31% of Indians lose money in cyber attacks, 70% face tech support scams: Microsoft study

India is the most affected country in the world in terms of cyber fraud, with 31 per cent of victims losing money. Read here to know more about the current situation

Seven out of 10 Indian consumers have experienced technical support-related scams, and a recent study by Microsoft revealed that 31 per cent of Indians who have been victims of cyber-attacks have lost their money. This is also a matter of concern as no other country has lost so much money due to cyber scams, the report added.

According to a report titled “Microsoft’s Global Tech Support Scam Research”, Microsoft has tracked nearly 24 trillion threat signals generated by 2021 for malicious activity.

The findings were discussed at a cyber security roundtable conference involving Rama Vedashree, CEO of the Data Security Council of India (DSCI) and Mary Joe Shradd, Regional Lead at Microsoft’s Digital Crimes Unit in Asia. Discussions include an integrated security approach, cyber security expertise, public-private partnerships, and the analysis and sharing of analytical intelligence on how to protect India from these major cyber threats.

“Over the past few years, cybercriminals have been finding ways to exploit new vulnerabilities, which has led to an increase in cybercrime as an economy. Tech support scams are a growing challenge, especially in the industry. It’s important to remember that cybersecurity is a team sport, “said Schroeder.

Their discussion focused on the growing cyber crime problem in India and how companies should invest in a strong security position to keep their data safe.

What is the current situation?

The report reveals that millennials (aged 24-37) are the most targeted in such tech support scams. About 58 per cent of the victims have lost money.

How serious was the loss?

According to the report, 31 per cent of Indians who have been victims of such cyber attacks have lost their money. By comparison, in 2018, 18 per cent of cyber fraud victims in India lost money. The global average number of victims of cyber fraud and money loss is 7%.

In cash terms, the average amount of money lost nationwide in cyber fraud is Rs 15,334 and the average recovery is Rs 10,797.

The report reveals that 22 per cent of victims of cyber fraud have lost between Rs 7,500 and Rs 37,500. Only about 8 per cent of victims of such scams have lost more than Rs 37,501.

Forty-three percent say bank transfers are the most used method to persuade people to transfer money to cybercriminals.

Rama Vedashree, CEO, Data Security Council of India (DSCI), said, “Cyber ​​security is crucial for every organization going forward and it is important to remember that this is a shared responsibility. All of us, the government and the public and private sectors need to work together to build a strong cyber security position for India.

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