More than 50,000 cases of cyber crime were reported in 2015 alone. Unreported cases are believed to be much higher. The study suggests that the Indian government's reluctance to invest in research to curb cybercrimes has taken a heavy toll on industry.
“It is huge challenge before the government as well as industries in India as we are moving towards an online tax regime. It is massive threat to industries and government because the fraud level can be extensive if the tax systems get broken. The volume of the fraud would be so extensive that it could be like a nuclear bomb. Therefore India should immediately increase investment and research to secure its online systems,” Sunil Kanoria, president of India’s apex industry body ASSOCHAM, said.
The study revealed attacks have been mostly initiated from countries such as the US, Turkey, China, Brazil, Pakistan, Algeria and the UAE. Growing use of internet and smartphones has made India one of the most favored countries among cybercriminals.
Attackers can gain control of vital systems such as nuclear plants, railways, transportation and hospitals and cause problems that could subsequently lead to dire consequences such as power failures, water pollution or floods, disruption of transportation systems and loss of life, noted the study.