India has witnessed a “wave of attacks” on banks and companies, which has made it the “target of cybercrime” in the world’s largest democracy, a top cyber security expert said on Monday.
“A wave of attacks, including attacks on banks, has become commonplace.
The perpetrators are becoming very skilled in the use of sophisticated hacking tools,” said Anupam Jain, co-founder of security firm Secureworks.
Jain said that it was “unacceptable” for India to have such a large number of banks and corporations being attacked.
The bank account of the National Herald Limited (NHL), a leading Hindi newspaper and newspaper publisher, was hacked and its database was accessed in July 2016, according to reports from the company.
Another of India’s top newspaper publishers, the Hindu, also had a security breach earlier this year.
The company reported that it had been targeted in the past by cybercriminals with the use and distribution of malicious software, which could have been carried out through a phishing email.
A security researcher who asked not to be named told CNN that hackers would sometimes target banks and other companies for the purpose of “banking and finance crime.”
The hackers would also target large businesses in India.
He said he had received similar reports from banks in the U.K., Australia and Germany.
Jain said India was becoming increasingly reliant on a global financial infrastructure for the delivery of financial services.
India’s government has set up an IT department to monitor and control cyberattacks, but Jain pointed out that the Indian government did not have the infrastructure in place to deal with such an attack.
The cyberattack on banks came on the same day that the World Bank, the International Monetary Fund and the World Economic Forum announced a joint initiative to tackle the growing number of attacks on financial institutions in the country.