In 2024, cybercrime in India surged to record highs. According to the Indian Cyber Crime Coordination Centre (14C), more than 17 lakh complaints were filed in the first nine months alone. And the financial loss surpassed ₹11,000 crores.
Here are some more statistics.
Indian businesses could lose ₹20,000 crores this year due to cybercrimes, says a cybersecurity intelligence firm, CloudSEK. “Out of which ₹9,000 crores is due to brand name abuse alone,” asserts Pavan Karthick M, Threat Intelligence Researcher at CloudSEK. This implies that a staggering one third of all cybercrimes and 70% of high-value incidents are aimed towards brands.
A survey by Zscaler found a big gap between what Indian companies think about their cyber safety and what they are actually prepared for. According to the survey, 97% of Indian IT leaders believe that their cybersecurity systems are strong. However, 67% of them admit that their budget for cybersecurity is not enough to handle the increasing threats. This shows that many companies in India may not be ready to face modern cyberattacks.
“Cybercrime is the new pandemic. Small and medium enterprises (SMEs) are more vulnerable to cyberattacks, as they are often weaker compared to their larger peers and have some valuable data,” says Santosh Sahoo, VP, SME Insurance at Probus, in an interview with SME Futures.
