New Delhi – Cyber crimes have been on an increase in last few years and has become a matter of concern as they is serious risks to our national security, financial institutions, businesses even individuals proved. Due to the fast growing internet and online transaction in the country, cybercrime is considered as a matter of pressing concern by both law enforcement agencies and government.
In a report from National Crime Records Bureau (NCRB), cases registered in India under cybercrime escalated up to 11.8% during the financial year ending December, 2023 compared with last fiscal years’ data. These incidents include phishing attacks, ransomware infections, data breaches, and financial fraud. This has led to the widespread utilization of online banking and e-commerce, in addition to digital payments which deliver perfect conditions for hackers or cybercriminals that can be leveraged upon during a post-pandemic period.
Phishing is one of the most common examples, wherein users are tricked into giving away important information like passwords or credit card numbers. Cybercriminals — armed with advanced techniques such as creating fake websites, emails etc — can then end up accessing the financial information and may result in significant wealth loss. Indian banks also have faced several phishing attacks by 2023, Indians across various banks withdrew their money and cyber experts warned further onslaught unless immediate measures are taken on the security front.
Ransomware attacks are also up, with businesses and government agencies being hit the hardest. Such attacks frequently lead to the encryption of sensitive files, for which cybercriminals demand large amounts in cryptocurrency. Some companies have paid out millions to recover access to their systems that were encrypted with ransomware. Small and midsize enterprise (SME) vulnerability to ransomware attacks is high, since most SMEs have minimal cybersecurity architecture in place leading to operational downtime and financial loss.
In addition, with the dark web and cryptocurrency giving them a platform to silently operate without leaving any trace using their real life identities they can hide behind these technological advancements as traditional law enforcement methods fail miserably. The law is a complex area to navigate, with VPN IP obfuscation making it extremely difficult for authorities and even social media platforms themselves to catch the criminal imitating an influential personality.
To counter this, the Indian government has initiated several measures including setting up of I4C and data protection laws. Nevertheless, from experts` point of view a more dynamic cybersecurity account between public and private sectors has started an urgency to combat this expanding atrocity which requires much refined intensity as well re- alignment in harmonization unlikely.
With such rapid digitization, the threat from cybercrime is also rising drastically making it incumbent upon all stakeholders to act promptly and consistently. For instance, the stakes are too high and it would be important to take a proactive stance on protecting its digital future for its security.
by Ashok Kumar
