Consumer cybercrime cost India $8 billion: Norton

Annual cybercrime report estimates over 42 mn people fell victim to cybercrime in the past 12 months

PTI | September 12, 2012



Software security services provider Norton today said consumer cybercrime has cost the country a whopping USD 8 billion or around Rs 42,000 crore in the past 12 months, impacting 42 million people.

Releasing the findings of its annual cybercrime report, it is estimated that over 42 million people fell victim to cybercrime in the past 12 months in the country, incurring around USD8 billion in direct financial losses. In terms o cost, this is a full 18 percent increase.

Against this, the global loss has been pegged at USD110 billion.

The study further notes that as many as 66 percent of online adults have been a victim of cybercrime in their lifetime in the country. During the past 12 months, as many as 56 percent of online adults here have experienced cybercrime- that is over 1,15,000 victims per day, 80 victims per minute and over one every second.

According to the report, the average direct financial cost per victim is USD192, which is up 18 percent over 2011 when it was USD163.

One key finding this year is that both the cost per victim as well as social and mobile incidents are on the rise due to cybercrime.

The study is based on the findings of self-reported experiences of over 13,000 adults across 24 countries, Norton by Symantec said in a statement.

Globally, every second, 18 adults fall a victim of cybercrime, resulting in over 1.5 million cybercrime victims each day. With losses totaling an average of USD197 per victim across the world in direct financial costs, in the past 12 months, an estimated 556 million experienced cybercrime, represents 46 percent of online adults in the past 12 months, says the report. Last year the percentage was 45 percent.

The survey has found an increase in new forms of cybercrime compared to last year, such as those found on social networks or mobile devices, indicating that cybercriminals are starting to focus their efforts on these increasingly popular platforms.

One in three online adults (32 percent) has been a victim of either social or mobile cybercrime during the past 12 months, and 51 percent of social network users have been victims of social cybercrime in the country.

As many as 22 percent of social network users reported someone have hacked into their profile and pretended to be them, while 15 percent users said they have fallen victim to a scam or fake link on their social network platform.

"Cybercriminals are changing their tactics to target fast growing mobile platforms and social networks where consumers are less aware of security risks," says Norton by Symantec Asia director and internet safety advocate Effendy Ibrahim said.

Comments

 

Other News

Saksham Skill census identifies 22,000 job-ready candidates in one Mumbai ward

A first-of-its-kind AI-enabled skill census conducted in Mumbai`s H-West Ward has identified a potential livelihood pipeline of nearly 22,000 candidates, generated over 32,000 provisional job matches while revealing that 71.2 per cent of surveyed homemakers are willing to join the workforce, according to

GI tags: Scaling traditional wealth into global brands

Geographical Indication (GI) tags have emerged as a powerful tool for protecting India`s cultural heritage, while creating economic opportunities for local communities. By linking products to their place of origin, GI tags preserve traditional knowledge, prevent misuse, and enhance consumer trust. They h

BMC: 207 officials in ACB net, 112 still on duty, 68 retire before justice catches up

There are significant delays in the handling of corruption cases involving officials of the Brihanmumbai Municipal Corporation (BMC), a Right to Information (RTI) response obtained by rights activist Jeetendra Ghadge has revealed. As of 30 April 2026, 207 BMC officials face Anti-Corruption Bureau (A

The transformation trap: Why efficiency is not innovation

Every company is transforming, or so it claims.   There was a time when the word ‘transformation’ carried weight. It signified bold strategic shifts, reinvention of business models, and breakthrough technologies that fundamentally changed how organizations created

The Sardar biography that throws light on our times

Patel: A Life By Rajmohan Gandhi Aleph Books, 568 pages, Rs 1,199   There are many biographi

Climate change, El Niño rewrite Indian monsoon

The month of July exceeded its rainfall target despite forecasts of a below-normal month under a strengthening El Niño. The reason could be that climate change is amplifying monsoon complexity: West Pacific warming, Western Disturbances and evolving ocean conditions increasingly interact with El Ni&

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter