Cyber Crime Cost $8 Billion Loss For India in Last 12 Months

Cyber Crime Cost $8 Billion Loss For India in Last 12 

Months While Affecting 42 Million People 

In its annual cybercrime report, security firm Norton has estimated that India has lost more than $8 Billion; in Indian currency around 42,000 Crore in last twelve months. This big consumer cyber espionage has effected more than 42 million of people around the country. In terms of cost, this is a full 18 per cent increase. Against this, the global loss has been pegged at $110 billion. The study further notes that as many as 66 per cent of online adults in India have been a victim of cyber crime. During the past 12 months, as many as 56 per cent of online adults here have experienced cyber crime, over 1,15,000 victims per day, 80 victims per minute and over one every second.

According to the report, the average direct financial cost per victim is $192, which is up 18 per cent over 2011 when it was $163. One key finding this year is that both the cost per victim as well as social and mobile incidents are on the rise due to cybercrime. The study is based on the findings of self-reported experiences of over 13,000 adults across 24 countries, Norton by Symantec said in a statement. 

Globally, every second, 18 adults fall victim to cybercrime, resulting in over 1.5 million cybercrime victims each day. With losses totaling an average of $197 per victim across the world in direct financial costs, in the past 12 months, an estimated 556 million experienced cybercrime, representing 46 per cent of online adults, says the report. Last year, the figure was 45 per cent. "Cybercriminals are changing their tactics to target fast growing mobile platforms and social networks where consumers are less aware of security risks," says Norton by Symantec Asia director and internet safety advocate Effendy Ibrahim said. 

If we compare with other countries who are very much advance in IT then a very nasty truth will come appear, and that is being sound in IT still India is very much week and also careless of cyber security. This carelessness of Indian Govt has already cost maximum damage in terms of finance, defense, privacy and so on. India has already faced big damage in cyber space (both financially & reputation) from native countries like China, Pakistan, where sensitive data of Govt, defense, nuclear & space research has allegedly been stolen by cyber criminals. So far India was dam careless but couple of weeks ago things changed dramatically. And now the Indian Govt is working on a robust cyber security structure, Prime Minister of India Dr. Manmohan Singh himself confirmed that from now on wards India will pay as much attention as possible to make the cyber fence digitally safe and secured. 

-Source (Norton & msn)