Cyber Crime
Indian Cybercrime Epidemic: Criminals Looted Wealth Equivalent to North Korea’s GDP Over 3 Years
India grapples with a soaring tide of cybercrime, with losses reaching ₹66.66 crore in 2023 alone, as per data from the NCRB. The alarming trend highlights the urgent need for robust cybersecurity measures to safeguard both individuals and organizations in the digital age.
Cybercrime has emerged as a grave concern in India, casting a shadow over both individuals and organizations alike. Recent data from the National Crime Records Bureau (NCRB) paints a concerning picture, revealing that cybercrimes in 2023 alone led to financial losses amounting to a staggering Rs. 66.66 crore, with a total of 4,850 reported cases across the country. Less than 1% of total complaints of Cybercrimes turn into FIRs, The National Cybercrime Reporting Portal (NCRP) reported 155,617 cases of cybercrime in 2023.
Adding to the severity of the situation, a report by the Indian Cybercrime Coordination Centre (I4C) uncovered that digital financial frauds have accounted for an alarming Rs. 1.25 lakh crore over the span of the last three years. Highlighting the gravity of the issue, the National Cybercrime Reporting Portal (NCRP) disclosed that victims of digital financial fraud reported losses totaling Rs. 10,319 crore in 2023 alone.
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Moreover, insights from the Parliamentary standing committee on Finance underscore the growing menace, with the committee’s report on “cyber security and rising incidents of cyber/white-collar crimes” shedding light on domestic fraud amounting to Rs. 2537.35 crore as reported by the Supervising Entities (SE) in the fiscal year 2023. The report further revealed that a staggering 6.94 lakh complaints were received in 2023 alone, reflecting the pervasive nature of cybercrime in the country.