HYDERABAD: With the theme, “Securing the Future: Navigating the Intersection of Cybersecurity, Privacy and AI, the Information Systems Audit and Control Association (ISACA) Hyderabad hosted the Annual Cybersecurity Conference 2024 on Saturday.
Cyberabad Police Commissioner Avinash Mohanty stated that despite usually having minimal resources such as small servers, regular phones, and even small call centres, cyber fraudsters manage to dupe people by impersonating professionals in the finance field.
He urged the public to be vigilant, noting that cybercrimes currently account for 30% of all crimes, with a potential rise to 50%. Scams involving online betting and loan apps have surged, with fraudsters utilising UPI payments and cryptocurrencies for large-scale operations.
Bhavesh Mishra, Deputy Secretary of the ITE&C Department, pointed out that two cases of cybercrime occur every minute, with losses ranging from Rs 1.3 lakh to Rs 1.5 lakh. The recovery rate is low, as funds often disappear before authorities can act. He referenced the CrowdStrike incident, which caused over $5 billion in industry losses, emphasising the interconnected nature of today’s digital landscape.
Mishra also mentioned Telangana’s initiatives, including a dedicated AI document released at the AI Summit and a cybersecurity centre of excellence.