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Cybercrime in India has been rapidly increasing since 2016. Many attribute this growth to greater internet accessibility in the country. India now has around 560 million internet users, making it the second-largest online market behind China.
2020 continued this upward trajectory, which is concerning for citizens, businesses, and the government alike. Nobody is safe from these criminals that commit these offenses anonymously at often great detriment to their victims.
Why is cybercrime rising so rapidly in India?
As well as a high volume of internet users, India also has high unemployment numbers, which grew in 2020. For those with no income, crime is often tempting to meet the necessary costs of living. The anonymity of cybercrime makes it especially attractive, as lawbreakers commit these acts from the cover of home.
Cybercrime figures will not drop anytime soon. With a rollout of 5g and smart cities planned, the country will become more connected than ever. The growing presence of the internet, in turn, presents more opportunities for the perpetrators of cybercrime.
With better connectivity comes greater freedom. Indian’s can now work from home either remotely or as freelancers. The gig economy is booming. You only have to glance at platforms like People Per Hour to see how many freelancers work in the country.
The hybrid working model of people working from home also exposes network vulnerabilities. Because of this, businesses are more exposed to cybercrime attacks such as spyware or ransomware.
In the past home, life may have centered around the TV with a limited selection of programs. Today, you can spend your free time playing online casino games from home or watching videos that interest you. Social media and forums bring people from all around the world closer together to work, play, learn and laugh.
As the nation becomes more dependent on the internet, there will always be evil people looking to exploit it. Their malintent comes in the form of phishing, identity theft, and even ransomware attacks.
There was an alarming 39% rise in Ransomware attacks in the second quarter of 2020. Such figures place India second to the US who had an even more worrying 98% rise in ransomware attacks. Hackers carrying out ransomware attacks are spurred on by the high success ratio, with victims willing to pay in most instances.
Ransomware attacks have also become more sophisticated with Double Extortion attacks. Here the hackers find their way into a company’s systems and extract sensitive data. They then encrypt the company’s databases and send threats to publish the illegally obtained information. The victim then has a double whammy – needing access to their systems and not wanting the data to be published.
Many victims are left feeling as though they have no other option but to pay up to avoid the stress and inconvenience. Healthcare providers and pharma were heavily preyed upon by hackers with this form of attack. The wealth of personal data they hold, unfortunately, makes them the ideal victims.
How can cybercrime in India be prevented?
In September, Prime Minister Narendra Modi announced a new cybersecurity strategy to combat this worrying trend in cybercrime. Many businesses and the public see this as excellent news, considering there was a loss of Rs 1.25 lakh cr in 2019.
The National Cyber Security Strategy 2020 (NCSS) aims to tackle this form of crime. While the details of this document are unknown, it will probably cover:
- Skill development
- Supply chain security
- Security of SMBs
- Sectoral preparedness
- Adoption of emerging technologies.
Cybercriminals are always adapting their techniques, which leaves security software providers playing catchup to close loopholes and vulnerabilities. The announcement of the NCSS will go some way to tackling the ever-growing problem of cybercrime in India. Ultimately, businesses and individuals need to play their part in keeping themselves safe too.
Sources:
- https://www.statista.com/statistics/309435/india-cyber-crime-it-act/
- https://www.newindianexpress.com/states/karnataka/2020/oct/11/6-trillion-lost-in-cyber-crime-in-first-nine-months-of-this-year-say-experts-2208709.html
- http://smartcities.gov.in/content/innerpage/what-is-smart-city.php
- https://www.statista.com/topics/2157/internet-usage-in-india/
- https://community.nasscom.in/communities/cyber-security-privacy/security-2025-future-casting-the-impact-of-ncss-2020.html
- https://economictimes.indiatimes.com/jobs/india-inc-is-going-big-on-gig-economy/articleshow/78348386.cms?from=mdr
- https://economictimes.indiatimes.com/tech/tech-bytes/cyber-crimes-in-india-caused-rs-1-25-lakh-cr-loss-last-year-official/articleshow/78773214.cms?from=mdr
- https://cio.economictimes.indiatimes.com/news/digital-security/india-becomes-the-second-most-targeted-country-for-ransomware-after-surge-in-attacks-over-the-last-three-months/78526531
- https://shura.shu.ac.uk/6903/1/Banks_online_gambling.pdf
source https://nrinews24x7.com/concerning-the-growth-of-cybercrime-ransomware-attacks-in-india/?utm_source=rss&utm_medium=rss&utm_campaign=concerning-the-growth-of-cybercrime-ransomware-attacks-in-india
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