Cybercrime Wave: India Faces Financial Losses of Rs 1,750-Cr in Three Months

India Faces Rising Cyber Threats: Over 500 Million Attacks Blocked in Early 2024 - Indeed, India is grappling with an alarming surge in cyberattacks, blocking over 500 million attempts in the first quarter of 2024. A recent study by PRAHAR (Public Response against Helplessness & Action for Redressal) predicts that these incidents could escalate to nearly 1 trillion annually by 2033, reaching a staggering 17 trillion by 2047, the year India celebrates its centenary.

The report, titled "The Invisible Hand," highlights the increasing vulnerability of India as it ascends on the global stage. Adversaries, both domestic and foreign, are allegedly coordinating efforts to undermine the country’s growth and stability.

The nature of these cyber threats extends beyond financial motivations. A significant concern raised in the report is the rise of manipulative cyberattacks targeting citizens. These attacks utilize platforms like illegal offshore betting and gambling applications, posing a direct threat to individuals while destabilizing the country from within.

The financial impact of these cybercrimes is substantial. Between January and April 2024, India lost over Rs 1,750 crore to cybercriminals. The rise in attacks is reflected in a 46% increase in incidents compared to the same timeframe in 2023, emphasizing the urgent need for enhanced cybersecurity measures.

As India continues to strengthen its position as a global power, addressing these escalating cyber threats will be crucial to safeguarding its progress and protecting its citizens.

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