Cybercrime causing $6 trillion annual loss to global economy, says CAG Murmu


Technology, artificial intelligence (AI), digitisation, and cyber security are the key focus areas at the sixth meet of the Shanghai Cooperation Organisation’s Supreme Audit Institutions (SAIs). Projecting India’s rapid progress in the field of technology and digitisation, GC Murmu, Comptroller Auditor General of India (CAG), in his address on the opening day of the thee day meeting of the heads of SCO SAIs in Lucknow said that cybercrime has become a major economic threat, costing the global economy more than $6 trillion annually.

The figure is projected to touch about $10 trillion by 2025, he said. “Cyber criminals have a history of embracing cutting-edge technologies, and AI is no exception. There are reports of AI-powered malware being developed to evade two wo factor authorisations like One time Passwords (OTP), security software and spam…

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