Bank card fraud was waiting to happen, says ASSOCHAM-Mahindra SSG

The credit/debit/ATM card frauds as detected by some of the largest banks were waiting to happen as India has been on the radar of the global cyber criminals who hack into the computer servers using the malware, putting the entire financial structure into a big risk, an ASSOCHAM-Mahindra SSG joint study had forewarned.

“Shocked that we are by such large volume of frauds forcing most of the big banks to recall their swiping cards resulting into not only a huge financial losses but also raising a question mark on our cyber security, the ASSOCHAM has been continuously sensitising the government, RBI and the banks against the unfolding cyber risks,” the study said.

He said an ASSOCHAM-Mahindra SSG study published recently pointed out that India has become a favourite hunting ground for global hackers and criminals.  In fact, according to this study, India was the third biggest target for these hackers after the US and Japan.

A rapid increase in the use of computers and the emergence of the Internet in particularly in the last few decades has led to the evolution of cyberspace. Cyberspace is borderless and anonymous due to which it becomes difficult to actually trace the origin of any kind of cyber attack. The study had further noted that mobile frauds are an area of concern for companies as 35-40% of financial transactions are done via mobile devices and this menace  is expected grow to 60-65% by 2017.

Credit and debit card fraud cases top the chart of cybercrimes. There has been a sixfold increase in such cases over the past three years. According to the data, about 42% complaints of online banking related to/credit/debit card fraud followed by Facebook (31%)-related complaints (morphed pictures/cyber stalking/cyber bullying). Other major cyber complaints were cheating through mobile (12%), hacking of e-mail ID (10%), abusive/offensive/obscene calls and SMS (5%), and others.

These attacks have been observed to be originating from the cyberspace of a number of countries including the US, of Europe, Brazil, Turkey, China, Pakistan, Bangladesh, Algeria and the UAE.

Andhra Pradesh, Karnataka and Maharashtra have occupied the top three positions when it comes to cybercrimes registered under the new IT Act in India.

Phishing attacks of online banking accounts or cloning of ATM/debit cards are common occurrences. The increasing use of mobile/smartphones/tablets for online banking/financial transactions has also increased the vulnerabilities to a great extent. The maximum offenders came from the 18-30 age group, the report added.

“Internet frauds alone have cost India a whopping 4 billion $(about Rs 24,630 crore) in 2013 as cyber criminals are using more sophisticated means like ransom ware and spear-phishing,” the report said.

During the years 2011, 2012, 2013 and 2014, a total number of 21,699, 27,605, 28,481 and 36,554 Indian websites were hacked by various hacker groups spread across worldwide. In addition, during these years, a total number of 13,301, 22,060, 71,780 and 95,189 security incidents, respectively, showing a sharp increasing trend. The total number of security incidents reported to CERT-In has been on the rise.

There is urgent need for having public-private-partnership (PPP) in cyber security for protecting the critical online data and creating awareness amongst the public. Internet has many stakeholders and the government is involved in terms of making laws and the private sectors are involved in creating technologies like hardware, software and so on and this can’t be seen in an isolated manner that’s why PPP model is important. The fifth domain warfare is real and expanding at a rate which is more concerning, ISIS use cyber space for expanding its base and support is glaring example of this.

Cyberattacks around the world are occurring at a greater frequency and intensity. Operating securely in the cyber environment is among the most urgent issues facing the government, industry and individuals. It is important to take proactive measures rather than reactive methods as building safe environments will always be the best line of defence against rising cybercrime. ‘Safety first through security by design’ should be the motto. Security by design ensures reduction in overall cost to the business and increases the efficiency of the system by making it robust and secure.

The government and regulators should develop comprehensive cyber security policies and frameworks from the perspective of incentives, tax breaks and technological development. The policies should be such that they encourage private sector participation in public sector research and promote the commercialisation of research and development and intellectual property.

Effective mechanisms should be established to ensure coordination and cooperation between various countries. India should ensure active collaboration with the other countries and global cyber security agencies through international treaties, bilateral agreements and Memorandum of Understandings in order to understand the latest threats and take proactive security measures.

The government, and specifically the regulators, should look at developing sector-specific policies and frameworks tailored to meet the requirements of the particular sector in order to strengthen cyber security in that domain and ensure compliance with the defined security standards.

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Sharmila Tagore inaugurated Malabar Gold & Diamonds new showroom in New Delhi

Malabar Gold & Diamonds, one among the world’s leading jewellery retailers with over 156th showrooms spread across 9 countries expanded its network with the inauguration of their new showroom at Pusa Road, Karol Bagh, New Delhi. Popular Bollywood star Ms. Sharmila Tagore has inaugurated the showroom on 22nd October (Saturday) at 11.30 AM.

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Apart from displaying jewellery specific to the culture and celebrations of the region, the new showroom will display the exclusive range of sub brands from Malabar Gold & Diamonds: Mine – Diamond jewellery, Era – Uncut Diamond Jewellery, Precia – Precious Gem Jewellery, Divine – Indian Heritage Jewellery, Ethnix – Handcrafted designer Jewellery Starlet – Kids’ Jewellery and Hi- Casual jewellery. They sell only BIS Hallmarked 916 Gold, IGI Certified Diamond Jewellery and PGI certified Platinum Jewellery. All products come with a detailed and transparent price tag with details like gross weight, stone weight, making charge, stone charge and net weight. Value-added services include lifelong free maintenance, one-year free insurance coverage and buy-back guarantee for all Jewellery.

 

“It is our extreme pleasure and delight to extend our services to the jewellery lovers of New Delhi. We would like to thank all our customers from the bottom of our heart for their continuing support and patronage which help us to aspire for more perfection”. Says Mr. M.P. Ahammed, Chairman, Malabar Group.

 

Apart from being a successful business entity, Malabar group has always been in the forefront of social responsibility initiatives. Malabar Gold & Diamonds earmarks five percent of its annual profit for activities in the field of health, education and housing charity.

India Finally Gets an Introduction to Truly Ultra Luxury Brands in Haute Horlorgie

For the first time in India, Top 5 independent limited edition watch brands of the world, came together at The Independents of Time, for a private viewing of the finest Independent limited edition Haute Horlogerie Creations over a fine & ultra exclusive evening over cocktails and canapés at Caitriona, the penthouses by the Ambience Group.

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Pierre Lheureux, Stefan Kudoke, Rahul Kapoor and Marco Lang 

The evening was hosted by Rahul Kapoor Founder of The India Watch Club. With brands Cecil Purnell, Kudoke, MAD Paris, Laurent Ferrier, Marco Lang were exhibited for the first time in India with Stefan Kudoke, Pierre Lheureux & Marco Lang clearing their hectic schedule to be a part of the evening the event was one to reckon with. Playing co-host to the evening was Rahuls mother and business partner, Mrs Shweta Kapoor, board member of The Independents of Time.

Independents of Time commenced with the formal introduction of the evening by Rahul, followed by the detailed insight and USP’s of the brands by the representatives.

Talking about the evening Rahul said, “it’s our privilege to bring such brands to India amongst the watch lovers and people who are passionate about them. These brands are here not just with business in mind but to create an era where enthusiasts can fulfill their dreams to have customized luxury watch. Watches often draw much attention, and are in many circles as much a status symbol as a Lamborghini sedan or a diamond set” he added. Rahul also took this opportunity to thank his strategic alliances and close friends & family, for their involvement in this extremely unique concept based evening par excellence, Excedo Luxuria, the gifting partner of the evening, Arjun Gehlot of the Ambience Group, Jai Singh Randhawa of The Eminence Groupe, SabahAara of IBCW & Shiwani Saini who cleared her shoot schedule between punjabi and Hindi films and flew in especially to show her support. Missed sorely at the event were his siblings and partners in Independents of Time, his brother Ritul & sister Saloni. Pankaj Bali of the Ambience Group too deserves a special mention for all his support.

29 ultra luxury watches were displayed here out of which many had been pre-booked already, speaking volumes about the space for such true luxury time pieces in India. Talking about the price range, he said the price range was from INR15 lakhs and can often run into crores depending on the clients requirements for customisation. When asked about the customer and watch lover who could not make such a huge financial commitment to a time piece, Rahul had the good news that watches were available even within INR1.5 lakhs, like the newest range of Dietrich watches . Watches are an investment, and like art they appreciate over time.

“I am very excited to come to India, the market is growing rapidly and people are really excited and looking towards true luxurious products & lifestyles, it’s a great experience meeting them here and know their choice”, says Marco Lang.

Kudokes Stephan Kudoke praised the efforts of Rahul for helming and organizing such a conceptual unique evening. He said “it’s a great occasion & platform to explore mutual exchanges and business opportunities as well an opportunity for consumer engagement and relationship building”

Pierre Lheureux, the owner of Mad Paris which creates some of the most original customized and bespoke pieces known to the modern day collector, said “The finish has got to be completely flawless, there are no excuses, it’s either right or wrong, there’s no in-between”

Label Virtues by Viral, Ashish & Vikrant celebrate its post-show success at the recently concluded Amazon India Fashion Week

Label Virtues by Viral, Ashish & Vikrant hosted a grand soiree at Public Connection, Connaught Place to celebrate its post-show success at the recently concluded Amazon India Fashion Week. The city’s glitterati gathered in abundance to congratulate the designer trio Viral Parikh, Ashish Parikh & Vikrant Mehta on their show’s success.

Amongst those who attended this stylish soiree were designers Sonia Jetleey, Raj Shroff, Pratima Pandey, Shruti Sancheti, Shalini Chauhan, Rahul Singh, Swati Mehrotra, Felix Bendish, Kiku Namita Paul, Aamir Rajput, Sahil Gulati, Umesh Vashisht, Akassh K Aggarwal, Anushka Laul; Actor Anuj Pandit Sharma; International Boxing Champion Pardeep Kharera; Hair & Make-up expert Sylvie Rodgers; Stylists Anuj Lalwani, Harsh Khullar; Entrepreneurs Nikhiel Kumar, Sanchita Majumdar, Shekhar Sharma & Johny Choudhary amongst many others.

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(L-R) Deepak Badhwar, Ashish Parikh, Vikrant Mehta

 

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(L-R) Sylvie Rodgers, Nikhiel Kumar, Shalini Chauhan

 

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Raj Shroff

 

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Anushka Laul

 

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Rahul Singh

 

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(L-R) Nikhiel Kumar, Harsh Khullar

 

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Anuj Pandit Sharma

The colorful evening with flowing cocktails and scrumptious canapés provided the much needed breather to the fashionistas of the city to let their hair down and enjoy the soothing music by the in-house live band & DJ.

Smart Manufacturing to improve quality of jobs : Amitabh Kant, CEO, NITI Aayog

“Smart manufacturing practices will increase productivity and the quality of employment opportunities” said Mr Amitabh Kant, CEO, NITI Aayog while addressing the 2nd Smart Manufacturing Conference jointly organized by CII and NITI Aayog today in New Delhi. Mr Kant observed that Indian manufacturing sector has to adopt advanced technologies to survive in a highly competitive environment.

Mr Kant highlighted that “productivity and efficiency are critical for the growth of Indian industry. Industry needs to produce high quality products at a competitive price to withstand the global competition.”Manufacturing unit shop floors are now as fashionable and automated as any other industry and consumers are now directly influencing the shop floors. Collecting and processing data coupled with cutting edge technologies will enable shopfloors to respond to the rapidly changing consumer demands, according to him.

He informed that amalgamation of 9 systems – robotics, big data, 3D printing, analytics, additive manufacturing, automation, electronic system, design, IOTs will lead to Smart manufacturing 4.0. Globally, countries are looking at manufacturing sector for driving their GDP, Europe will be investing over 40 billion Euros in the next 5 years in manufacturing industry. He urged industry to focus on quality and productivity as essential pre-requisites for increasing exports.

Mr Kant stressed on the need for MSMEs to be interconnected and technically agile to be globally competitive and support the Indian industry. Productivity, cost, employment, after sales services, logistics and others facets of production are now integrated on real time basis with adoption of smart technology.

To shape the transformation, NITI Aayog has also introduced robotic technologies in the incubation centers / labs in 500 schools to promote smart manufacturing.

Mr Anshu Prakash, Additional Secretary, Department of Heavy Industry emphasized that Smart manufacturing is a dynamic process which will happen over a period of time and Government is willing to provide enabling eco-system. Upgradation of skills and news skill sets are critical for manpower to adopt smart manufacturing.

Mr Prakash informed about an umbrella Capital Goods Scheme to be announced soon. The new scheme includes technology development fund and is also incentivizing smart manufacturing.

Mr Sumit Sawhney, Country Chief Executive Officer & MD, Renault Operations in India focused on smart thinking and smart mindset for promoting innovation in manufacturing. He illustrated the small car “KWID” segment has been made lean and smart with smart thinking and processes. He concluded that “Think Smart – Think Innovative” is key to manufacturing and automation will create more jobs in future.

Mr Dilip Sawhney, Summit Chair & MD, Rockwell Automation India Pvt Ltd mentioned that the Summit is not just a one-off initiative of CII and is aligned with a broader objective of CII Mission Smart Manufacturing programme which aims at promoting smart manufacturing across the Indian manufacturing industry. CII Mission Smart Manufacturing creates a framework at firm level to embrace smart manufacturing technologies. In addition, as per the study conducted by CII to identify Champion Manufacturing industries which have a potential to drive the double digit growth in manufacturing sector, Technology is identified as one of the key drivers.

BCCI to include DRS on a trial basis during the Paytm India vs. England Test series, 2016

The Board of Control for Cricket in India will deploy the Decision Review System, in toto, in the forthcoming series between India and England starting from the 9th of Nov 2016, on a trial basis to evaluate the improvements made to the system, over a period of time

 

In the meeting with the ICC and the Hawkeye officials, the improvements made to the system were further evaluated by the BCCI team, who were satisfied that most of the concerns and suggestions that were expressed by BCCI over a period of time, were addressed to a significant extent.

 

The significant changes, which have been effected, include:

 

  • The introduction of ultramotion cameras will address issues with regard to calculating the predictive path which allows the ball tracking, to be more accurate.
  • Manual intervention to set the impact point has been controlled by the introduction of the ‘Ultra edge’, which has been approved by MIT and will help in determining the frame of impact.
  • Ultraedge also ensures that post impact balls do not affect the predicted path or impact point and hence the accuracy has been improved.
  • Earlier, there was a possibility that the operator would have missed a delivery and hence a LBW appeal could have been missed. Now, Hawkeye has developed the technology to record and save all images so that in case an operator fails to arm the tracking system, the images can be rewound and replayed.
  • Basis the recommendation from BCCI, additional cameras have been installed so that there is redundancy and also provide 100% reliable spin vision for DRS.

 

Anurag Thakur, President of BCCI, who was present throughout the presentation stated, “ We are happy to note that Hawkeye has institutionalised all the recommendations made by BCCI, and we confirm that this improved version of DRS will be used on a trial basis during the forthcoming series against England and based on the performance of the system and the feedback that we will receive, further continuation in forthcoming series will be decided. We recognise the enhanced role of technology in sport and BCCI will lead such initiatives in coming days, and enrich the viewer experience.

 

Ajay Shirke, Hony. Secretary of BCCI said, “ With MIT endorsing the enhancements made in the system on the basis of recommendations made by the BCCI, we are convinced that such technology should be utilised in supporting correct decision making. While recognising that improvements in technology are ongoing, BCCI will continue to include any and all such path breaking interventions, to further the cause of the sport.

Mr. Rahul Singh promoted as Chief Operating Officer of PVR Cinemas

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Mr. Rahul Singh has been promoted as the Chief Operating Officer of PVR Cinemas, the largest cinema exhibition company in India and will be based out of their corporate office in Gurgaon.

 

Mr Singh brings with him expertise, perspective and market intelligence of the hospitality and cinema business. He joined PVR in 2008 as Sr. Vice President Operations. In his capacity, he was also heading the F&B initiative of the company, which saw a phenomenal growth of 16% CAGR in the last 4 years and F&B revenue contribution grew from 25% to 38% against the ticket revenues. Has a rich career in hospitality and operations with Taj group of hotels and ITC Welcomgroup, he comes with an experience of over 24 years. In his new role at PVR, he will oversee the entire business operations of the company with focus on company’s expenditure & revenues. He will further streamline operational processes, procedures and introduce strategic operational initiatives at PVR.

 

Mr Rahul Singh holds a Hotel Management degree from IHMCTAN, Kolkata and a post Graduate Diploma in Management from IMT, Ghaziabad.