India Sees Rise in Cybercrime

Cyber security incidents are seeing a rise in India, with a total of 39,730 incidents reported in the first 10 months of 2016, as against 44,679 and 49,455 observed during 2014 and 2015, respectively, an ASSOCHAM-PwC joint study said Wednesday.

The Indian Computer Emergency Response Team has reported a surge in the number of incidents till October 2016 with close to 39,730 security incidents, noted the study titled ‘Securing the cashless economy’, PTI reported.

With more time to detect and respond to these attacks, the return on investments for cyber attacks is greater in emerging markets like India as compared to developed markets like the US, noted the study. Demonetization has given an impetus to e-wallet services.

Mobile wallets have witnessed a massive rise in app downloads. With programs for financial inclusion, digitization of the economy and increased use of smartphones, online transactions are already quite popular among the urban Indian population.

The result has been that leading mobile wallets have witnessed growth of upwards of 100% in app download numbers and have similarly seen an increase of upwards of 400% increase in wallet recharges, pointed out the study.

This smartphone revolution has led to the emergence of e-commerce, m-commerce and other services, including app-based cab aggregators, who encourage digital payments for use of various services. The value added services such as cash back, bill payment facilities, loyalty points, rewards and ease of use have promoted increased usage of such digital platforms.

As the country is experiencing a digital revolution, the impact of this transformation makes it imperative for financial service players to revisit their cyber security resilience.