India has seen a 175% surge in phishing attacks targeting the financial sector from January to June 2024, with over 135,000 incidents reported. This alarming increase, highlighted by cybersecurity firm Kaspersky, is a direct result of the rapid adoption of digital banking, e-commerce, and payment platforms, which have become key targets for cybercriminals. As per the report, the rise in cyberattacks underscores the growing sophistication of phishing tactics, fuelled by the use of artificial intelligence and automation by threat actors to craft more convincing and effective schemes.
Kaspersky attributes the surge in phishing attacks to the ongoing digital transformation accelerated by the COVID-19 pandemic, which introduced a larger pool of potential victims. Financial phishing refers to cyberattacks that target users of online banking, payment systems, and e-commerce platforms, aiming to steal sensitive financial data. These attacks often involve fraudulent communication, where cybercriminals impersonate legitimate institutions like banks, payment providers, or even well-known online retailers. Using social engineering techniques, attackers create convincing messages to trick victims into revealing personal and financial information, such as login credentials and payment details.
According to Kaspersky, businesses and individuals must take proactive measures to protect themselves from the increasing threat of phishing. The cybersecurity recommends keeping all software up to date to patch security vulnerabilities and prevent attackers from exploiting them. Apply patches for commercial VPN solutions and remote access services to protect against cyber threats. Regularly back up data to ensure quick recovery in case of a cyberattack. Download software only from trusted sources to avoid malware and phishing attacks. Keep track of network traffic and user activity to identify any unusual behaviour or unauthorised access. Implement 2FA and strong password policies to secure sensitive data and online accounts. For small businesses without dedicated IT departments, Kaspersky recommends solutions like Kaspersky Small Office Security, which offers easy-to-manage, hands-off protection. Larger organisations are advised to invest in more comprehensive solutions, such as Kaspersky MDR (Managed Detection and Response), which provides continuous monitoring and expert-level protection against sophisticated cyber threats.
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