Cyber security intelligence firm CloudSEK reported that cybercrimes are projected to cost Indian companies Rs 20,000 crore this year.
The company claims to have conducted a thorough analysis of 200 businesses from various industries, over 5,000 domain takedowns, data on approximately 16,000 instances of brand abuse, official data from the Indian Cyber Crime Coordination Centre (I4C) that documents the financial impacts and patterns of cybercrime across the country, and more for projections based on artificial intelligence.
“The biggest revelation from our research is the sheer scale of financial losses of over Rs 20,000 crore due to cybercrime, of which Rs 9,000 crore is due to brand name abuse alone. The fact that brand abuse is implicated in nearly one-third of all cybercrime incidents and a staggering 70 per cent of high-value scams is a wake-up call for India,” Pavan Karthick M, Threat Intelligence Researcher at CloudSEK said.
Over 25 lakh cybercrime complaints are anticipated, with 5 lakh specifically referring to brand impersonation.
“The white paper builds upon previous research documenting losses of Rs 11,333 crore in the first nine months of 2024 by I4C. By applying advanced predictive modeling techniques to comprehensive datasets, we project the trajectory of these losses into 2025, providing stakeholders with actionable intelligence to combat this growing threat,” the report said.
Banking and financial services will be the most affected, with losses of almost Rs 8,200 crore, followed by retail and e-commerce with Rs 5,800 crore and government services with Rs 3,400 crore, according to the research conducted by CloudSEK Nexus platform.
“Investment scams (pig-butchering) and advance-fee scams are the primary drivers of financial losses,” the report said.
According to the survey, fraudulent applications are predicted to rise by 83%, especially in the financial services industry, while fraudulent domains (website names) are predicted to rise by 65%.
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