India Inc lost Rs.171.94 crore to phishing attacks in 2011

by CXOtoday Staff    Mar 28, 2012

A report from RSA ranks India in the top five most targeted countries for phishing attacks.

RSA, The Security Division of EMC said that Indian enterprises lost Rs. 171.94crores or $38.2 million last year to phishing attacks.

The report revealed that in 2011 the total number of losses amounted to Rs 5760 crores or $1.28 billion globally.

RSA said that the number of phishing attacks saw an increase in volume from 115,009 attacks recorded in 1H 2011 to 164,571, a 43 percent increase during 2H 2011.

The report ranked India in the fourth place in terms of targeted countries for phishing attacks.

According to the findings, in 2011, approximately one in every 300 emails circulating the web was deemed to contain elements pointing to phishing.

“Most phishing content targeted the public sector, which was followed by the SME business sector. A majority of these were targeted phishing attacks aimed at leveraging known brands in fake emails that attempt to fool email recipients,” the report said.

In its October Fraud report, RSA had estimated that the worldwide losses from phishing attacks alone amounted to over $520 million during H1 2011. The number of phishing attacks identified by RSA in September increased by 45 percent, setting a new all-time high of 38,970 attacks. This increase was largely attributed to repeated attacks on a handful of large financial institutions which have been heavily targeted throughout the past few months.