Cybercrime, a rising threat to nations worldwide

As India emerges as the next world power, it faces new threats that could hinder its progress. Cybercrime is one such huddle that India faces regularly. In early 2024, India faced a sophisticated ransomware attack led by Russian-linked Conti group targeting Indian government departments and its critical infrastructure. This disrupted services in power grids and healthcare systems. This attack showcases high-level technical capabilities of cybercriminals and their potential threat to national security. In addition, personal information of millions of Indian citizens has been exposed in various data breaches. Like, Chinese state-sponsored attack by APT41 (Winnti) group, stealing sensitive information in the healthcare and finance sector from government and corporate databases. Compromising intelligence and economic advantages to foreign entities.

Indian law enforcement agencies have pointed to the involvement of homegrown cybercriminals in various attacks on financial and e-commerce platforms. Groups like ShinyHunters exploit vulnerabilities to steal massive troves of customer information from major Indian companies. These domestic criminals often sell stolen information on the dark web showcasing the growing market for illicit information trading.

Key Drivers Behind the Rise in Cybercrime

● Rapid Tech Growth and Digital Connectivity: Pandemic period saw a rapid growth in internet connectivity and digital dependency. Be it for communications, commerce, remote work or online services. This paired with technological advancements in cloud computing, IoT, and AI to bring convenience and efficiency opened up new opportunities for cyber threats before adequate measures could be implemented.

● Sophistication of Cybercriminals and Lack of Robust Cybersecurity Practices: The development of more advanced attack techniques, including ransomware, deepfake, zero-day exploits, powered by AI and LLM makes it easier for criminals to breach systems and evade detection that traditional security measures often fall short in protecting against these latest threats. Along with this, cybercrime tools for hacking and other illegal services are easily available on the dark web that even individuals with minimal skill can carry cyberattacks. Additionally, many individuals and organisations neglect basic security measures such as strong passwords, regular software updates, continuous monitoring of external threat landscape, and proper training to recognise cyber threats. This negligence creates vulnerabilities that are easily exploited by cybercriminals.

● Low Risk and High Reward: Cybercriminals operate anonymously and globally, making them difficult to trace and apprehend making it inherently global with low risks and high rewards. The complicating factors of law enforcement efforts and varying legal frameworks and cyber preparedness levels among nations further hinder effective prosecution, while substantial potential financial gains attract more criminals.

● The Value of Data; Geopolitics at play: Personal and corporate data have become valuable commodities, leading to more data breaches as cybercriminals exploit stolen data for financial gain through selling information, committing fraud, or targeted attacks. Cybercrime is limited to financial gain, it is increasingly driven by economic and political motives. We have witnessed state-sponsored cyber activities with political motives, such as espionage and intellectual property theft, have increased complexity to the cyber threat landscape and diplomatic relationship worldwide.

In conclusion, the surge in cybercrime is driven by a complex interplay of technological advancements, economic incentives, and global relations. With tech advancement cyber criminals, both foreign and domestic, become more sophisticated and aggressive, there is a pressing requirement for a robust defence strategy. This includes improved regulatory frameworks, better public awareness, and international cooperation to effectively combat the rising tide of cyber threats targeting India.

By Kumar Ritesh, Founder; CEO, CYFIRMA