Enabled by AI, phishing becomes quite simple
The person claimed to be from the doctor's office and asked him to download a mobile application (app) and fill his personal details to complete the appointment process. Before Nitin realised that something was amiss, he had lost ₹47,000 from his savings bank account. He had been 'phished'.
Such online attacks — called 'phishing'- that rely on human interaction, are on the rise. They are easy to execute and are getting increasingly sophisticated because of the use of artificial intelligence (AI). Also called 'social engineering attacks', these practices don't require complex hacking and rely on psychological manipulation of human emotions.
Phishing is the most common form of cyberattack in India, accounting for more than 84% of the total cyber threats received every year, according to Acronis, a leader in cyber protection. The attacks grew 464% YoY in 2023, said Acronis.
«There is no one fix that will help us in this case. Educated people fall for it and constant education is the only way, but unfortunately it is not reaching every one,» said R Subramaniakumar, chief executive of RBL Bank. «They (scamsters) are coming up with innovative methods again and again.»
IT teams in Indian organisations on average receive reports of 15 suspicious emails on any given workday.
According to a report on cyber security trends in 2023 by Nasscom, social engineering attacks in India led to ₹19.1 crore in losses on an average every year.
Spending on cyber security in the BFSI (banking, financial services and insurance)
