Introduction
Now a days we are witnessing wide spread of cyber threats around the world .We need be cautious to prevent such threats and its high time to take more effective steps in preventing such cybercrimes this article deals with those strategies which are helpful in combating cyber threats when one of us are in danger .nowadays most common attacking method is web based attacking methods most frequently targeted companies in financial sector includes IT sector ,gaming sector and telecommunications sector along with media sector .So staying informed about the cyber security and cyber threats is not beneficial it is obligatory .
What is cybersecurity in finance?
Cybersecurity can be defined as the safety measures that are to be taken while when a person unknowing involved in cybercrimes or threats and they aim at majorly digital assets protection and protecting customer information and business operations that take place from cyber world. We all know that all these sectors carryout sensitive information and such sectors are the primary targets of cyber criminals .To prevent these all the financial institutions should follow a very high security practices and they should use advance technologies.
Overview of Cyber Threats in Finance
Cyber-attacks includes phishing, malwares, distributed denial of services (DDoS),insider attacks, Man-in-theMiddle attacks(MitM).
Phishing
Phishing means using false practices to achieve all the confidential information of any financial institutions .it is a form of scam through social engineering. It will eventually lead to financial loss and identity theft or any of those .There are many kinds of fishing such as trap phishing, spear phishing, angler phishing, whaling, voice phishing, text phishing. We can identify these phishing mails by some characteristics such as the domain will be misspelled and such email includes attachments and they usually name it as important or they report it as urgent mail. You can forward such kind of mails to S-P-A-M(7726)
Distributed Denial of Service (DDoS) Attacks
Distributed denial of service attacks are the subjects of denial of service attacks .it usually involves with various connected devices in online and which is collectively called as botnet which is ultimately used to target a website with all the fake traffic it is also used to create fake security or to disturb the already existing security parameters of the website .application layer attacks and network layer attacks are the types of distributed denial of service attacks.
Man-in-the-middle (MitM) Attack
In this type of attack third party enters into the play and attacks all the communication which is going on between two parties there are few types of mitm attacks which can be named as wifi-eaves dropping ,session hijacking, cache poisoning .
What is cyber law?
Cyber law is also a part of legal stream which is also known as law of the internet which deals with all the issues relating to cyber threats and cybercrimes. Cybercrimes includes cyber harassment ,cyber stalking which also includes sharing of offensive and sensitive material and also includes credit and debit card frauds ,online cheatings and slandering theft of identity .
It also includes crimes that are occurring against property which includes introducing viruses in systems and violation of intellectual property rights and crimes against government also comes under cyber law which includes attacks on the sovereignty of the nation which ultimately sometimes leads to war and tampering government websites and initiating terrorism through online using any software or piracy.
SO cyber law protects individuals or subjects of states from different types of crimes which includes online fraud theft and cyber bullying .cyber laws will regulate activities that are virtual in nature and it can effectively protect intellectual property rights by using all the new innovations .recently there are many emerging trends in cyber law which includes block chain technology .As we all know artificial intelligence in a positive way is also helping a lot to prevent all these cybercrimes.
Intellectual Property in cyber space
There are many tools of protection that comes under “intellectual property”. Some are the following:
- Patent
- Trademark
- Geographical indications
- Layout Designs of Integrated Circuits
- Trade secrets
- Copyrights
Every innovation which is contributed in cyber world is prone to cyber treats like usage with the permission of the owner distributing the copies and information relating to software and sale of such works without proper authorisation .Even by linking many threats are posing such as when we open a webpage which we think it is legal but it ended up by being illegal website software piracy is also a trending cybercrime which we can see in many cases which involves sharing with an unauthorised person a programme without having any licence in using it and another significant cybercrime is software counterfeiting which involves in producing fake software copies which is similar to original software.
Other laws relating to cybercrimes in India
Information Technology Act, 2000 (IT Act)
The Information Technology Act in India has become a foundation of cyber law and covers various types of cybercrimes which includes tampering with computer source documents, publishing information that is obscene in electronic form, hacking for malicious purposes.
The Digital Personal Data Protection Act, 2023 (DPDPA)
Digital Personal Data Protection Act establishes a legal frame work for the purpose of processing the personal data but it applies only within India which is collected online or if offline and letter which is digitalised in the territory of India it also provide citizens with some rights like right to information, right to correction and erasure ,right to grievance redressal, right to nominate etc.
Indian Penal Code (IPC), 1860
Many sections of the IPC are applicable to cybercrime, such as Section 463 that deals with forgery, Section 499 that deals with defamation, and Section 420 which deals with cheating. These provisions also complement the IT Act in prosecuting many cyber offenses.
National Cyber Security Policy, 2013
This policy targets to create a secure cyberspace by establishing comprehensive legal frameworks by promoting awareness, and also encouraging private-public partnerships in cyber arenas.
My opinion
In my opinion, all the legal measures to combat cybercrime are essential and must be continually adapted and implemented to keep pace with the rapidly evolving nature of technology and cyber threats around us . The Information Technology Act, 2000, along with its amendments, provides a very strong foundation for addressing cyber offenses and their remedies in India. However, as cybercriminals evolve with new methods to exploit vulnerabilities, our legal frameworks must evolve accordingly.
The importance of international cooperation cannot be overstated as we all know it will promote better results in combating cybercrimes. Given the transnational nature of cybercrime, collaboration with other countries through treaties and agreements is crucial. This not only aids in the swift exchange of information between the countries but also facilitates extradition and joint investigations.
Public awareness and education are also vital components of an effective cybersecurity strategy to combat cyber threats. By educating individuals and organizations about safe online practices, we can significantly reduce the risk of cyber-attacks around the world.
REFERENCES
Cyber Security in Finance: Key Threats and Strategies
What Is Cyber Law? Everything You Need to Know
Role of Intellectual Property in Cyber Law – Enhelion Blogs
Cyber Law in India: A Comprehensive Overview
Author: Aaradhya Gangula, student at Sri Padmavathi Mahila University.
