According to a study conducted by Specops Software, cybercrime is expected to cost the global economy USD $6 trillion per year by 2021.
The cyber security company also analysed the latest data from Center for Strategic and International Studies (CSIS) to discover that India is third on the list of countries experiencing the most 'significant' cyber attacks between May 2006 and June 2020.
The company defines significant cyber attacks as any cyber attack on a country's government agencies, defense and high tech companies or economic crimes equating to a loss of more than a million dollars.
The report claims that India has had 23 of these. The United States of America has had the maximum with 156. The United Kingdom in second place have had 47 such attacks.
According to the study, reports of the last of the 23 significant cyber attacks in India came in June 2020 in which malware was deployed against nine human rights activists to log their keystrokes, record their audio, and steal their personal credentials.
Darren James, cyber security expert, Specops Software, said, “No one can rest on their laurels when it comes to cyber security. This research highlights the frequency of cyber attacks which have devastatingly affected key political, social and economic institutions within different countries. Whilst some countries have had to deal with more cyber attacks classified as significant than others, it’s an important reminder for those in notable positions of power the role they can play in providing the public sufficient and continual governance on what online best practices they can implement to prevent their IT estate from being exploited by opportunistic cyber criminals."