CIOInsider India Magazine
Cybercrime Fueled by AI Endangers India's $ 5 Trillion Aspiration
Advanced cybercriminals utilizing artificial intelligence (AI) as a tool are exploiting weak corporate safeguards in India, according to CrowdStrike’s recent Asia Pacific eCrime report. This raises concerns for the nation’s $5 trillion economic goals.
Despite accounting for over half of the global population, the Asia Pacific region comprises only 9 percent of ransomware victims worldwide. However, this gap is rapidly narrowing, with India at the forefront of the regional victim numbers. Adam Meyer, the leader of counter adversary operations at CrowdStrike, cautions that this is a looming threat rather than security.
"To be a leader in cybersecurity, India must excel in cybersecurity practices." “Businesses will invest in enhancing security tools and architecture to the necessary level before it turns into an issue,” says Meyers.
The alert arises as ransomware groups FunkLocker and KillSec exhibited excessive targeting of the Asia Pacific area. India represented 35% of FunkLocker and 32 percent of KillSec affected individuals. FunkLocker operators candidly acknowledge that they focus on organizations with "weak defenses."
Around 763 victims based in APJ appeared on ransomware leak sites, according to CrowdStrike’s report covering the period from January 2024 to April 2025. The nations with the most representation apart from India were Australia, Japan, Taiwan, and Singapore. The sectors that faced the most significant targeting were financial services, technology, and manufacturing.
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The landscape of threats is changing swiftly. Meyers presented the idea of the “enterprising adversary,” characterizing cybercriminals who function with business-like rigor as traditional malware attacks became more challenging to carry out. The opponent didn't put in more effort; they became more resourceful," he noted, highlighting a 442 percent rise in voice phishing incidents as offenders adjust their strategies.
The underground Chinese-language market Chang’an is involved in the trade of stolen data, possibly featuring Indian information such as Aadhaar numbers and banking details
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Indian IT companies managing essential infrastructure for global clients might become potential targets for supply chain attacks; however, Meyer indicated there is currently no evidence of such incidents, yet he warned that this could occur in the near future.
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Voice phishing continues to thrive, with fraudulent bank calls and “digital arrest” scams affecting Indian users. The recent apprehension of Nigerians involved in a Rs 100 crore lottery fraud network indicates an increasing criminal fascination with the sector. The underground Chinese-language market Chang’an is involved in the trade of stolen data, possibly featuring Indian information such as Aadhaar numbers and banking details, he emphasized.
The competition in AI development is escalating on either side. Meyers views AI as a two-edged blade. Though agentic AI can significantly enhance defender productivity, he cautions about an approaching increase in threats.
