After US and Japan, India is the most affected country by online banking malware, according to a recent report released by Trend Micro.
Trend Micro's 2014 Threat Round Up for January-March states that, "as law enforcement agencies are slowly being ramped up, cybercriminals are adding more layers to ensure anonymity to conceal their identities to avoid arrest."
The report says that India has slowly risen to the top 3 due to an increase in the number of online customers, due to vastly improved banking industry. Online banking malware creators updated their portfolios yet again with the addition of new routines to their usual weapons of choice, it added.
Trend Micro (India & South East Asia) Managing Director, Dhanya Thakkar added, that the mobile banking transaction volume has also which could increase the number of banking malware. The report also reveals that since law enforcement activities against online theft are slowly being ramped up, cybercriminals are starting to add more layers to ensure anonymity in order to protect their identities and avoid getting arrested.
"The number of online bankers in India has improved the overall industry but has resulted in significant rise in malicious activities," Thakkar added.
According to recent report by Trend Micro, cyber security will remain a major concern in 2014. The report adds that mobile banking will be the main target of malware and warns organizations to expect major data breaches at least once a month in 2014. Thakkar states that organizations should look into multiple BOYD solutions to prevent cyber attacks. He added that firms should look at internal firewalls as well as intrusion prevention systems and rebuild their security architecture to fit BYOD needs.