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KCICAI Hosts Insightful Event on Evolution of Cybercrime and Cyber Security Landscape

Tuesday, June 18, 2024
KCICAI Hosts Insightful Event on Evolution of Cybercrime and Cyber Security Landscape

The Kuwait Chapter of The Institute of Chartered Accountants of India (KCICAI) recently organized a much-anticipated conference on the "Evolution of Cybercrime and Cyber Security Landscape" at the Jumeirah Messilah Beach Hotel, Kuwait. The event attracted professionals and enthusiasts to discuss the dynamic changes and challenges in the realm of cybercrime and cybersecurity.

The session commenced with an introduction by CA Venkata Ramana, Secretary KCICAI, who underscored the critical importance of cybersecurity and its pervasive impact on our daily lives. He welcomed the Chief Guest Shri Sanjay K Muluka, Counsellor (Pol. & Com.) at the Embassy of India, Kuwait, and Mr. Ross McNaughton, Chief Information Security Officer at Gulf Bank, Kuwait, along with all the other esteemed guests and members.

CA Aditya Vikram Dhanuka, Chairperson KCICAI, officially commenced the event, setting the expectation to spread awareness and make its members more resilient towards cybercrime. This was followed by an address from Shri Sanjay K. Muluka, the distinguished Chief Guest, whose insights captivated and informed an engaged audience. He elaborated on various Indian government initiatives aimed at enhancing cybersecurity and stressed the need for events like these to promote awareness among members and the broader society.

Ross McNaughton, the speaker of the event, with over two decades of experience in the cybersecurity domain, delivered a compelling presentation on the current trends in cybercrime and the strategies organizations must adopt to safeguard their digital assets. McNaughton highlighted the increasing sophistication of cyber threats, ranging from ransomware and phishing attacks to state-sponsored cyber espionage. He emphasized the critical need for a proactive cybersecurity posture.

Sharing some real-life examples, McNaughton explained why organized crimes, malware, and phishing scams target ordinary people. He highlighted that 70% of online banking customers and shipment recipients are particularly susceptible. He provided an overview of the dark web, distinguishing it from the surface web and the deep web, and warned that one-time passwords (OTPs) are only as secure as the telecommunications companies managing them.

He also highlighted the risks associated with public Wi-Fi and QR codes. McNaughton cautioned that using public Wi-Fi, even on secured sites, can expose users to surveillance by Wi-Fi providers and fraudsters who create fake Wi-Fi networks in public places. He also emphasized the dangers of QR codes, as fraudsters can replace legitimate QR codes with malicious ones.

The concept of "Zero Trust" in cybersecurity was addressed too, emphasizing continuous verification of customer identity and restricting access based on user verification and device trustworthiness. McNaughton explained how behavior profiling tracks customer usage patterns. In his concluding remarks, McNaughton stressed the importance of continuous awareness and vigilance to build resilience against cyber threats. He advised prioritizing the monitoring of exposed information and credit ratings, as breaches are a constant threat.

The event proceedings were skillfully managed by CA Rohit Agrawal, Vice Chairperson KCICAI, who served as the Master of Ceremony. He ensured the smooth flow of the program, engaging the audience with his eloquent commentary and facilitating interactive sessions that allowed for a rich exchange of ideas and experiences.

The vote of thanks was delivered by CA Andaleeb Girkar, executive committee member, who expressed gratitude to Ross McNaughton for his enlightening presentation, the attendees, and the annual sponsors Al Mulla Exchange and NBK for their unwavering support. She also thanked KCICAI’s media partners for their extensive coverage of the event.

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