Cybercrime cost India dollar 8 billion in last 12 months, Norton

More than 42 million people in India have fallen prey to cybercrime in the past 12 months, suffering about $ 8 billion in direct financial losses, estimates a report by security solutions firm Norton.

The 'Norton Cybercrime Report 2012' found, based on experiences of more than 13,000 adults across 24 countries (including 1,000 from India), said direct costs associated with global consumer cybercrime are pegged at $ 110 billion over the past twelve months.

"In India, it is estimated that more than 42 million people fell victim to cybercrime in the past 12 months, suffering approximately $ 8 billion in direct financial losses," it said.
According to the report, 66 per cent of the Indian respondents ( online adults) said they have been a victim of cybercrime in their lifetime. In the past 12 months, 56 per cent said they have experienced cybercrimes.

The average direct financial cost per victim of $ 192 has also gone up 18 per cent over 2011, when the same stood at $ 163.

Globally, every second 18 adults become a victim of cybercrime, resulting in more than one-and-a-half million cybercrime victims each day, the report said.

With losses totaling an average of $ 197 per victim across the world in direct financial costs, in the past 12 months, an estimated 556 million adults across the world experienced cybercrime.

"This year's survey shows an increase in 'new' forms of cybercrime compared to last year, such as those found on social networks or mobile devices -- a sign that cybercriminals are starting to focus their efforts on these increasingly popular platforms," the report said.

In India, one in three respondents (32 per cent) said they have been a victim of either social or mobile cybercrime in the last 12 months.

About 51 per cent of social network users among the Indian respondents said they have been victims of social cybercrime.

While 22 per of social network users reported that someone had hacked into their profile and pretended to be them, while 15 per cent said they had fallen victim to a scam or fake link on social network platforms.

While 83 per cent of the Indian respondents said they believe that cybercriminals are setting their sights on social networks, only 57 per cent said they actually use a security solution, while 44 per cent said they use the privacy settings to control what information they share, and with whom.

"Cybercriminals are changing their tactics to target fast growing mobile platforms and social networks where consumers are less aware of security risks," Norton Internet Safety Advocate and Director (Asia) Effendy Ibrahim said.