As the country’s estimated $108 billion IT services industry is becoming the world’s favoured outsourcing centre, India is emerging as a popular destination for cyber data theft and may witness growing activity of hackers, says a latest report.

“Data theft is one of the biggest risks posed before the companies in the banking sector. Emerging underground websites help the data thieves to immediately encash the stolen data”.

Same data can be sold to multiple interested buyers in these underground black markets,” the report by Pune-based Indiaforensic said.

It said the availability of low cost resources for cyber activities in the country is also another factor contributing in stealing of financial data.

“When it comes to information technology, India is full of low cost resources. When the anti-fraud mastermind is required to carry out the dedicated hacking activity or a spear-phishing activity, services of various experts are sought for”.

“This includes technology experts like spammers, designers and non technology experts like cashiers, droppers, money mules etc. These resources are easily available at very low cost,” said the report by Indiaforensic, a firm which conducts fraud examination, security, risk management and forensic accounting research.

The firm has also helped the country’s investigating agencies like CBI in several high profile cases such as the multi-crore Satyam scam.

Financial data is one of the most lucrative data for the fraud masterminds.

“India’s $108 billion IT services industry is the world’s favoured destination for outsourcing. Over 40 per cent of exports by the industry are support services for the global financial sector, ranging from investment bank back-office functions to research, risk-management and processing of insurance claims,” it said.

(This article was published on July 16, 2013)
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