Breaking news, insights & smart analysis on the business of technology, startups & the new economy in India, from the reporters at The Economic Times.
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📢A cluster of disclosures, patches and breach notices over the last two days have highlighted glaring lapses in software security.
Of the lot, critical security flaws in a major programming language called PHP, the language behind a large share of the internet, rattled the world’s web infrastructure.
More explained:
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💻Cybercriminals have used a system powered by multiple artificial intelligence (AI) models to target more than 400 banks and financial institutions across Latin America, according to a report published by cybersecurity firm Straiker on Wednesday.
The system, called CARLIY0S, was allegedly developed by a cybercrime group known as CyberCartel to achieve scale by automating different stages of attacks, including analysing targets, identifying vulnerabilities and developing ways to break into systems.
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🆕After government digital certification authority eMudhra disclosed that private keys tied to eight of its intermediate certificates had been compromised, social media had a field day, slamming the agency and poor cybersecurity measures by the government.
The IT Ministry said it had taken "serious note" of the incident and constituted a special team to probe the matter.
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🆕Chapter Home, a home and kitchen products startup founded by former executives at online drugstore PharmEasy, has raised Rs 63 crore in a mix of equity and debt from Bessemer Venture Partners, venture debt firm Stride Ventures, comedian Tanmay Bhat and a group of family offices
The round valued the company at close to Rs 1,000 crore.
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The round was led by Atreides Management. New investors, including Baron Capital, Capital Group, Fidelity Management & Research Company, Glade Brook Capital Partners and JP Morgan, joined the round.
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The estimates differ on the scale of the impact in India, with EIIRTrend projecting more than 1,000 job cuts and UnearthInsight expecting fewer than 3% of the local workforce to be affected.
Read the full story by @TanyaPandey_ET here:
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🆕 Rural healthcare startup Curebay has raised around Rs 100 crore funding led by IvyCap Ventures and participation from existing investors including Elevar Equity, Bertelsmann India Investments and others. 🧵
Healthtech startup Curebay raises Rs 100 crore funding led by IvyCap Ventures
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By @dishaacharya_
🚨 India's new account aggregator fee model could prompt fintech lenders to renegotiate contracts with technology service providers (TSPs) such as Finarkein and CAMS' Sterling Software, as they review the cost of obtaining and analysing borrowers' bank records. 🧵
Scheduled to roll out on Nov 1, the new model sets standard rates for basic record sharing, based on statement length and monthly usage. These fees will be split among banks providing records, account aggregators sharing them and Sahamati, the industry's self-regulatory body.
New account aggregator pricing may force lenders to redraft all tech pacts
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By @patwardhannn and @AyantiBera
