The concept of cyber security has itself undergone huge transformation in the
wake of 'modern technologies' and increasing influence of 'social medias'
such as facebook and twitter etc. It has assumed proportions; external as well
as internal threats.
Following the recent report, released by 'Check Point Research', on Feb 7, "The
threat intelligence arm of Check Point Software Technologies, Yahoo was the most
imitated brand for email-based phishing while Swedish music streaming app
Spotify the most imitated for web-based phishing attempts".
The report reveals that 'Cybercriminals', 'cyberterrorism' imitated Facebook (FB)
the most for 'phishing attempts' in their attempts to steal individuals personal
information or payment credentials during October-December period (2019) which
is the busiest online shopping periods of the year. In a brand phishing attack,
cyber criminals try to imitate the official website of a well-known brand by
using a similar domain name or URL and web-page design to the genuine site, the
According to 'Brand Phishing Report for Q4 2019', "The link to the fake website
can be sent to targeted individuals by email or text message, redirected during
web browsing, or triggered from a fraudulent mobile application. The fake
website often contains a form intended to steal users credentials, payment
details or other personal information".
Meanwhile, "Cybercriminals are using a series of attack vectors to trick their
intended victims into giving up personal information and login credentials or
transferring money," remarked Maya Horowitz, Director, Threat Intelligence and
Research, Check Point Software Technologies. "Although this is often done using
spam emails, we have also seen attackers obtain credentials to email accounts,
study their victim for weeks and craft a targeted attack against partners and
customers to steal money," he added.
Netflix was third at 5%, followed by 'Paypal' at 5%, Microsoft at 3%. During Q4
2019, there were significant differences in the brands being used in each
phishing vector. For instance, the target in the mobile vector was on major
technology and social media brands as well as banks. Notably, Check Point's
Threat Cloud database holds over 250 million addresses analysed for bot
discovery, more than 11 million malware signatures and over 5.5 million infected
websites, and identifies millions of malware types daily.
Another research by Cybercrime Ventures reveals that, The cost of cybercrime
damage could reach $6 trillion annually by 2021. And this rapid increase in
damage is due to the fact that more and more agencies – companies are shifting
towards digital assets for their businesses. So hackers-criminals now have more
causes to attack companies including top governmental agencies etc.
Following the same, The projected $6 trillion figure – rise from $3 trillion in
2015 – will make cybercrime more profitable for "cyber criminals" than the
"global trade" of all major illegal drugs combined, as they employ ever more
sophisticated techniques to lock systems, destroy data, stolen money, lost
productivity, theft of intellectual property, theft of personal and financial
data, disruption to business, reputational damage and exploit vulnerabilities in
networks and devices.
Several research papers has been also remarked that, Cyberattacks are expected
to cost businesses and organizations, from the projected figure "$6 trillion by
2021" to "$8 trillion by 2022". Also, The latest cyber-attacks have closed down
small businesses, delayed medical services at hospitals, closed down government
services, and more. As we are witnessing rapid adoption of modern technology in
every sector, the union government has surely put India on a 'digital
innovation' fast track to achieving the $5 trillion economy. So in this
direction, the government need to fix-cycle such kind of attacks.
The increased figure amounts to the biggest transfer of economic wealth in
history. Significantly, The Indian Cyber crime Coordination Centre to act as a
nodal point in the fight against cyber crime. It will identify the research
problems and needs of law enforcement agencies and take up R&D activities in
developing latest technologies and forensic tools in collaborations with
academia and research institutes across the world.
Causes for such cyber attacks is the lack of cyber hygiene and technical debt in
the software infrastructure of the country. What it means is that it lacks
security patches against newly discovered vulnerabilities. And, that is the
major cause why India needs a 'bigger cybersecurity strategy' for securing
information and data at digital space. Notably, Technology firms are making the
pledge to protect customers from cyber-attacks, as well as making sure they
don’t help governments advance their cyber warfare efforts. As we are adopting
different and modern technologies, it's a dire need of the hour for cyber-safe
A risk management era will also helps keep the board involved in our cyber
security efforts, and enables to adjust our strategy as the threat landscape
changes. Organisations and CEO's must create access controls to ensure that
employees can only access data and information that’s important to their work.
The globe consequences of cyber attempts have been repeatedly proven, so come
together to fight cybercriminals and stop future attacks from causing even more
Consequently, ‘Cyber technology’ has become one of the top threats. In this
regard, 'Cyber Swachhta Kendra' is a good step by union government under the
Digital India initiative, while the country also underlined the need to take
forward inter-alia people-to-people cooperation, cooperation in science,
technology and innovation in order to get rid about the same. Many leaders and
RBI have been recommending a to set up a board for a country-wide Cyber Security
Policy which gives a needed framework and the strategy to cycle cyber threats at
Written By: Trilok Singh, Currently Studies Masters in Mass Communication
& Journalism at International School of Media and Entertainment Studies, News 24
Campus. MA in Political Science, Kirori Mal College, University of Delhi.
Currently, CEO at Youth Darpan Media, IASmind, & India s Journal. Forthcoming
Media House is Online Media 24.