to-government level," said Godse. Cyber security needs a lot of understanding and collaborations of partnerships as these initiatives are not limited to one level but have to be international." We are also learning from each other," he added. Singapore was a starting point today, given that a large number of Indian experts are based here and global corporations have their regional headquarters in the city state as well as in Indian IT hubs such as Bangalore, Hyderabad, Pune and others. In May, DSCI will be having the conclave in Dubai and in November it will host a conclave in Riyadh which will have participation from the GCC countries.
