India is fast catching up on the path of technology. But cyber crime has emerged as a major challenge in the path of this pace, causing the country to lose billions of rupees annually. There are many reasons for increasing cyber crime in India. At the same time, India has done all kinds of work in the direction of reducing crime. We talked to Cyber Security of India with Ram Seethepalli, CEO of Europ Assistance India, who explained the world of cyber crime in India. Let us know this conversation in detail.
How about the state of cyber security in India? How much damage does an individual and organizations cause each year due to cyber fraud?
India currently has about 1.2 billion mobile accounts and more than half a billion Internet users. Indians collectively downloaded more than 12 billion mobile apps in 2018. India is increasingly moving towards digital payment technology, in which UPI and other mobile wallet users are playing an integral role in life. India is also among the top countries that face the most cyber-attacks and cyber-fraud cases. This trend has increased during epidemics and lockdowns, when people started using virtual and touchless payment payments in large numbers. In 2019, more than two lakh cyber attacks were carried out from China alone and this figure increased to just three months after the lockdown. In the first nine months of 2020, there has been an estimated loss of about US $ 6 trillion due to cyber crime, while the average per capita loss was Rs 4,552.
Cyber criminals plan to attack and collect information in three ways.
- The primary technique is attacks at the server level of companies. Once the server level attacks are executed, criminals sell that information to the dark web. Sometimes the same password is used for multiple accounts and hence a hacker can also attack other accounts of the same person.
- The second type of attack is through phishing, malware, ransomware etc. on mobile and laptop devices.
- The third way is related to scam. These attackers pretend to call from various banks and financial institutions and provide unconfirmed information to the consumer on the pretext of offers and discounts, which can result in significant financial losses.
Europe Assistance is a leader in the cyber security sector. It protects more than 165 million individuals in more than 25 countries. Sybrier is a one-stop solution that covers many aspects of an individual’s identity. It protects personal information, consumer’s equipment and their families, as well as a person’s credit and financial characteristics. Sybrier aims to educate and protect the digital footprint of individuals to protect the “digital you”. The “Digital U” philosophy includes personal email ID, password, mobile phone number, address, PAN, Aadhaar number, credit card number, credit profile. Key features of Siberian include:
- Protecting a person’s personal information
- Security of the devices (and what you are doing on the devices, such as banking transactions or phishing links, etc.)
- Monitoring financial profile and financial capabilities and providing insurance to cover any losses and solve problems with the help of 24/7 cyber security experts
Siberian helps its customers through digital account monitoring in real time for any unwanted or suspicious activity. It also tracks your credit score while minimizing the risk of various types of scams (banking / loan fraud, payment fraud, Aadhaar fraud, and other identity theft) and resolving them quickly. Additionally, Sibériar also prevents damage to data. Cyber security prevents the threats of data looming on a person’s devices and helps in banking transactions with complete confidence and without worrying about phishing, ransomware etc.
What is Siberian’s market strategy for Indian markets?
Cybrier works on a B2B2C (Business to Business to Consumer) model and consumers can avail the solution from Cybrier’s website. Globally, Cybrier has met the needs of customers through contacts with sectors such as banks, credit card companies, insurance companies, automotive manufacturers, airlines as well as travel companies. These companies in turn provide differentiated and value-added services to their end consumers and employees. We also hope to focus on these same market segments in India. Given the demographics and some powerful behavior change in India, there is a need and opportunity for personalized cyber security solutions. Research by Siberian suggests that individuals want solutions that protect the source, and there are an estimated 8–10 million users of CyberJio over the next 5 years.
How can end users benefit from such a solution? How do you differentiate Cybrier from other currently cyber security solutions provider in India?
From the end users point of view it is important to understand that each person has a digital version of themselves with all their information including IP address, password, credit card number, residential address, mobile number, marital status, PAN card, Aadhaar card, etc. it happens. If a cyber criminal wants to grab this information, then for this he can make a fake digital version and can cause a lot of damage. Therefore, the security of the digital version of a person is very important. Additionally, end users are not only concerned about themselves, but they also worry about the safety of their family. Siberian has covered this aspect well.
Sybrier is committed to protecting the digital version of every person. It is designed to protect personal data and a person’s devices and also benefits family members. This solution protects malware, ransomware, phishing, cyber fraud, credit protection, etc. In addition to detecting fraudulent activity, Cyber also has resolution capabilities, with resolution experts who provide hands-on and phased solutions to solve fraud cases. Sybrier also complies with the RBI’s data localization and India’s security laws. Although other companies offer some benefits, But Cybrier is the only company that offers a unified package to secure a person’s digital identity. The service is being used by more than 165 million individuals in more than 25 countries globally.