Nithin Kamath on cyber risk: 'Single scam of Rs 20,000 crore affected lakhs of Indians'

Zerodha's Nithin Kamath also suggested a measure to prevent cyber attacks.

Zerodha co-founder and CEO Nithin Kamath has spoken out about the need for preventive measures to significantly reduce the chances of being attacked by cybercriminals. Suggesting one such measure, he asked users to enable two-factor authentication everywhere.

"Cyber risk is one of the biggest financial risks. I heard of a single scam of Rs 20,000 crores that affected lakhs of Indians. A precaution you can take to significantly reduce the odds of being a victim of cyber fraud is to enable two-factor authentication (2FA) everywhere," Kamath tweeted.

Cyber risk is one of the biggest financial risks. I heard of a single scam of Rs 20,000 crores that affected lakhs of Indians.
A precaution you can take to significantly reduce the odds of being a victim of cyber fraud is to enable two-factor authentication (2FA) everywhere. 1/12

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— Nithin Kamath (@Nithin0dha) July 14, 2023

Explaining why everyone should install preventive measures, Nithin Kamath said that cyber attack is an existential risk for everyone and not taking preventive action means it is just a matter of time before one is attacked. "Everyone is a target today, especially businesses since hacks can be financially lucrative. Almost all companies would've faced some cyberfraud attempts. Not taking preventive action means it is just a matter of time. Cyber risk is a business and existential risk," the Zerodha boss said.

He added that technologists who also understand UX and user behaviour are required to design measures to mitigate cybercrime risks. "You should never be overconfident and should always be paranoid about security," Kamath tweeted.

India witnessed one of its largest cyber attacks in 2022 when cybercriminals hacked into the servers of Delhi's All India Institute of Medical Sciences (AIIMS) and demanded an estimated ransom of Rs 200 crore in cryptocurrency.

Read more: Chinese firms behind AIIMS Delhi server attack: Govt sources