Govt to Invest $200 Million in 4 Years on Cyber Security

The government on Tuesday said it would invest around $200 million in the next four years to strengthen cyber security infrastructure. “We have 1.2 billion people and will be largest country in terms of population in years to come. This (cyber crime) affects us perhaps much more than any other country in the world,” Telecom and IT Minister Kapil Sibal said on the sidelines of the third Worldwide Cybersecurity Summit. Mr. Sibal said the global community must come together to resolve cyber security issues. “Global community must realise that these issue cannot be resolved bilaterally. The nature of this space is that there are no boundaries,” he said.

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Citing reports, the Minister said threats to cyberspace have increased dramatically in the past years, affecting 431 million adults globally or 14 adults every second or one million cyber crime victims every day. “What is more worrisome is that cyber crime has now become a business which exceeds a trillion dollars a year in online fraud, identity theft…affecting millions of people around the world,” he said.

The Minister said no nation can fight cyber crime or secure its cyberspace in isolation and called for nations to work on agreements on international standards. He emphasised on the need to jointly work on devising standardised and coordinated response strategies along with comprehensive cyber security strategy. Mr. Sibal also extended India’s support to the global community in addressing cyber security challenges.

News source: Deccan Chronicle