India may see 1 trillion cyberattacks annually by 2033, experts warn

In recent years, high-profile cyberattacks have hit institutions such as AIIMS and major airlines

India is projected to face nearly 1 trillion cyberattacks every year by 2033, with this number potentially soaring to 17 trillion by 2047, according to cybersecurity experts.

 

A report by the non-profit organisation (NGO) Prahar pointed to the urgent need for a large-scale defence system to counter the growing threats in cyberspace. Experts warn that India’s booming digital landscape is a prime target for cybercriminals, who are exploiting weaknesses across various sectors.

 

In recent years, high-profile cyberattacks have hit institutions such as the All India Institute of Medical Sciences (AIIMS) and major airlines.

 

How bad is it?

 

In 2023 alone, India saw more than 79 million cyberattacks, marking a 15 per cent rise compared to the previous year. This placed India third globally in terms of attack frequency. The trend has not slowed in 2024, with over 500 million incidents recorded in just the first quarter. Reports also show a 46 per cent increase in cyberattacks in the second quarter of 2024 compared to the same period the previous year.

 

The rise in cybercrime activity is being felt across industries, especially those frequently targeted by cybercriminals. The global trend is no less concerning, with cyberattacks increasing by 76 per cent in the first quarter of 2024. As one of the hardest-hit countries, India saw losses of over Rs 1,750 crore to cybercriminals in just the first four months of the year. Over 7.4 lakh complaints were filed through the National Cybercrime Reporting Portal during this period.

 

The vulnerabilities

 

Prahar’s report, ‘The Invisible Hand’, paints a grim picture of India's cybersecurity landscape, identifying critical infrastructure hacking and citizen manipulation as key weaknesses. The report calls for a five-year national cybersecurity strategy, recommending that all IT infrastructure be consolidated under a single entity to ensure more focused efforts.

 

“The rapid increase in cyberattacks calls for immediate action,” Prahar’s spokesperson said.

 

“India must adopt a proactive stance to protect its citizens and institutions from an ever-growing threat.” 

The financial impact

 

Cybercrime isn’t just a security issue, it is costing businesses and individuals heavily. Cybersecurity Ventures, a global research organisation, predicts that cybercrime will grow by 15 per cent annually over the next five years, potentially reaching a staggering $10.5 trillion by 2025. For perspective, this is up from $3 trillion in 2015, according to the research.

 

These costs stem from various types of damages:

< data destruction

< theft of intellectual property

< personal and financial data breaches

< business disruptions

< expenses for legal investigations