G2O meet on cyber security resolves to share best practices

In the era of new and emerging technologies like Non-Fungible Tokens (NFTs), Artificial Intelligence (AI) and Metaverse, G20 delegates in Gurugram on Friday deliberated upon the challenges posed by cybercriminals and terror outfits.

New Delhi: A two-day-long G20 Conference on “Crime and Security in the Age of NFTs, AI and Metaverse” on Friday unanimously resolved to strengthen international cooperation, through the exchange of best practices, sharing of information and effective and efficient mutual legal assistance. Representatives and members of G20 countries opined that misuse of Information and Communication Technology (ICTs) along with new and emerging technologies and advanced ICT tools by State and non-State actors for carrying out subversive activities is a serious concern for global security and stability,

The importance of deterring, preventing and combating the use of ICTs for terror purposes and strengthening international cooperation, through the exchange of best practices, sharing of information and effective and efficient mutual legal assistance, was underscored by representatives and members of G20 countries. Under India’s G20 Presidency from December 2022 to November 2023, G20 delegates met in Gurugram to deliberate on challenges of cybercrime and security in the era of new and emerging technologies like Non-Fungible Tokens (NFTs), Artificial Intelligence (AI) and Metaverse.

“The Darknet has gained popularity among cybercriminals due to its perceived anonymity and the ability to conduct various activities generally outside the reach of law enforcement agencies. Within the Darknet, one prominent trend is the increasing criminal misuse of crypto assets as a medium of financial transaction. Collaboration between law enforcement agencies, financial institutions, technology companies, and cryptocurrency exchanges can lead to better intelligence and coordinated efforts to combat illegal activities,” the resolution stated.

As dependence on the use of ICTs increases globally, the risks of crimes using new and emerging technologies like NFTs, AI and Metaverse will also increase. “It is imperative to be cognizant of the security risks including privacy, fraud, key management loopholes, marketplace security and other cyber risks, in order to plan and tackle them holistically with the right control levers across the ecosystem,” the resolution stated.

It said that the increased use of ICTs in day-to-day individual, social, political and economic activities post the COVID-19 pandemic has resulted in an increased number of malicious actors targeting ICT vulnerabilities to steal data, breach privacy, disrupt critical ICT infrastructure and commit financial fraud.

“While emerging technologies such as AI, Big Data, Cloud Computing and others have a high potential for creating economic opportunities, and are neutral in nature, these could increase vulnerabilities and expand attack vectors and hence there is an urgent need that these advanced technologies are used ethically, in ways that respect international law, with malicious actors being prevented from exploiting them for criminal and terror purposes,” the resolution stated.

It is critical to strengthen and develop capacities of individual states, international organizations and relevant stakeholders to better respond to traditional, non-traditional and new and emerging challenges, including terrorism and its financing, money laundering, misinformation and disinformation, it said.

Concerns were raised over the increasing challenge to protect individuals, particularly women and children, from online sexual exploitation and from other content harmful to their health and well-being. The conference focused on strengthening cooperation to develop initiatives aimed at ensuring the safety of users, especially children and women on the Internet.