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Cyber crime cost Rs 24,630 crore this year

New Delhi, October 22, 2013, DHNs: 1:28 IST
Internet frauds have cost India a whopping $4 billion (about Rs 24,630 crore) this year as cyber criminals are using more sophisticated means like ransomware and spear-phishing, said a report by cyber security major Symantec.

According to the 2013 Norton Report, the average cost per cyber crime victim in India is up at $207 during August 2012 to July 2013 from $192 in the year-ago period.

The report reveals that cyber crimes cost India $4 billion in the same period, which is up by 8 per cent from corresponding period the year before.

The report, one of the biggest global studies investigating the impact of cyber crime on consumers, is prepared on the basis of self-reported experiences of more than 13,000 adults across 24 countries, including 1,000 adults in India.

It reveals that India is among the world’s top five countries with the highest number of incidences of cyber crime, like ransomware (11 per cent), identity theft (11 per cent) and phishing (9 per cent). “India appears to be the ransomware capital of Asia Pacific with 11 per cent victims of this form of virtual extortion,” the report said.

That apart, in last 12 months, 56 per cent of cyber crime victims in India have experienced online bullying, stalking, hate crimes or other forms of harassment, it added. It further revealed that as consumers become more mobile and connected, these conveniences often come at a cost to them and their security.

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