As cyber criminals are using more sophisticated means ransomware and spear-phishing, such Internet frauds have cost India a whopping USD 4 billion (about Rs 24,630 crore) this year, a report by cyber security major Symantec said today.
According to the 2013 NortonBSE 2.01 % Report, the average cost per cyber crime victim in India is up at USD 207 during August 2012 to July 2013 USD 192 in the year-ago period.
The report reveals that cyber crimes cost India USD 4 billion in the August 2012-July 2013 period, which is up by 8 per cent corresponding year-ago period.
Norton’s report is one of the largest global studies investigating the impact of cybercrime 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 has been subjected to a cyber attack.”
Today cyber criminals use more sophisticated attacks,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 ransomware (11 per cent), identity theft (11 per cent) and phishing (9 per cent).