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Increasing cyber-attacks show why stringent cyber-security laws are need of the hour
Increasing cyber-attacks show why stringent cyber-security laws are need of the hour Commenting on how the Indian policies can be strengthened, Advocate G.V. Anand Bhushan explains, "Firstly, the legal and regulatory environment needs clarity. India should fast track the enactment of the Data Protection Act and set up a strong and effective Data Protection Authority.
Govt seeks disclosure of crypto transactions, holdings
Govt seeks disclosure of crypto transactions, holdings “From regulation to a complete ban, there are many competing theories as to what the actual legislation will be. Keeping that narrative in mind, the fact that the government has asked for disclosures, it may look to perhaps regulate rather than ban cryptocurrencies. But these are still early days and the most important piece of regulation is still to come," said Advocate G.V. Anand Bhushan.
India turns to artificial intelligence for better and faster economic data
Govt seeks disclosure of crypto transactions, holdings “From regulation to a complete ban, there are many competing theories as to what the actual legislation will be. Keeping that narrative in mind, the fact that the government has asked for disclosures, it may look to perhaps regulate rather than ban cryptocurrencies. But these are still early days and the most important piece of regulation is still to come," said Advocate Anand Bhushan.
Work from home: Ensuring data security a challenging task for businesses
“The company should first ensure they have virtual private networks and cloud solutions so that basic security is taken care of even in a WFM environment,” says Advocate G.V.Anand Bhushan. All security protocols that are normally in place relating to not sharing of passwords, shredding of printed documents, not creating back-ups, and not using unsecured networks should be rigorously maintained, he adds.
Supreme Court refuses to grant temporary stay on RBI’s restriction on cryptocurrencies
“Nobody is able to price the risk currently. The minute you have clarity on exchanges and whether digital currencies can be used as a medium of exchange or payment, or if it is a commodity, there will be less speculation and much more stability in pricing,” said Advocate G.V. Anand Bhushan.
As more people work from home, cases of cyber attacks rise
Advocate G.V. Anand Bhushan, says that enterprises cannot afford to have a lackadaisical attitude at this point in time. “Apart from external attacks, there are also instances where employees may also be violating the privacy codes as they start using their own devices. For example, when using personal devices to access company networks, people may be engaging in sharing of passwords across project teams; or making backups in violation of client contracts.”
You can land in jail by sharing or forwarding another person’s message
You can land in jail by sharing or forwarding another person’s message on social media, here’s what legal experts say Advocate Mr. G V Anand Bhushan. “This matter is highly likely to be litigated again and will only be settled by a Supreme Court judgment, factoring in the issues of social responsibility, public policy and freedom of speech.
Govt plans cyber security system for financial sector
“The combination of a sudden pandemic, quarantine and unconventional work from home situations has exacerbated this security threat,” said Advocate GV Anand Bhushan. “India was ranked 23rd in the UN Cyber Security Index amongst 165 nations. We need to view India as a ‘maturing’ and ‘evolving’ category of countries which are continually trying to improve cyber security measures,” he added.
Cyber attacks can plunge India’s COVID vaccination drive into pandemonium: experts
Advocate GV Anand Bhushan, says that the tensed situation with China and Pakistan last year had seen a sudden spike in the number of cyber-attacks. Going by the trend in the past, he sees a high possibility of attacks on the players involved in the VDD infrastructure manifested in the form of a ransomware attack, malware attack, phishing attack, an attempt to steal confidential information etc.
Here’s all you need to know about data privacy regulations, and its loopholes
According to cyber law and IT compliance expert, Advocate GV Anand Bhushan, Indian companies have increased their investments in cyberlaw services. He has observed a hike in companies putting more money in cyber law and compliance consultations. While we emphasise investing in data privacy and the major pitfall for many companies is to successfully conduct data privacy assessments. Though technology leaders and their teams are quite overwhelmed in the current situation, companies are still struggling with a starting point for data privacy impact assessments.
Cyber resilience: A high priority
An expert in technology law, Advocate GV Anand Bhushan, “Typically when a pharma company bears the brunt of a cyber-attack, it can have a devastating impact on the company ranging from stolen IP, repeating clinical trials, contaminated drugs, physical damage and downtime, litigation, and lost revenue.” He adds, “Data stolen from pharma companies is extremely valuable as hackers can sell personal patient information on the dark web that includes address history, financial information, and social security numbers which can later be used to commit identity thefts. In fact, a study conducted by the Ponemon Institute in 2018 revealed that each stolen record in the pharma sector was valued at $195 per record!”
Guardians of the Online World
“India should fast-track enactment of the Data Protection Act and set up a strong and effective Data Protection Authority. This regulatory framework will provide for appropriate consents to collect and process data and prescribe penalties for non-compliance. Since the draft Bill already provides for high fines (Rs 5 crore or 2 per cent of worldwide turnover), it is expected to usher in a strong compliance culture,” says Advocate G.V. Anand Bhushan. Rise in cyber attacks and changes because of the pandemic are impacting the industry positively. Organisations working with disconnected teams and disparate data are feeling the need for an open and connected platform approach to cyber security. Cyber security is emerging as a business necessity and not just a support function.
India Urgently Needs a Robust Cyber Security Framework
In a recent interaction with CXOToday, Advocate G V Anand Bhushan discusses the need for India to urgently have a strong and effective data protection policy, and explains how law firms can cope with cybersecurity challenges during the pandemic and beyond.
An imminent need for updated cyber policies
India is the fastest-growing trillion-dollar economy in the world and the fifth-largest overall, with a GDP of $2.94 trillion. Catapulted by the rising availability of high-speed connectivity, India already has one of the world’s largest (and still growing) base of digital consumers. The IT sector, while contributing to around 8% of the country’s GDP and providing employment to 4.36 million people, has leapfrogged multiple stages of development faster than many western economies.
What should be disclosed during due diligence
There have been numerous instances where mistakes in the due diligence process have proved to be costly after the completion of the transaction. It is the responsibility of the buyer to investigate and analyse the assets, liabilities, records, financials, and customers of a business to ensure that what is being acquired aligns with its expectations. It is the responsibility of the seller to correctly disclose what is necessary and material for the buyer to make an informed decision. The seller or target is asked to provide a prospective buyer with the information that the buyer needs to satisfy its own due diligence inquiries and to evaluate the target’s business.
How artificial intelligence can fight cyberattacks
For many years, traditional network security tools such as firewalls, anti-virus software, web proxies etc. have been the go-to defences for organisations. While these tools were effective to a certain extent in the past, the dramatic changes brought to the digital world by “Industry 4.0,” over the last decade, has seen a dynamic shift to the cyber-threat landscape thereby reducing the effectiveness of these traditional tools.
Alb Asia Super 50 TMT Lawyers
Fraser is a barrister and solicitor of the High Court of New Zealand, and also admitted before the Supreme Court of New South Wales. He focuses on corporate and commercial, technology, media and telecommunications, banking and finance, capital markets, competition and antitrust, dispute resolution, employment, insurance, intellectual property, international trade, investigations, mergers and acquisitions, project finance, projects and energy, real estate, restructuring and insolvency and tax matters.