Page 36 - Banking Finance October 2023

ARTICLE

copies of data, stored on two different media, with one 7. Public Awareness Campaigns: Raising public awareness
copy stored off-site or offline. about ransomware risks and prevention measures can
help individuals and businesses protect themselves.
4. Incident Response Planning: Developing a Governments, industry associations, and cybersecurity
comprehensive incident response plan enables organizations can launch public awareness campaigns
organizations to respond effectively in the event of a to educate users about safe online practices and the
ransomware attack. The plan should include procedures consequences of engaging with RaaS.
for isolating affected systems, contacting law
enforcement, engaging with cybersecurity experts, and 8. Continuous Monitoring and Threat Hunting:
restoring data from backups. Implementing robust security monitoring and threat
hunting capabilities allows organizations to detect and
5. Collaboration and Information Sharing: Public-private respond to ransomware attacks promptly. This involves
partnerships between government agencies, law utilizing advanced threat detection technologies,
enforcement, cybersecurity firms, and industry behavioural analytics, and security information and
associations can foster collaboration and information event management (SIEM) solutions to identify and
sharing to combat RaaS. Sharing threat intelligence, mitigate threats in real-time.
indicators of compromise (IOCs), and best practices helps
organizations stay ahead of evolving ransomware In coming future, Ransomware as a Service (RaaS)
threats. represents a significant threat to individuals, organizations,
and society as a whole. Its accessibility and customizable
6. International Cooperation: Ransomware attacks are nature have fuelled the growth of ransomware attacks,
often carried out across borders, making international leading to devastating consequences. Combating RaaS
cooperation crucial. Governments and law enforcement requires a collective effort, with technology advancements,
agencies should collaborate to extradite and prosecute robust security measures, and collaboration between
cybercriminals involved in RaaS activities, dismantle stakeholders. By staying vigilant, proactive, and informed,
criminal networks, and enforce stricter penalties for we can mitigate the risks posed by RaaS and safeguard the
cybercrimes. digital landscape against this evolving cyber extortion threat.

RBI determined to bring down inflation to 4%: RBI Guv
RBI is determined to bringing down inflation to 4 per cent and will remain watchful of risks as more frequent global
supply shocks can have profound implications on the management of the price situation, RBI Governor Shaktikanta
Das said in a lecture at the Delhi School of Economics.

The Central Bank remains on guard to ensure that the second-order effects in the form of generalisation and persis-
tence with regard to inflation are not allowed to take hold, he added. The government has mandated the RBI to
keep inflation at 4 per cent with a margin of 2 per cent on either side, that is the tolerance limit being 2-6 per cent.
"The frequent incidences of recurring food price shocks pose a risk to the anchoring of inflation expectations, which
has been underway since February 2022. We will remain watchful of this aspect also," Das said. "The role of contin-
ued and timely supply side interventions as is being undertaken by the government assumes criticality in limiting the
severity and duration of such food price shocks," he added in his address.
In these circumstances, he said, it is necessary to be watchful of any risk to price stability and act timely and appro-
priately. "We remained firmly focused on aligning inflation to the target of 4 per cent," he said without giving any
timeframe.

36 | 2023 | OCTOBER | BANKING FINANCE