G20 Sherpa Amitabh Kant stated that rising cyberattacks might have disastrous effects on the stability of the country and daily life as India moves toward smart meters and a more digitized grid.

According to Kant, the average cost of data breaches in India reached nearly USD 2.8 million in 2024, with the banking, financial services, and insurance sectors seeing a sharp increase in the sophistication and variety of cyberattacks.

Additionally, Indian businesses experienced over 3,000 cyberattacks every week last year.

While presenting a study created by cybersecurity solutions company Lisianthus Tech at the nation's capital, he claimed that state-sponsored cyberattacks in India had skyrocketed, increasing by over 300 percent between 2021 and 2024.

The risk of cyberattacks is increasing as India moves toward smart meters and a more computerized power infrastructure, which could have disastrous effects on daily living and national stability, according to Kant, the former CEO of Niti Aayog.

As India moves toward renewable energy, Kant stated that collaboration between the defense, business sector, and civil society sectors is necessary to combat the threat of cyberattacks.

In this sense, cyberwarfare is a strategic problem as well as a technical one. Defense, intelligence, diplomacy, business, the private sector, and civil society must all work together. The alignment of the entire state apparatus of the country is necessary.

The research claims that a variety of viruses is being used by hackers from China and Russia, among other nations, to target Indian people and companies and compromise their financial information.

According to the paper Evaluating the Vulnerability of India's Financial System, they are stealing banking passwords and carrying out fraudulent transactions by utilizing techniques like banking trojans that attack financial systems and ransomware, which encrypts data and demands a ransom for decryption keys.

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Cryptojacking malware, remote access trojans, wipers, and fileless malware are additional techniques that hackers use to steal financial information.