The ransomware frenzy has raised quite a few eyebrows in India. India has been known to be one of the biggest victims of such attacks. Recently, the Delhi Police—the police department of the country’s capital—warned the public about the increased cybercriminal activities, especially the one that was used to exploit the financial industry.
The fifth conference of the event Movement Against Smuggled and Counterfeit Trade-2018 was conducted in recent times. The major discussion points revolved around the economic impact of smuggling, piracy, mass counterfeiting, and ransomware.
In addition to understanding and analyzing the total damage from these issues, everyone brainstormed to come up with productive and practical cybersecurity suggestions and recommendations to address concerns like ransomware removal.
The Special Commissioner of Police, M.M Oberoi, stated that malware attacks like ransomware are a major dilemma for local businesses, and they are increasingly becoming more sophisticated with the passage of time.
Justice Arjan Kumar Sikri spoke to the audience and emphasized the need of stringent laws that could provide a stumbling block for the cybercriminals, preventing them from indulging in such illegal activities. He explained that the fields of economics and law may not appear close, but they are intertwined in more aspects than one could imagine.
He advised judges to realize the economic ramifications of their decisions, especially during the granting of injunctions while dealing with smuggling and counterfeiting. Moreover, he highlighted the need for speed in the culmination of cases so the judicial system in the country becomes more equipped against the cyberthreats.
D.P Dash, Director General at Directorate of Revenue Intelligence, explained that it is a good sign that the country is able to continuously climb up the ladder for the index of World Bank’s Ease of Doing Business—an important metric for worldwide businesses. However, Dash believes that issues pertaining to cybercrimes, like ransomware, are the biggest hurdles in the journey.
