According to the Indian Cybercrime Coordination Center, the estimated amount Indians lost to fraudsters between January and April 2024 was Rs 1,750 crore | Photo: Shutterstock
In an increasingly technology-dependent world, cybercriminals are exploiting artificial intelligence (AI) to launch sophisticated attacks, posing significant threats to both individuals and organizations, according to one expert.
Recent high-profile reports of data breaches involving Star Health illustrate this alarming trend and highlight the urgent need for improved cybersecurity measures.
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Speaking to PTI, Sneha Katkar, Head of Strategy and Product Custodian for cybersecurity firm Quick Heal’s antivirus suite, pointed out that the cybercrime landscape has undergone a significant evolution.
“Cybercriminals today don’t operate manually; they use AI to automate attacks. They use artificial intelligence to actually execute these attacks. It is so sophisticated in nature that the best of the best are falling prey to it,” she noted.
This automation allows them to bypass traditional security measures, making it challenging for even the most robust systems to defend against such threats, she said.
Katkar said the recent breaches at Star Health are stark reminders of the vulnerabilities in digital infrastructures.
In July 2024, an account on the dark web claimed to have accessed the data of 375 million Airtel customers, stolen it and put it up for sale. However, Bharti Airtel has dismissed any data breach, calling it a “desperate” attempt to tarnish the brand’s image.
In September 2024, insurer Star Health suffered a significant breach that exposed sensitive health information of its customers on Telegram chatbots.
No matter what type of security you have, even if it’s a global player, Katkar says, a cybercriminal can design attacks that penetrate an organization’s security products. She further said that when such breaches occur, companies tend to go back to their consumers and notify them that such a breach has occurred.
“What I’m essentially trying to say is that fraudsters are becoming tech savvy and super smart. Consumers also need technology to beat this. Because awareness is always one step behind,” she pointed out.
While awareness is critical, it often lags behind the evolving tactics of fraudsters. Once consumers become aware of one type of scam, fraudsters innovate newer methods, she explains.
This ongoing cat-and-mouse game requires a dual approach: using technology in addition to consumer education to stay one step ahead of cybercriminals.
According to the Indian Cybercrime Coordination Center, the estimated amount Indians lost to fraudsters between January and April 2024 was Rs 1,750 crore.
Cybercrime has resulted in significant financial losses for individuals and organizations, with incidents such as phishing, ransomware and online fraud becoming increasingly common.
With the remarkably rapid adoption of artificial intelligence (AI), concerns have been raised about its potential to amplify cyber attacks, including creating more convincing phishing emails, automating malicious activity and developing new forms of malware.
Furthermore, the threat of financial fraud in today’s digital landscape is just one of many concerns; personal data and identity theft are equally pressing issues that are unfortunately becoming more common.
In recent news, YouTube channels of India’s top court and social media content creator Ranveer Allahbadia (Beer Biceps) were hacked.
Katkar highlighted another case where a CEO fell victim to a digital arrest scam, losing Rs 7 crores due to a well-thought-out deception involving fake legal documentation.
“The complexity of these scams means that even smart individuals can be caught off guard,” she noted.
“The interplay between technology and awareness is critical in combating these emerging frauds,” she said.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First publication: Oct 6, 2024 | 2:02 PM IST