Cybercrime leads to annual losses of around $ 4 billion or Rs 18,000 crore in direct financial losses, and an additional $3.6 billion or Rs 16,200 crore is spent in resolving the crime in India, states a recent study done by Symantec, the maker of Norton computer security software.
Globally the financial losses due to cybercrimes was found to be $114 billion annually, and an additional $274 billion was lost, based on the value victims placed on time lost due to their cybercrime experiences. The study claims that cybercrime costs the world significantly more than the global black market in marijuana, cocaine and heroin combined ($288 billion) and it affected more than two thirds(69 percent) of online adults.
Surprisingly, even with its tight internet security rules China is unable to escape cybercriminal activities. In China, the direct losses due to cybercrime is around $25 billion, even higher than that of India.
“Over the past 12 months, three times as many adults surveyed have suffered from online crime versus offline crime, yet less than a third of respondents think they are more likely to become a victim of cybercrime than physical world crime in the next year,” said Gaurav Kanwal, Country Sales Manager for India and SAARC, Consumer Business Unit, Symantec.
According to the report, the most common types of cybercrimes are computer viruses and malware, followed by online scams and phishing. In India, four in five online adults have been a victim of cyber crime, and males aged between 18 and 31 years old are most likely to become victims of cyber-attack on cell phones.
Though, 74 per cent Indian users are aware of cybercrimes, many are not taking the necessary precautions. Over 41 per cent of the respondents revealed that they don’t have an up to date security software suite to protect their personal information online. Only half of the respondents reviewed their credit card statements regularly for fraud and 61 per cent don’t use complex passwords or change them regularly.
“Cybercrime is much more prevalent than people realize. Over the past 12 months, three times as many adults surveyed have suffered from online crime versus offline crime, yet less than a third of respondents think they are more likely to become a victim of cybercrime than physical world crime in the next year,” said Adam Palmer, Norton Lead Cybersecurity Advisor
Fighting cybercrime is a shared responsibility. It requires us to be more alert and take the necessary precautions to ensure complete online security.
Globally the financial losses due to cybercrimes was found to be $114 billion annually, and an additional $274 billion was lost, based on the value victims placed on time lost due to their cybercrime experiences. The study claims that cybercrime costs the world significantly more than the global black market in marijuana, cocaine and heroin combined ($288 billion) and it affected more than two thirds(69 percent) of online adults.
Surprisingly, even with its tight internet security rules China is unable to escape cybercriminal activities. In China, the direct losses due to cybercrime is around $25 billion, even higher than that of India.
“Over the past 12 months, three times as many adults surveyed have suffered from online crime versus offline crime, yet less than a third of respondents think they are more likely to become a victim of cybercrime than physical world crime in the next year,” said Gaurav Kanwal, Country Sales Manager for India and SAARC, Consumer Business Unit, Symantec.
According to the report, the most common types of cybercrimes are computer viruses and malware, followed by online scams and phishing. In India, four in five online adults have been a victim of cyber crime, and males aged between 18 and 31 years old are most likely to become victims of cyber-attack on cell phones.
Though, 74 per cent Indian users are aware of cybercrimes, many are not taking the necessary precautions. Over 41 per cent of the respondents revealed that they don’t have an up to date security software suite to protect their personal information online. Only half of the respondents reviewed their credit card statements regularly for fraud and 61 per cent don’t use complex passwords or change them regularly.
“Cybercrime is much more prevalent than people realize. Over the past 12 months, three times as many adults surveyed have suffered from online crime versus offline crime, yet less than a third of respondents think they are more likely to become a victim of cybercrime than physical world crime in the next year,” said Adam Palmer, Norton Lead Cybersecurity Advisor
Fighting cybercrime is a shared responsibility. It requires us to be more alert and take the necessary precautions to ensure complete online security.
To see the the Norton report click Here
