Indians Lose ₹1.5 Lakh to Cybercriminals Every Minute, Officials Reveal at Cyber Security Conference
In a sobering revelation made at the ISACA Annual Cyber Security Conference held in Madhapur, Hyderabad, top officials exposed the alarming rise of cybercrime in India, where citizens are losing between ₹1.3 lakh to ₹1.5 lakh every minute to cybercriminals. These staggering figures, highlighted by Bhavesh Mishra, Deputy Secretary of the Telangana IT and Electronics Department, point to the escalating threat posed by cybercrime across the country.
The Cybercrime Landscape in India: A Growing Threat
The digital landscape of India is growing rapidly, with millions of people increasingly relying on technology for banking, communication, and even daily tasks. However, this expansion has also opened up new avenues for cybercriminals to exploit. According to the officials, the frequency and sophistication of cyberattacks have grown exponentially, targeting both individuals and organizations.
Data from the event reveals that India is currently losing over ₹1.5 lakh every minute to online scams, phishing attacks, and other cybercrimes. This translates to approximately ₹216 crore lost daily, showcasing the massive financial impact on the economy. Alarmingly, the recovery rate of funds lost to cybercrimes remains below 20%, further compounding the economic and emotional toll on victims.
Why Are Indians Falling Prey to Cybercriminals?
Several factors contribute to the high rates of cybercrime in India. As technology adoption continues to outpace the development of robust cybersecurity measures, many citizens remain unaware of the risks associated with online activities. Bhavesh Mishra emphasized that “lack of awareness among internet users is a major concern.” People continue to fall prey to phishing emails, fraudulent websites, and unauthorized access to personal information, particularly in rural areas where digital literacy is still limited.
Furthermore, the rapid adoption of mobile banking and digital payment systems has created new opportunities for fraudsters to exploit security gaps. The COVID-19 pandemic further accelerated this trend as online transactions became the primary mode of conducting business for many people, leading to a surge in cybercrime.
The Role of ISACA in Combatting Cybercrime
ISACA (Information Systems Audit and Control Association), the host of the cyber security conference, is a global organization that focuses on promoting cybersecurity standards, governance, and risk management. During the event, speakers discussed several initiatives aimed at bolstering India’s cybersecurity defenses.
Lavpreet Kaur, one of the key presenters at the event, highlighted the importance of bridging the knowledge gap between technology users and cybersecurity experts. According to Kaur, “ISACA is working towards building a safer digital future for India by promoting best practices and helping organizations adopt advanced security frameworks.” These efforts aim to reduce vulnerabilities in systems and increase the resilience of companies and individuals alike.
Efforts by Telangana Government and Law Enforcement
The Telangana government has been at the forefront of cybersecurity efforts, particularly in the IT hub of Hyderabad, home to numerous tech companies and startups. Bhavesh Mishra, representing the Telangana IT and Electronics Department, stressed the state’s commitment to fostering a safe cyber environment.
In his speech, Mishra revealed, “We are investing in building infrastructure that will not only secure our digital assets but also create a conducive environment for tech companies to innovate securely.” This includes upgrading the state’s cybersecurity policies, strengthening law enforcement capabilities, and fostering public-private partnerships to address the complex nature of cybercrime.
Cyberabad Commissioner of Police Avinash Mohanty also spoke at the conference, emphasizing the role of law enforcement in combating cybercrime. The Cyberabad Police have developed specialized cybercrime units that focus on identifying and apprehending cybercriminals. “Our cybercrime units are working round the clock to track down offenders, but we need citizens to stay vigilant,” Mohanty said, adding that collaboration between the public and police is crucial for tackling the issue.
Cybercrime Victims: A Personal Toll
The financial losses attributed to cybercrime are devastating, but the personal toll on victims is often overlooked. Many individuals, particularly senior citizens, lose their life savings to fraudsters who prey on their lack of technical knowledge. Young people, lured by too-good-to-be-true online offers, often fall victim to identity theft and financial fraud.
At the conference, several stories of cybercrime victims were shared, offering a glimpse into the personal devastation caused by these attacks. One such case involved a Hyderabad-based entrepreneur who lost ₹25 lakh after falling victim to a business email compromise scam. Despite reporting the crime immediately, the chances of recovering the money were slim, given the intricate international network used by the fraudsters.
The Challenges of Cybercrime Recovery
One of the most alarming aspects of cybercrime in India is the low recovery rate, which remains below 20%. This means that victims rarely get their stolen money back, and cybercriminals often escape justice. Law enforcement officials pointed out that the decentralized and global nature of cybercrime makes it difficult to trace transactions and recover stolen assets.
“Most cybercrimes involve international perpetrators who use advanced technologies to mask their identities and move funds across borders,” explained Bhavesh Mishra. “This makes tracking them down a complex task, requiring cooperation between various agencies, both nationally and internationally.”
However, police forces and cybersecurity agencies are making strides in improving detection and response times. The Telangana police, for instance, are employing state-of-the-art technologies, such as artificial intelligence and machine learning, to combat cyber threats more effectively. Mohanty emphasized that while the challenges are significant, “we are making progress in holding cybercriminals accountable.”
Steps to Stay Safe Online
Given the scale and complexity of cybercrime, preventing attacks requires a combination of individual awareness and institutional safeguards. Speakers at the conference outlined several key steps that individuals and organizations can take to protect themselves from cyberattacks:
Educate Yourself: Citizens must stay informed about the latest cyber threats and take the time to learn about safe online practices. Bhavesh Mishra urged internet users to be cautious while sharing personal information online and avoid clicking on suspicious links.
Use Strong Passwords and Multi-Factor Authentication: Strengthening personal security measures, such as creating complex passwords and enabling multi-factor authentication for online accounts, can help reduce the risk of hacking.
Keep Software Updated: Outdated software often contains security vulnerabilities that cybercriminals can exploit. Regular updates can patch these vulnerabilities and keep systems secure.
Report Suspicious Activities: Commissioner Mohanty urged citizens to report any suspicious online activities to the authorities immediately. “The faster you report, the higher the chances of catching the perpetrators,” he said.
Corporate Responsibility: Organizations must invest in cybersecurity infrastructure, including firewalls, encryption technologies, and employee training. A lack of proper cybersecurity protocols can leave companies vulnerable to data breaches, which can have catastrophic financial and reputational consequences.
Looking Ahead: India’s Cybersecurity Future
As cybercrime continues to evolve, so must the country’s defenses. Initiatives like the ISACA Cyber Security Conference provide a platform for dialogue and collaboration, enabling experts from the government, private sector, and law enforcement to share knowledge and strategies.
The path forward involves not only strengthening technical capabilities but also fostering a culture of cyber hygiene among citizens. By promoting awareness, enhancing security protocols, and building stronger public-private partnerships, India can create a safer digital environment for its citizens and reduce the financial losses inflicted by cybercriminals.
As Bhavesh Mishra concluded at the conference, “Cybersecurity is not just a technical issue; it is a societal one. Every one of us has a role to play in safeguarding our digital world.”