India sees 350% rise in cybercrime in three years: Study
Blame it on systems that are built around technologies with weaker protocols which are inherently more vulnerable, India has witnessed a 350 per cent rise in cyber crime cases from 2011-2014, an Assocham-PwC joint study revealed on Thursday.
In the past, attacks have been mostly initiated from countries such as the US, Turkey, China, Brazil, Pakistan, Algeria, Turkey, Europe and the UAE.
With the growing adoption of internet and smartphone, India has emerged as one of the most favourite countries among cyber criminals, said the study.
"Cyberattacks around the world are occurring at a greater frequency and intensity. Not only individuals but also businesses and governments are being targeted. The profile and motivation of cyber attackers are fast changing", it highlighted.
"The Indian Computer Emergency Response Team (CERT-In) has also reported a surge in the number of incidents handled by it, with close to 50,000 security incidents in 2015," noted the study titled 'Protecting interconnected systems in the cyber era'.
With an increase in the usage of information and operational technology (OT) and consumer technology (CT) in critical infrastructure, overall effectiveness has increased.
"However, these elements have also become the target of choice for attackers since they recognise the impact of disrupting the routine way of life," the study noted.
In the US alone, there has been an increase of nearly 50 per cent in reported cyber incidents against its critical infrastructure from 2012 to 2015. Not only individuals but also businesses and governments are being targeted.
"The profile and motivation of cyber attackers are fast changing. A new breed of cyber criminals has now emerged, whose main aim is not just financial gains but also causing disruption and chaos to businesses in particular and the nation at large," the paper pointed out.
The regular sharing of cyber security intelligence and insights is essential to improving the resiliency of these systems and processes from emerging cyber risks, the study said.