PTR says TN lost over Rs 1,100 cr to cyber crimes from Jan-Sept 2024, urges for resilient tech infrastructure

CHENNAI: Underscoring the greater need to build resilient tech infrastructure, IT Minister Palanivel Thiaga Rajan said on Thursday that the State's cyber financial fraud losses surpassed an estimated Rs 1,100 crore between January and September 2024. He urged the use of AI to meet surmounting challenges.

Inaugurating the 27th edition of AVAR's global cyber security conference, attended by cyber security experts and global tech leaders, he stressed the need for collaborative governance by promoting partnerships between the Public Sector, Private Enterprise, and International Allies.

The Minister said conferences like AVAR 2024 are pivotal events. They provide a platform to share knowledge, exchange best practices, and build a united global front against cyber threats.

"In today's interconnected world, cyber security is not just a technical concern but a fundamental pillar of national security, economic stability, and societal trust", he said.

According to IBM's 2024 Cost of Data Breach Report, the global average data breach cost has risen to USD 5 million, a 10% increase from the previous year. India ranks third globally in cyber attacks, with the average breach cost exceeding USD 2.3 million.

"In Tamil Nadu, cyber financial fraud losses surpassed Rs 1,100 crore between January and September 2024. These figures serve as a wake-up call", he said.

Tamil Nadu has recently launched its Cybersecurity Policy 2.0 to address these challenges, he said, adding that the focus is on building resilient infrastructure by leveraging AI to reduce the average breach cost to over USD 2 million; capacity-building by establishing cyber security training centres and collaborative governance with public-private partnerships.

He added that the State is spearheading projects such as Blockchain Backbone 'Nambikkai Inaiyam' to ensure that technology empowers every citizen without compromising their security. Tamil Nadu is committed to prioritising digital safety while fostering a conducive environment for innovation.

AVAR 2024 will also celebrate excellence in Indian cyber security with the prestigious CISO Awards, which will recognise trailblazing contributions across five categories spanning the enterprise spectrum.

Rajesh Pant, former national cyber security coordinator for the government of India, highlighted the pressing challenges posed by the sixth generation of cyber attacks.

Additional Chief Secretary of TN IT & Digital Services Department Kumar Jayant said, "Scammers use psychologically compelling tactics that are difficult to resist once engaged, making it crucial to disconnect at the first sign of suspicion. At the same time, addressing issues like fragmented access controls and password management remains critical, as does creating awareness about sophisticated scams."

The two-day event takes place on Thursday and Friday with over 400 participants.

These sessions highlight breakthroughs in cyber threat analysis and explore topics such as Android malware for unauthorised ATM withdrawals, using generative AI to revolutionise malware analysis, and countering cyber-attacks.