HENCY R SHAH AND ASSOCIATES

Data Breach Nightmare: Are You Prepared for Losses? The loss due to a data leak on the dark web can be significant, both financially and non-financially. Financial losses can include: Identity theft: Cybercriminals can use leaked personal information to open new accounts in a victim's name, take out loans, or make fraudulent purchases. This can lead to significant financial losses for the victim, as well as damage to their credit score. Data ransom: Hackers may threaten to release leaked data unless the victim pays a ransom. This is a form of extortion, and it can be very costly for businesses and organizations. Business disruption: A data leak can lead to a loss of customer trust, damage to reputation, and regulatory fines. This can disrupt business operations and lead to lost revenue. Non-financial losses can include: Emotional distress: Victims of data leaks can experience significant emotional distress, such as a...

  ChatGPT hits 100 million users, makes history as fastest - growing platform   OpenAI's ChatGPT is popular, we all know that. But AI has even broken world records in popularity. ChatGPT has reportedly reached unprecedented levels of success just two months after its launch. A recent study by UBS claims that the chatbot has gained 100 million monthly active users, making it the fastest-growing consumer application in history. ChatGPT is only a few months old and already causing waves in the business world. The Microsoft-backed chatbot's ability to generate articles, essays, scripts, and poetry has made it a hit among users, who can access the application for free. To further sustain its growth and offer a more stable and faster service, OpenAI recently introduced a premium subscription.   What is ChatGPT? ChatGPT is an easy-to-use artificial intelligence tool that answers questions posed by users with relevant, natural-sounding answers and topics. The AI cha...

Rise of the unbelievable world: AI and Businesses AI is a rapidly growing field that is having a significant impact on businesses of all sizes and industries. AI is the simulation of human intelligence processes by computer systems and it is being used to automate various tasks, analyze data, and make predictions and decisions. One of the most common applications of AI in businesses is the automation of routine tasks. This includes things such as data entry, customer service, and even financial analysis. By automating these tasks, businesses can save time and money, while also increasing efficiency and accuracy. Another key application of AI in businesses is the use of data analysis. With the increasing amount of data being generated by businesses, it is becoming increasingly difficult for humans to make sense of it all. AI can be used to analyze this data and uncover insights and patterns that would not be possible for humans to detect. This can be used for things such as marketing, f...

500 million Whatsapp users, including from India, at risk of data breach According to a Cybernews report, WhatsApp data from nearly half a billion users in 84 countries, including India, may have been compromised and sold online. According to the report, it investigated a data sample after a post on a "well-known hacking community forum" claimed to be selling an up-to-date database of 487 million WhatsApp users and discovered that the claim was most likely true, implying that 25% of the total 2 billion monthly active users worldwide could be at risk. Leaked phone numbers could be used for any number of reasons, including marketing and phishing. The report said more than 32 million of the leaked records were from users in the US, followed by the UK (11 million). The most affected nations include Egypt (45 million), Italy (35 million), Saudi Arabia (29 million), France (20 million), Turkey (20 million), and Russia (10 million). In India, the report added, more than 6 million Wh...

  Tokenization of debit and credit cards The RBI has directed payment aggregators, wallets, and online merchants (other than card issuers/card networks) not to store any sensitive card-related customer information, including full card details. As a result, the card numbers can be replaced with a ‘token’. The RBI mandate would take effect on October 1, 2022. According to the RBI, this development will make card transactions more secure.     What is Tokenization? Tokenization is the process of replacing a card’s 16-digit number on the plastic card with a unique alternate card number, or ‘Token’ which shall be unique for a combination of card, token requestor, and device. Tokens can be used for online transactions, mobile point-of-sale transactions, or in-app transactions. This token contains no personal information that can be directly accessed and keeps changing making it the most secure method to complete payments. Here’s how to generate your token The...

How will the new National Logistics Policy be a game changer for the Indian economy The National Logistics Policy has come at the right time, as seamless connectivity, superior infrastructure, and strong export and logistics efficiency are essential to achieve these ambitious goals.  India aims to become a $20 trillion economy by 2040 and a developed nation by 2047. The National  Logistics  Policy has come at the right time, as seamless connectivity, superior infrastructure, and strong export and logistics efficiency are essential to achieve these ambitious goals.  Currently, the logistics costs in India are 13-14% of the GDP, compared to 7-8% in developed countries. Prime Minister  Narendra Modi , while launching the policy, said that the aim is to bring the logistics cost to single-digit as soon as possible. The higher logistics costs are reducing the competitiveness of India’s exports. Reports suggest that hig...

  SUBSCRIBERS’ WIN OVER TELECOM OPERATORS Buying a recharge plan with 28 days validity or less is like paying for pizza with less or no cheese. A 30 days validity plan sounds like a more complete package. Following the concerns expressed by several telecom subscribers over such 28 days validity plans, the Telecom Regulatory Authority of India decided to take an action on this and therefore, asked telecom operators to offer vouchers with a validity of 30 days. “Every Telecom Service Provider shall offer at least one Plan Voucher, one Special Tariff Voucher, and one Combo Voucher which shall be renewable on the same date of every month, and if the date of such renewal is not available in a month, the date of renewal shall be the last date of that month,” the telecom regulator said in a release. Abiding by these rules, telcos launched monthly validity plans for their customers that offer either 30 days of validity or 1-month validity. Now TRAI in its latest press release has liste...

In a crackdown on illegal digital lending platforms, the Reserve Bank of India (RBI) will soon prepare a ‘whitelist’ of all legal applications (apps) that offer loans, and the Ministry of Electronics and Information Technology (MeitY) will ensure only these apps are hosted on app stores. “The RBI will monitor the ‘mule/rented’ accounts that may be used for money laundering and review or cancel dormant NBFCs (non-banking financial companies) to avoid their misuse. The RBI will ensure that registration of payment aggregators be completed within a timeframe and no unregistered payment aggregator be allowed to function after that,” the finance ministry said in a statement on Friday. The decisions were taken in a meeting chaired by Finance Minister Nirmala Sitharaman on Thursday. The steps by the government come after illegal loan apps hosted on app stores have been found offering micro-credit to the pandemic-hit people and low-income g...

5G Network Boon or Bane?   Cell networks today utilize the most trend-setting innovations to offer the best types of assistance for cell phone clients. 5G is the fifth-age cell network innovation that permits clients to acquire benefits. It is supplanting 4G organizations gradually in various regions of the planet that takes special care of the requirements of cell phone clients when they need to get information. The organization benefits people as well as designers to convey applications quicker. Then again, it is critical to know the advantages and disadvantages of 5G innovation exhaustively which will assist in pursuing the ideal choice.   Pros of 5G   High velocities 5G works quicker on cell phones and different gadgets when contrasted with 4G and 4G LTE. It permits clients to download films, recordings, and music in seconds rather than minutes. The organization has a 20 Gbps speed empowering associations to involve something similar for administrations,...