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Cybercrime in india : third most affected nation by online banking malware and cyber crime

cybercrime in india

Growing cybercrime in india : Internet penetration and rising popularity of online banking have made India a favorite among cyber criminals, who target online financial transactions using malware, security solutions provider Trend Micro said.

Japan topped the list with the highest number of online banking malware infections this quarter due to VAWTRAK. In May alone, it saw 13,000 malware infections. The US saw about 5,000 malware infections during the month, followed by India at 3,000 attacks. “India posed for cyber criminal expansion with an average of 2.5 million malware detection in a given month. Also, 33 per cent more malicious apps were downloaded and network traffic from affected computers continued to rise,” said TrendLabs Director Myla V Pilao.

Note: TrendLabs is Trend Micro‘s research and development center.

These and many such incidents show that cyber criminals will always adapt to new trends and situations whether in the use of new malware or targeted attacks techniques to continue their attacks, she added.

She said the severity of attacks has intensified against financial and banking institutions as well as retail outlets globally. “Total attacks have exposed more than 10 million personal records as of July 2014 and that strongly indicates that organisations need to adopt a more strategic approach to safeguarding digital information,” she said.

Such incidents often lead to stealing of consumer’s personal information like customer names, passwords, email addresses, home addresses, phone numbers, and date of birth. These types of personal privacy breaches have affected organisation’s sales and earnings, while leaving customers unable to access accounts and dealing with service disruption, Pilao said.

“The pace of change in technology sector has never been as rapid as it is now, and as a result we see firms struggling to keep up with the latest developments,” she said. Pilao added that it is essential that Indian businesses treat information security as a principal constituent of business strategy as time and again it has emerged as one of the top countries witnessing cyber crime. 

 

The ‘Internet Security Threat’ report that was recently released by (Symantec) has stated there are more then 42 million cybercrime in india every year.

According to the report, there are 42 million  victims every year on a pan-India basis. During the last year, 52 per cent of such victims had suffered attacks such as malware, viruses, hacking, scams, fraud and theft.

The report adds eighty people are victimized under various cyber crimes, every minute across India.

The study reports seven out of 10 adults have been victims of different modes of cyber crime in their life time.

Ritesh Chopra, Country Sales Manager, Norton said seven per cent of the estimated global price tag of cyber crimes are being carried out every year in India. The estimated price tag in India is US $ 8 billion whereas the global bill is US $ 110 billion. Eighty-five per cent of the total financial cost of the cyber crimes are the result of fraud, theft and loss. Fraud constitutes 42 per cent of the total financial loss.

The report reveals a 58 per cent increase in mobile malware. Thirty-two per cent of mobile threats are attempts to steal e-mail IDs and telephone numbers and 61 per cent of malicious web sites are legitimate and are compromised and infected with a malicious code. The top five web sites hosting infections include business, technology and shopping web sites. Sixteen gangs are active in ransomeware.

The report adds India tops the table in cases of spam attacks across the globe, is number two in virus attacks and is third in case of all kinds of threats.

 Every action has an equal and opposite reaction. The second quarter of 2014 proved this was also true for the security landscape. Choose us now and we will keep you and your identity protected in future.

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Pritam Das

Author Pritam Das

Pritam Das is a Digital Marketer and content writer and editor for techyuga. A corporate cannon by day and a musician by night. A socially introvert person whom you can find on twitter @falconite91.

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