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Cybercrime Threats in India: A Growing Concern

Rs 20,000 crore – this staggering figure is the estimated loss India may face due to cybercrime in 2025, according to a CloudSek report. The rise of cybercrime is not surprising, given the latest technologies at the disposal of cybercriminals, including AI tools, deepfakes, and ransomware-as-a-service software. Reports also suggest that India could face a whopping 1 trillion cyberattacks by 2033 unless businesses take more measures to manage risk.

As more enterprises and businesses go digital in India, cyber risk increases. Traditional measures such as firewalls and antiviruses can no longer provide solid solutions to eliminate attacks and threats. Cyber resilience is a key facet of business growth, and firms must work on a sharp cybersecurity strategy to detect and mitigate threats before they escalate into catastrophic breaches. Before exploring solutions, it’s essential to examine the types of cybercrimes that occur and which sectors are most at risk.

Countering Brand Impersonation

Trust is the most critical factor connecting customers and brands, and a breach can have severe consequences. Cybercriminals attempt to exploit trust to deceive customers, partners, and employees through brand impersonation, which is increasing. This can include phishing attacks mimicking corporate emails or fake websites that steal customer data. For instance, in 2023, a prominent bank’s customers were targeted in an elaborate phishing scam where fraudulent websites resembling bank portals tricked users into entering account details. There has also been a spike in deepfake fraud cases, where cybercriminals use AI-generated voices or videos to impersonate executives and conduct fraudulent transactions.

What Sectors are Under Threat

According to the India Risk Report 2024, cybersecurity is among the top three risks for Indian enterprises, with cyber threats surging 15% year-on-year, making India one of the most targeted nations globally. Despite this, 60% of businesses remain in the early stages of cybersecurity preparedness, underscoring the need for stronger risk mitigation. Multiple reports suggest that certain sectors face the brunt of cyber-attacks, including the BFSI sector, which is a common target due to its key vulnerabilities in banking systems. The Cloudsek report estimates that the BFSI sector can face losses of up to Rs 8,200 crore due to cybercrime. Major retail and e-commerce platforms, point-of-sale systems, and online payment gateways are also susceptible to attacks, resulting in the leak of customer details and increasing chances of impersonation and fraud.

The Way Forward

Cyber threats are real and must be combated. Firms should build a structured, proactive approach to cybersecurity rather than reacting to issues as they arise. This can start with implementing AI-driven security tools that discover anomalies, predict attack possibilities, and offer solutions. Solid real-time monitoring and threat intelligence that detect and contain breaches early must follow this. Regular training modules and phishing simulation exercises for employees can create an organization-wide security-first mandate. Cyber insurance plans can also help and are emerging as a crucial component of corporate risk management, providing a financial safety net and ensuring companies can recover from major cybersecurity breaches or incidents without facing massive financial liability.

A Look at the Future

Cyber threats will continue to evolve and threaten even fortified defenses. The way forward is to work on a proactive cybersecurity strategy that combines the best of AI-driven defense mechanisms, real-time monitoring, and solid cyber insurance plans. Enterprises must act now to strengthen their cyber resilience. The cost of inaction is high, and those best prepared can emerge successful and thrive.

About the Author

The author is Gaurav Arora, Chief of Reinsurance, Underwriting & Claims for Property & Casualty at ICICI Lombard.

Disclaimer

The views expressed are solely of the author, and ETCISO does not necessarily subscribe to them. ETCISO shall not be responsible for any damage caused to any person/organization directly or indirectly.

Published On

Mar 21, 2025, at 10:20 AM IST

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