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Cybercrime causing $6 trillion annual loss to global economy, says CAG Murmu

Comptroller Auditor General of India GC Murmu


Technology, artificial intelligence (AI), digitisation, and cyber security are the key focus areas at the sixth meet of the Shanghai Cooperation Organisation’s Supreme Audit Institutions (SAIs). Projecting India’s rapid progress in the field of technology and digitisation, GC Murmu, Comptroller Auditor General of India (CAG), in his address on the opening day of the thee day meeting of the heads of SCO SAIs in Lucknow said that cybercrime has become a major economic threat, costing the global economy more than $6 trillion annually.

The figure is projected to touch about $10 trillion by 2025, he said. “Cyber criminals have a history of embracing cutting-edge technologies, and AI is no exception. There are reports of AI-powered malware being developed to evade two wo factor authorisations like One time Passwords (OTP), security software and spam filters,” Murmu said, adding that the digital economy is the key driver of the country’s economy, contributing over 13 per cent to the GDP.

India currently holds the eight member SCO presidency along with that of the G20.

The multilateral platforms will push India’s voice on the global stage while expanding its soft power.

The CAG noted that India’s technology industry reached an all-time high in growth, reaching $227 billion in revenue in the financial year 2022, an increase from $200 billion the previous year. Murmu added that India’s IT spending is estimated to rise by 7 per cent to $101.8 billion in 2022-23.

The CAG signed two Memoranda of Understanding (MoUs) with SAIs of Tajikistan and Kazakhstan on the sidelines of the SCO SAI Leaders’ meeting. The agreements have been made with the aim of strengthening cooperation and exchange of expertise between the two nations in the field of auditing, a statement issued by the CAG said. The MoUs will provide a platform for the exchange of auditing professionals and technical teams, collaboration in training programs, and mutual assistance in conducting audits. The agreements are a step forward in promoting closer ties and collaboration among the SAIs of the three nations.

Uttar Pradesh Governor Anandiben Patel, inaugurating the conference, underlined the importance of the federal auditors and the role they play in maintaining transparency in governance and proper utilisation of public funds.

While India was granted ‘observer’ status at the SCO in 2005, it became a full member in 2017 at the historic Astana summit.

Besides India, Russia, China, Kazakhstan, Kyrgyztan, Tajikistan, Uzbekistan and Pakistan are members of the multilateral forum.

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