Phishing attacks are on the rise in India, with a staggering 464% year-over-year increase in 2023, making it the most common form of cyberattack in the country. According to Acronis, a leading cyber protection company, phishing accounts for over 84% of all cyber threats received annually.
These attacks rely on human interaction and social engineering tactics, leveraging psychological manipulation to deceive individuals into divulging sensitive information like credit card details and passwords. The advent of artificial intelligence (AI) has made phishing even simpler, enabling scammers to tailor their approaches and increase their success rates.
One such victim, Nitin, fell prey to a phishing scam when he tried to schedule an appointment with a doctor online. After receiving a call from someone claiming to be from the doctor’s office, he unknowingly downloaded a mobile app and ended up losing ₹47,000 from his savings account.
Despite increased efforts to educate the public on cyber hygiene and awareness, phishing attacks continue to exploit the weakest link in the chain – users themselves. While Indian banks have ramped up their cybersecurity investments, there is a pressing need for greater awareness among individuals to mitigate the risks of falling victim to these scams.
In response to the escalating threat landscape, the Reserve Bank of India (RBI) has introduced a master direction on ‘IT Governance, Risk, Controls, and Assurance Practices’ to enhance data protection measures in financial institutions. Additionally, leaders in the banking sector advocate for a minimum threshold on cybersecurity budgets to bolster defenses against evolving cyber threats.
It is evident that combating phishing attacks requires a multi-faceted approach that encompasses technological safeguards, heightened user awareness, and regulatory initiatives. As the digital landscape continues to evolve, staying vigilant and informed is paramount to safeguarding against cyber threats and ensuring the security of personal and financial information.
