In today’s digital age, where almost every aspect of our lives is connected to the Internet, being aware of cyber threats and taking corrective action is more critical than ever. According to the national cyber crime reporting portal managed by the Ministry of Home Affairs, other Indians suffered losses of over INR 1750 crores during January-April 2024 due to cyber criminal activities alone. Moreover, the Indian Cyber ​​Crime Coordination Center (I4C) also reported that in May 2024, around 7000 cyber crime complaints were filed daily. A staggering 113.7% increase compared to 2021-2023.

Thus, deciphering cybercrime and its risk mitigation strategies are essential for each individual digitally exposed.

Understanding the threat landscape

In the last three to four years since Industry 4.0 or rapid digital integration with industries has become the norm, there has been a notable increase in cyber attacks. The India Cyber ​​Threat Report, 2023 reports that India has increasingly become a prime target for Advanced Persistent Threats (APT). These adversaries have carried out a range of cyber attacks, including destructive actions, espionage and information operations that have significantly compromised national safety and security.
So what can you do to protect yourself against these unscrupulous activities? Here are some quick tips:
Use strong and unique passwords

One of the most fundamental steps in cybersecurity is creating strong, unique passwords for each of your accounts. online. Avoid commonly used or easy to crack passwords like “123456” or “password”. Instead, use a combination of letters, numbers, and special characters. Consider using a secure password manager to keep track of your passwords for easier recall.

Enable two-factor authentication (2FA)

Two-factor authentication adds an extra layer of security by requiring not only a password, but also a second form of verification, such as a text message code or biometric scan. Many Indian banks and online services offer 2FA, and enabling it can significantly reduce the risk of unauthorized access to your accounts.

Be careful with public Wi-Fi

Public Wi-Fi networks, such as those in coffee shops or shopping centers, are convenient to use when you’re on the go. However, they are often insecure and a breeding ground for cyber attacks. You should also avoid conducting sensitive transactions, such as online banking or shopping, over public Wi-Fi. If necessary, consider using a virtual private network (VPN) to encrypt your Internet connection.

Regular software updates

Make sure your smartphone’s operating system, apps, and antivirus software are up to date. In India, where smartphone usage is prolific, keeping your mobile operating system up-to-date is as crucial as updating your computer software.

Beware of phishing scams

Phishing scams, where attackers pose as legitimate entities to steal personal information, are common in India. Be skeptical of unsolicited emails, texts, or phone calls that ask for personal or financial information. Verify the sender’s identity or thoroughly check the sender’s background before clicking on links or downloading attachments.

Secure your social media accounts

Social media platforms are a goldmine for cybercriminals looking to collect personal information. Review and adjust your privacy settings to control who can see your posts and personal information. Be careful about the information you share online, as oversharing can make you a target for identity theft.

Back up your data

We should also inculcate a practice of regularly backing up important data to an external hard drive or cloud service. In the event of a ransomware attack, where hackers lock your files and demand payment to release them, having a backup ensures you don’t lose valuable information.

Educate yourself and your family

Cyber ​​security is not just an individual responsibility, but a collective one. Educate your family members, especially children, about safe online practices. Simple habits like not sharing passwords and recognizing suspicious emails can protect your household from cyber threats.

Conclusion

As India continues to embrace digital transformation, the importance of cyber security cannot be overstated. By implementing these simple yet effective measures, everyday internet users can significantly increase their online safety.

However, even with the best precautions, there are still potential risks such as zero-day vulnerabilities, missing patches, and system outages that could expose you to cyber incidents. To mitigate these risks, it is essential to consider a risk transfer mechanism. This can be done by obtaining cyber insurance from a trusted partner that can provide financial protection in the event of a cyber attack. Practicing good cyber hygiene, along with a robust risk transfer strategy, is essential to protecting our personal information and maintaining trust in the digital services we rely on every day. Stay alert, stay informed, stay safe.