Cyber Criminals Target Banks and Govt Sectors- 2018-2019

With the increase in the pace of cybercrime in government sectors, banking, and various other critical infrastructure, the issue has been a matter of concern for global economic prosperity.

In India sectors such as banking and finance, government and critical infrastructure are the most targeted ones. According to tech major Cisco, the rates in cybercrime according to reports have taken a hike in the year 2018 and 2019.

Cisco India and SAARC Director (Security Business) Vishak Raman told PTI- “The hackers are persistent, and their campaigns are very targeted. We have found that sectors like banking and finance (20.1 percent), government (19.6 percent) and critical infrastructure (15.1 percent) were among those that continue to face the highest threat of cyberattacks.”

Even after The Reserve Bank of India (RBI) set up a compliance and tracking system portal to take up the proliferation of cyber-fraud the crimes have not lessened any further. India’s cybercrime capital, Bengaluru, has seen the highest number of cybercrimes registered cases in 2018. The technology capital saw a whopping 5,035 FIRs registered at the cybercrime police station in the city.

On the other hand, Maharashtra reports 2,945 cases that have been registered in September 2018 and most of them were in Mumbai with Delhi registering 84 FIRs at the cyber crime cell.

They are using a host of mechanisms like the point of sale attacks to target sectors like retail, hospitality, entertainment, and e-commerce. Ransomware is used to attack public sector entities, transportation as well as banking and finance vertical,”- says Vishak

Therefore it is important for companies to take up measures in order to protect the increase in cybercrimes for a secure economic future.

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