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Cybercrimes cost businesses $600 billion globally: McAfee report

Cybercrime losses are greater in richer countries; however, the countries with the greatest losses are mid-tier nations that are digitised but not yet fully capable of cybersecurity, the report noted.

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Hackers threaten to reveal 'secret' data linked to 9/11 attacks. Wikimedia Commons

Cybercrimes have cost businesses close to $600 billion globally — or 0.8% the global GDP — which is up from $445 billion reported three years back, a report said on Thursday.

The report by the global cybersecurity firm McAfee, prepared along with the Centre for Strategic and International Studies (CSIS), said that over the last three years, cybercriminals have quickly adopted new technologies to ease the process of engaging in cybercrimes.

“Ransomware-as-a-Service Cloud providers efficiently scale attacks to target millions of systems, and attacks are automated to require minimal human involvement,” Steve Grobman, Chief Technology Officer for McAfee, said in a statement.

Also Read: Indian companies more prone to cyber attacks

“Add to these factors cryptocurrencies that ease rapid monetisation, while minimising the risk of arrest, and you must conclude that the $600 billion cybercrime figure reflects the extent to which our technological accomplishments have transformed the criminal economy as dramatically as they have every other portion of our economy,” he added.
The report, titled “Economic Impact of Cybercrime — No Slowing Down”, said that banks remain the favourite target for cybercriminals.

McAfee, Inc. is an American global computer security software company.
McAfee, Inc. is an American global computer security software company. Wikimedia Commons

Russia, North Korea and Iran are the most active in hacking financial institutions, while China is the most active in cyber espionage.

“Our research bore out the fact that Russia is the leader in cybercrime, reflecting the skill of its hacker community and its disdain for Western law enforcement,” said James Lewis, Senior Vice President at CSIS.

“North Korea is second in line, as the nation uses cryptocurrency theft to help fund its regime, and we’re now seeing an expanding number of cybercrime centres, including not only North Korea but also Brazil, India and Vietnam,” Lewis added.

Cybercrime losses are greater in richer countries; however, the countries with the greatest losses are mid-tier nations that are digitised but not yet fully capable of cybersecurity, the report noted. (IANS)

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Around 56% Indians Fall Victim to Discount Scams During Online Holiday Shopping, Reveals McAfee

"As threat actors continue to enhance their techniques and explore new creative means of theft, it is crucial that users are mindful of potential risks and undertake necessary measures to protect themselves this holiday season," advised Krishnapur

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The survey revealed a staggering number (52.6 per cent) between the age of 18 to 24 years faced the brunt of romance scams, and 60 per cent millennials agree to being scammed by e-greetings. Pixabay

With Christmas around the corner, cybersecurity firm McAfee on Tuesday revealed that 56.1 per cent Indians have fallen victim to discount scams by clicking on malicious links during holiday shopping online.

The year-end festivities present a variety of threats to consumers shopping online, with more than half (53.6 per cent) Indians falling victim to scams resulting from deceiving apps, said McAfee’s ‘Christmas Scams Survey’.

At least one in four (28.6 per cent) Indians have lost between Rs 15,000-Rs 20,000 as a result of fake online retail sites, while 78.6 per cent experienced seasonal travel scams through unsolicited and malicious links.

While cybercriminal activity continues to grow in sophistication, popular scams like email phishing (25.3 per cent) and text phishing (21.1 per cent) still result in close to a quarter of Indians being duped throughout the season, said the survey.

“With the sheer volume of people shopping online, they tend to get careless, carried away with discounts, and open themselves to phishing attacks, frauds, malicious websites, and viruses that aim to steal money and personal information,” said Venkat Krishnapur, Vice-President of Engineering and Managing Director, McAfee India.

Throughout the festivities, 60.2 per cent people have fallen victim to robocalling and 57.1 per cent through SIM-jacking.

McAfee, Inc. is an American global computer security software company.
McAfee, Inc. is an American global computer security software company. Wikimedia Commons

A robocall is a phone call that uses a computerized autodialer to deliver a pre-recorded message, as if from a robot.

A new trend that hit unsavvy consumers hard this festive season was through phony gift cards.

Nearly 39.3 per cent Indians were directed to a site, were they were asked to input personal information such as name, telephone number or credit card information, with 40 per cent losing between Rs 10,000 to Rs 15,000.

Leveraging the emotional aspects of philanthropy and generosity, 60.7 per cent were victims of fake charities, with scammers impersonating genuine trusts to ask for donations.

Also Read: US Government Begins Probe into Google Over its Labour Practices

The survey revealed a staggering number (52.6 per cent) between the age of 18 to 24 years faced the brunt of romance scams, and 60 per cent millennials agree to being scammed by e-greetings.

“As threat actors continue to enhance their techniques and explore new creative means of theft, it is crucial that users are mindful of potential risks and undertake necessary measures to protect themselves this holiday season,” advised Krishnapur. (IANS)