The Report of Symantec Reveals ‘Cyber Frauds Cost India a Whopping $4 Billion’

According to the Norton Report of 2013 released recently by Internet security solutions provider Symantec, the increasing incidents of cyber-crimes like ransomware, identity theft and phishing have cost India an estimated $4 Billion during the period from August-2012) to July-2013.

The report adds that the average cost per cyber-crime victim in India during this period grew by 8% to $207 from $192.

India, as accords to the report emerges as the 'ransomware' capital of Asia-Pacific region with 11% victims of this type of virtual extortion. During last 12 months, 56% of cyber-crime victims in India have experienced online bullying, online hate crime, online stalking, or other types of online harassment.

The study also revealed that 61% Indians access social networks, 54% access personal emails, 44% shop online and 42% access their bank accounts by means of a public or unsecure Wi-Fi leaving them much more vulnerable to cyber-crime.

Ritesh Chopra, Country Manager, Norton by Symantec, said that today's cyber crooks are employing more refined attacks like ransomware and spear-phishing, that give them more profit per attack than ever before," as reported by THE HINDU on October 23, 2013.

Chopra explained: "Ransomware is extremely targeted and many a times in the shape of several malwares put together," as published by businesstoday.intoday.in on October 22, 2013. He added that many ransomware are in the structure of fake AV software that immobilizes many tasks of the computer.

Chopra also said: "66% of Indian consumers use their own mobile gadgets for work and play which create new security hazards for companies as cybercriminals comprise the potentiality to access even more precious information," as published by THE TIMES OF INDIA on 22nd October, 2013.

Survey results indicate that this is not completely due to awareness shortage. In fact, more than half (55%) of respondents surveyed confessed that the ease of being regularly connected overshadows any prospective security risks. Even 57% said that there's nothing like 'online privacy' in today's world and 61% presume that everything that they put on the Internet will or can be seen by everyone.

The study was conducted online on more than 13,022 adults aged between 18 and 64 in 24 countries.

» SPAMfighter News - 10/30/2013