Info-tech

Cyber frauds cost India $4 billion in 2013: Symantec

PTI New Delhi | Updated on March 12, 2018

Today cyber criminals use more sophisticated attacks, like ransomware and spear-phishing, which yield them more money per attack than ever before.

As cyber criminals are using more sophisticated means like ransomware and spear-phishing, such Internet frauds have cost India a whopping $4 billion (about Rs 24,630 crore) this year, a report by cyber security major Symantec said today.

According to the 2013 Norton Report, the average cost per cyber crime victim in India is up at $207 during August 2012 to July 2013 from $192 in the year-ago period.

The report reveals that cyber crimes cost India $4 billion in the August 2012—July 2013 period, which is up by 8 per cent from corresponding year-ago period.

Norton’s report is one of the largest global studies investigating the impact of cyber crime on consumers. It is based on self-reported experiences of more than 13,000 adults across 24 countries, including 1,000 adults in India.

Explaining the cost part, Symantec Corporation Country Sales Manager India (Consumer Products & Solutions) Ritesh Chopra said, “This cost is based on the amount spent by a user on replacing hardware or software as well as data after he/she has been subjected to a cyber attack.”

Today cyber criminals use more sophisticated attacks, like ransomware and spear-phishing, which yield them more money per attack than ever before, he added.

With 66 per cent of Indian consumers using their personal mobile device for both work and play, this creates entirely new security risks for enterprises as cyber criminals have the potential to access even more valuable information, Chopra said.

The report reveals that India is among the world’s top five countries with the highest number of incidences of cyber crime like ransomware (11 per cent), identity theft (11 per cent) and phishing (9 per cent).

“India appears to be the ransomware capital of Asia Pacific with 11 per cent victims of this form of virtual extortion,” the report said.

That apart, in last 12 months, 56 per cent of cyber crime victims in India have experienced online bullying, online stalking, online hate crime or other forms of online harassment, it added.

It further reveals that as consumers become more mobile and connected, these conveniences often come at a cost to them and their security. A staggering 63 per cent of smartphone users in India have experienced some form of mobile cyber crime in the past 12 months.

Published on October 22, 2013

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