‘India recording two cybercrime complaints a minute’

While sharing the data on cybercrime cases, Bhavesh Mishra, Deputy Secretary, IT and Electronic Department, Government of Telangana, said around two cybercrime cases are reported per minute and people are losing around Rs 1.3 to Rs 1.5 lakh on an average in India.
Speaking at an annual conference titled “Securing the Future: Navigating the Intersection of Cyber Security, Privacy, and AI,” organized by ISACA Hyderabad Chapter at The Westin Hyderabad, Raheja Mindspace on Saturday, Bhavesh Mishra said around 120 cyber crimes are reporting per hour and people are losing around 80 lakh money to cyber criminals every hour.
Eight billion cybercrimes have occurred within a year, but recovery rates remain below 20 per cent, he said. The Third World War could be a ‘mathematician war’, IT, data, police departments and auditors should work together against cybercrimes. He also mentioned that the Telangana government has allocated 200 acres for AI development and will support companies working in this field.
Speaking at this annual conference, Cyberabad Police Commissioner Avinash Mohanty has urged the public to be cautious of cyber fraudsters.
He highlighted that these fraudsters exploit two key human traits that are fear and greed. He mentioned that cybercrimes currently account for 30 percent of all crimes, a number that could rise to 50 percent in the future. Online betting and loan app scams have seen a significant increase, with fraudsters using UPI payments and crypto networks to carry out large-scale scams.
Underlining the dynamic nature of cybercrimes, the Commissioner highlighted an urgent need to speed up the regulatory framework with coordination between government and industries.
The Commissioner also called out banks to strengthen their KYC procedures, improve oversight and audit and ensure compliance to regulation.
“Several investigations have revealed that multiple companies associated with the same address and with common directors are involved in cyber crime. It is as if ready-made companies are prepared in India and handed over to individuals who want to create frauds,” the official said.
In this annual conference, bureaucrats, bankers, consultants and technology experts share insights on the future of cyber security in the era of AI and strategies for managing and protecting data privacy.