HYDERABAD: With the theme ‘Securing the Future: Navigating the intersection of Cybersecurity, Privacy and AI’, Information Systems Audit and Control Association (ISACA) Hyderabad hosted its annual Cybersecurity Conference 2024 on Saturday.
Cyberbad Police Commissioner Avinash Mohanty said cyber fraudsters often impersonate financial experts despite having minimal resources, usually small servers, regular telephones and even small call centres. He said he was successful in deceiving people.
He urged the public to be vigilant, noting that cybercrime currently accounts for 30% of all crimes and could increase to 50% in the future. Scams involving online gambling and loan apps are on the rise, with scammers using UPI payments and cryptocurrencies in large-scale operations.
Bhavesh Mishra, Additional Director General, ITE&C Department, pointed out that two cyber crimes occur every minute and the loss ranges from Rs 130,000 to Rs 1,500,000. Recovery rates are low because the funds often disappear before authorities can take action. He cited the CrowdStrike scandal, which cost the industry more than $5 billion, and emphasized the interconnected nature of today’s digital environment.
Mishra also mentioned Telangana’s initiatives, including a dedicated AI document released at the AI Summit and a Cybersecurity Center of Excellence.
