The global cyber landscape continues to experience a dramatic increase in criminal activities, with an alarming rise in cyber-crime incidents reported in the first 7 months of 2024 alone. Unlike the singular devastation wrought by natural disasters (such as the torrential downpour that paralyzed Delhi and its National Capital Region on the night of July 31), cybercrime is a perpetual threat. It continues to pervade our daily lives, leaving no individual, entity, or organization immune to the risk of its calamitous exposure. For the digital fortresses being constructed, a mere protection from the waves alone will not do.

This Thursday Thunderstorm seeks to provide thought leadership by delving into specific accentuating complexities in the web of cyber threats. It focuses on specific best practices that enable better preparation and defense against cyber security risks.

Rise in tide | Reasons for increasing cyber-crime

• Increasing internet penetration: The exponential growth in internet users, fueled by affordable smartphones and data plans, has created a vast online population, increasing the pool of potential cybercrime victims.
• Sophisticated cybercrime techniques: Cybercriminals leverage advanced tools and techniques such as phishing, ransomware, and social engineering to exploit vulnerabilities. Cybercrime has become a lucrative business, with organized crime syndicates orchestrating large-scale attacks. Moreover, dark web forums facilitate the exchange of hacking tools, malware, and stolen data, empowering cybercriminals with resources.
• Greed & easy money: Cybercrime is driven by the allure of high financial returns with low risk of apprehension. Economic disparities motivate individuals to pursue cybercrime as a means of quick wealth. The globalized nature of cybercrime attracts international criminals, targeting vulnerable victims for potential high profits.
• Lack of awareness: Inadequate knowledge of cyber security, leaves individuals and organizations vulnerable to phishing, malware, and scams. A culture that values trust and hospitality may also increase susceptibility to social engineering tactics. Moreover, victims may be reluctant to report cyber-crimes due to feelings of embarrassment, a lack of trust in law enforcement, or fear of subsequent harassment.

Mitigating risks of being a victim to cyber-crime | Some best practices

1. Exercise caution online

• Scrutinize links and attachments: Avoid clicking on links or opening attachments in emails or messages from unknown sources. Always confirm the sender's identity before responding
• Official application stores. Free downloads from unknown websites often contain malware. 
• Guard your personal information: Avoid sharing personal details like passwords, bank account numbers, or social security numbers online unless absolutely necessary and on a secure platform.
• Social media privacy settings: Adjust your social media privacy settings to control who can see your information. Be mindful of what you share publicly.

2. Use strong passwords

• Length and complexity: Create passwords that are at least 12 characters long and include a combination of uppercase and lowercase letters, numbers and symbols. 
• Unique passwords for each account: Avoid using the same password for multiple accounts. If one account gets compromised, the others need to remain secure. 
• Password managers | Consider using a password manager to generate and store strong, unique passwords for all your accounts.

3. Enable two factor authentication ('2FA')

• Extra security layer: 2FA adds an extra step to the login process, typically requiring a code sent to your phone or email after entering your password. This makes it harder for attackers to gain access to your accounts even if they steal your password. 
• Enable 2FA for all accounts: Enable 2FA on all your online accounts that offer it, especially banking, email and social media accounts.

4. Keep software updates

• Patch vulnerabilities: Regularly update your operating system, web browser and other applications to patch security vulnerabilities that cyber criminals can exploit. 
• Automatic updates: Enable automatic updates whenever possible to ensure your software is always up to date.

5. Be aware of scams

• Stay informed: Educate yourself about common cybercrime scams prevalent in India, like phishing, investment scams, sextortion and OTP scams. Learn how to identify red flags associated with these scams. 
• Verify information: Not everything that is seen online can be trusted. Verify offers and claims before taking any action. Research investment opportunities thoroughly before investing any money.

6. Report cyber crimes

• Do not hesitate to report: Should you become a target of cybercrime, it's crucial to report the incident to the authorities without delay. Prompt reporting can assist law enforcement in apprehending cybercriminals and help avert subsequent attacks.
• Cyber-crime reporting portal: You can report cybercrime in India through the National Cyber Crime Reporting Portal, which is managed by the Ministry of Home Affairs. 
• Cyber cell: Additionally, you can report cybercrime to your local police station's cyber cell.

7. Other best practices

• Free Wi-Fi with caution: Be cautious when using public Wi-Fi networks, as they are less secure and can be vulnerable to eavesdropping. Avoid accessing sensitive information like bank accounts on public Wi-Fi. 
• Antivirus and anti-malware software: Use a reputable antivirus and anti-malware software to protect your devices from malware and other malicious attacks. Keep your security software updated. 
• Back up your data: Regularly back up your important data to a secure location. This helps you recover your information in case of a cyberattack. 
• Be wary of unsolicited calls and messages: Avoid engaging with calls or messages that promise unrealistic financial returns or threaten legal consequences. These are typically scams.

Research reveals that the number of individuals impacted by data breaches in the first half of 2024 exceeded 1 billion, a 490% increase from the same period in 2023, with numbers still on the rise. Consequently, while the measures highlighted in this thought leadership are vital starting points, they need to be expanded upon and supplemented with further strategies that are customized to the particular nature, scale and complexity of businesses, as well as to individual circumstances.

For further inquiries or to discuss specific issues, please reach out to us at contactus@mgcglobal.co.in; and we will be happy to assist.

Best regards

Markets team

MGC Global Risk Advisory

About MGC Global Risk Advisory 

Recognized as one of the '10 most promising risk advisory services firms' in 2017, as the 'Company of the Year' in 2018 &, 2019 (both in the category of risk advisory services), one of the 'Top Exceptional Companies to Work For' in 2020, amongst the 'Top 25 Customer Centric Companies' in 2020, 'The Consultant of the year' in 2021 (in the category of risk advisory services), 'Top Exceptional Leaders in Risk Advisory Services' in 2023 and 'Best place to work' in 2024; MGC Global is an independent member firm of Allinial Global.

MGC Global provides services in the areas of enterprise-wide risk management, forensic, internal audits, control assessments (SOC, IFCR & SOX), process re-engineering, governance frameworks, privacy & data protection (including GDPR & DPDP), IT risk advisory, GDPR, VAPT, ISO readiness, cyber security, vCISO, accounting advisory, forensic, ESG & CSR services.

Our firm has the capabilities to service its clients through its offices in Bengaluru, Mumbai, NCR; and has service arrangements with associate firms in all major cities in India.

About Allinial Global

Allinial Global (formerly PKF North America) is currently the world's second-largest member-based association. With collective revenues to the tune of approximately US$ 6 billion, Allinial Global has dedicated itself to the success of independent accounting and consulting firms since its founding in 1969. 



It currently has member firms in over 105 countries, who have over 28,000 professional staff and over 6,000 partners operating from nearly 700 offices across the globe.

Allinial Global provides its member firms with a broad array of resources and support that benefit both its member firms and their clients in the key impact areas of learning & development, human resources, international outreach, technical support, knowledge-sharing through its specialized communities of practice, information technology and practice management.