Cybercrimes cost India $4 billion in 2013

Cybercrime

As cybercriminals are utilising more complicated means like ransomware and spear-phishing, such internet deceptions have cost India a whopping $4 billion (about Rs 24,630 crore) this year, a report by cybersecurity foremost Symantec said.

According to the 2013 Norton Report, the mean cost per cybercrime casualty in India is up at $207 throughout August 2012 to July 2013 from $192 in the year-ago time span.

The report reveals that cybercrimes cost India $4 billion in the August 2012-July 2013 time span, which is up by 8% from corresponding year-ago time span.

Norton's report is one of the biggest international investigations enquiring the influence of cybercrime on buyers. It is founded on self-reported experiences of more than 13,000 mature persons over 24 nations, encompassing 1,000 mature persons in India.

Explaining the cost part, Symantec company country sales supervisor India (Consumer goods & answers) Ritesh Chopra said: "This cost is based on the allowance expended by a client on replacing hardware or programs as well as facts and figures after he/she has has been subjected to a cyberattack."

Today cybercriminals use more sophisticated attacks, like ransomware and spear-phishing, which yield them more money per strike than ever before, he supplemented.

With 66% of Indian consumers utilising their personal wireless apparatus for both work and play, this creates entirely new security dangers for enterprises as cybercriminals have the promise to access even more precious data, Chopra said.

The report discloses that India is among the world's top five nations with the largest number of incidences of cybercrime like ransomware (11%), persona robbery (11%) and phishing (9%).

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

That apart, in last 12 months, 56% of cybercrime victims in India have skilled online bullying, online stalking, online despise misdeed or other forms of online harassment, it supplemented.

It further discloses that as buyers become more wireless and connected, these conveniences often come at a cost to them and their security. A staggering 63% of smartphone users in India have experienced some pattern of wireless cybercrime in the past 12 months.