“Every rose has its thorn”, It is a secret to none, that technology in all its forms has changed the world as we know it and made revolutionary changes in the economy as a whole, but what many may turn a blind eye to is that along with the persistently up climbing graph of the revenue generated by modern technology and its many wonders, comes something a lot less desirable. The thorn to the rose of modern technology is nothing else but, the threat to cybersecurity.
What I would like to emphasize on however, are the qualitative and quantitative impact of cybersecurity threats on this era’s economy.
The impact may be direct i.e. financial losses or hefty ransom payments, or indirect i.e. loss of customers, charge of preventive measures, damages to company reputation.
The effect above is on a small scale, however the economy being made up of clusters of many such companies would experience the effect manifold. Recent statistics suggest an overwhelming increase in financial losses caused by cybercrime and its many forms. the aggregate is said to reach 3 trillion USD annually. Moreover, cybercrime ranks third in dollar value as a global scourge.
Owing to the myriad of new technological advancements, almost all human criminal activities have advanced into the cyberspace making tackling them all the more treacherous.
Moving to the example of India,
The increase in rates of cybercrime in India, much like the rest of the world has seen an overwhelming rise, amounting to a whopping 11.8% over the previous year. A hero i.e. the ‘Citizen Financial Cyber Fraud Reporting and Management System’ under the Indian Cyber Crime Coordination Centre (I4C) has saved more than INR 1200 Crore in over 4.7 lakh complaints.
For a brief consensus, the advancement of technology is indeed somewhere along the line aiding cybercrime, it is also bringing along with it many preventive measures as well as cures. If dealt with properly we could save billions to trillions of dollars every single year.
