Published: 11/9/2020

Good morning, it's Monday and the orange guy in the White House is still refusing to concede. So tiresome, and it's great that everyone else seems to have moved on. This is Vedica with the update today to start off this week.

  • https://bit.ly/3eD3AMq: Hackers put 20M BigBasket users data on sale
  • ➡️ A US-based cybersecurity firm on Sunday said that the online grocery major BigBasket has become the latest victim of the cyber attack as over 20 million users’ data have been leaked in a potential data breach. BigBasket noted that it had lodged a complaint with the Cyber Crime Cell in Bangaloreand that the company does not store any financial data of its customers.

    ➡️ Cyble, a cyber risk intelligence platform, says its research team found the database of BigBasket for sale in a cybercrime market during their routine dark web monitoring. The hacker has put data on sale for over $40,000. The database contains ~20M users' data including their full names, email ids, password hashes, pin, contact numbers, full addresses, date of birth, location and IP addresses among others.

    ➡️ Apparently the breach occurred on October 14, 2020, it was detected and validated on October 30. BigBasket isn't the first Indian start-up to have experiences such a security breach. In August Paytm Mall was hacked and a ransom demanded. Unacademy’s database was also hacked earlier this year in May. Truecaller, Zomato, and Uber have also fallen prey to massive data breaches of their user accounts.

    ➡️ With more transactions going online it is hardly surprising that more such breaches are taking place, but I would imagine it's also high time company's started doing more to beef up their cybersecurity protocols. The rate at which these breaches are happening don't give me the confidence that the firms have or that they care enough about their users' privacy to make this a real priority area.

    2. https://bit.ly/3eIqqCy: India Accelerator to support, mentor 500 MSMEs

    ➡️ Gurugram-based startup accelerator India Accelerator (IA) Sunday said it aims to support business growth, mentor and help in accessing formal funding to 500 micro, small and medium enterprises (MSMEs) over a period of three to four years.

    ➡️ Selected MSMEs will undergo the accelerator program for growing their businesses and will also get access to bankers and financiers to address their financial requirements. The Accelerator aims to help MSMEs in growing their sales, inculcating innovation and expand businesses globally. The MSMEs can also take advantage of IA’s startup ecosystem that nurtures and funds young and technically competent talent.

    ➡️ India has roughly ~63M MSMEs and these businesses make-up ~99% of all enterprises in the country. These enterprises are very important contributors to GDP, exports and jobs and have faced the brunt of the coronavirus' economic impact. I personally think the idea of an MAME accelerator is not a bad one, but would love to see more details.

    ➡️ The majority of the country's MSMEs tend to rely on informal labour and face challenges in scaling and growing their business. Giving exposure to enterprises in this segment (and I think there's a distinction here between MSMEs and Start-ups based on the TAM, ability to attract venture $ etc.) is overall a good thing.

    Feedback & ❤️ always appreciated BONUS (Tweet of the day): https://twitter.com/ctrlshifti/status/1325589736216354822?s=20

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