India Sees Large Rise In Cyber Crime in 2016: ASSOCHAM-PwC Study

by January 19, 2017 0 comments

Cyber security incidents are seeing a rise in India, with a total of 39,730 incidents reported in the first 10 months of 2016, as against 44,679 and 49,455 observed during the years 2014 and 2015 respectively, a recent ASSOCHAM-PwC joint study said.

The Indian Computer Emergency Response Team (CERT-In) has reported a surge in the number of incidents till October 2016 with close to 39,730 cyber security incidents, noted the study titled ‘Securing the cashless economy,’ conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) jointly with PwC released at the ASSOCHAM Workshop on “Securing the Cashless Economy”.

With more time to detect and time to respond to such cyber crime, the return on investments for cyber crime is greater in emerging markets like India as compared to developed markets like the US, noted the study.

Demonetisation has given an impetus to e-wallet services. Mobile wallets have witnessed a massive rise in app downloads. With programmes for financial inclusion, digitisation of the economy and increased use of smartphones, online transactions are already quite popular among the urban Indian population. The result has been that leading mobile wallets have witnessed growth of upwards of 100% in app download numbers and have similarly seen an increase of upwards of 400% increase in wallet recharges, pointed out the joint study.

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