Chennai, Dec 5 (FN Representative) With Tamil Nadu’s cyber financial fraud losses surpassing an estimated Rs 1,100 crore between January and September 2024, there is a greater need than ever before to build resilient tech infrastructure by leveraging AI, Minister of IT and Digital Services Dr Palanivel Thiaga Rajan said on Thursday. Inaugurating the 27th edition of AVAR’s global cyber security conference, attended by cyber security experts and global tech leaders, he stressed the need for collaborative governance by promoting partnerships between the Public Sector, Private Enterprise, and International Allies. The Minister said conferences like AVAR 2024 are pivotal events. They provide a platform to share knowledge, exchange best practices, and build a united global front against cyber threats. “In today’s interconnected world, cyber security is not just a technical concern but a fundamental pillar of national security, economic stability, and societal trust”, he said. According to IBM’s 2024 Cost of Data Breach Report, the global average cost of a data breach has risen to USD 5 million, a 10% increase from the previous year.
India ranks third globally in cyber attacks, with the average breach cost exceeding USD 2.3 million. “In Tamil Nadu, cyber financial fraud losses surpassed Rs 1,100 crore between January and September 2024. These figures serve as a wake-up call”, he said. To address these challenges, Tamil Nadu launched its Cybersecurity Policy 2.0 recently, focusing on building resilient infrastructure by leveraging AI to reduce the average breach cost to over USD 2 million; capacity-building by establishing a cyber security training center; and collaborative governance with public-private partnerships”, the Minister said. With the state spearheading projects such as Blockchain Backbone – Nambikkai Inaiyam aimed at ensuring that technology empowers every citizen without compromising their security, Tamil Nadu is committed to prioritizing digital safety while fostering a conducive environment for innovation, he added. AVAR 2024 will also celebrate excellence in Indian cyber security with the prestigious CISO Awards, recognizing trailblazing contributions across five categories spanning the enterprise spectrum.