Cyber attack: Indian companies fear loss of 20000 crores; retail-e-commerce likely to lose 5800 crores
New Delhi| Indian entities are expected to lose Rs 20,000 crore this year due to cyber crimes. Cybersecurity intelligence firm Clyde Seck said in the report, it has made this estimate by analyzing data cybercrime patterns and financial impacts, etc., of 200 companies in different sectors, more than 5,000 domains and about 16,000 brand abuses.
According to the report, of the Rs 20,000 crore, Rs 9,000 crore is due to misuse of the brand name alone. One third of all cybercrime incidents involve brand abuse. About 70 per cent of cybercrimes occur in the high-value segment. Cybercrime complaints are expected to exceed 2.5 million. Of these, 5 lakh complaints could be linked to the brand.
The report said that in the first nine months of 2024, there was a loss of Rs 11,333 crore. Banking and financial services will bear the brunt of the Rs 8,200 crore loss this year. Retail and e-commerce will lose Rs 5,800 crore and government services Rs 3,400 crore. Fraudulent domains (website names) are projected to increase by 65 per cent. Fraudulent apps could increase by 83%.
