By Ashwani Mishra, Editor-Technology, 63SATS
In a sobering new report, the Indian nonprofit PRAHAR has projected a daunting future for India’s digital landscape.
According to the report, titled The Invisible Hand, India could experience up to 1 trillion cyberattacks annually by 2033, rising to 17 trillion by 2047—the year of India’s centenary of independence.
This rapid surge underscores the increasing vulnerability of a nation on the rise, where digital risks could hamper growth and security alike.
How India Stands Out in Global Cyber Risk
The rise in cyber incidents in India starkly contrasts with other global economies, such as the United States and the United Kingdom.
In comparison, the U.S. reports approximately 600 million cyberattacks annually, while the UK faces around 300 million. This puts India’s trajectory at a staggering multiplier of current attack rates on Western counterparts, highlighting the urgent need for proactive defenses.
Unmasking the Threats: Financial Losses and a Vulnerable Public
The first quarter of 2024 alone saw over 500 million cyberattacks blocked in India, yet the sheer scale of attacks has grown by 46% year-over-year. Beyond sheer numbers, the financial impact has been debilitating: Rs 1,750 crore ($210 million) was lost to cybercriminals in just the first three months of 2024. This scale is significantly higher than reported losses in the UK and U.S., marking India as a primary target for financial cybercrime.
A Growing Concern: Manipulating the Public Through Illicit Platforms
PRAHAR’s report dives deeper into the social consequences, noting an alarming increase in young Indians participating in offshore betting and gambling platforms—largely unregulated and often weaponized by adversaries. Search trends show Indian interest in illicit betting platforms to be 5 to 15 times higher than in legitimate options, a worrying sign that cybercriminals may be exploiting social media and online platforms to spread their reach.
The findings urge immediate, large-scale cybersecurity reforms and public awareness initiatives to protect India’s digital future. As adversaries gain ground, the call for a fortified cyber defense has never been more urgent.
India’s Cyber Fraud Epidemic: Losses Expected to Hit 0.7% of GDP
A recent report from the Indian Cyber Crime Coordination Centre (I4C), under the Ministry of Home Affairs, projects that India is preparing for cyber fraud losses exceeding ₹1.2 lakh crore in the coming year.
A senior government official revealed that mule bank accounts, used to launder and facilitate illegal transactions, are major drivers of these scams, with cyberfraud potentially costing 0.7% of the nation’s GDP.
A recent I4C report disclosed that between January and June 2024 alone, cyber fraud losses totalled ₹11,269 crore, with financial scams often traced to international networks, notably in China. With daily complaints on the National Cybercrime Reporting Portal hitting an average of 7,000 by May 2024, cybercrime reporting has surged 113.7% compared to 2021-2023.
