Tamil Nadu’s Cyber Financial Fraud Losses Serve As A Wake-Up Call to Empower Citizens with Technology At AVAR 2024

Chennai, December 2024: With Tamil Nadu’s cyber financial fraud losses surpassing an estimated ₹1,100 crore between January and September 2024, there is a greater need than ever before to build resilient tech infrastructure by leveraging AI, stated Thiru Dr. Palanivel Thiaga Rajan, Minister of IT and Digital Services, Government of Tamil Nadu, at AVAR 2024, the 27th edition of AVAR’s global cyber security conferences, which took place in the city today. Addressing a large gathering of cyber security experts and global tech leaders, Thiru. Dr. Palanivel Thiaga Rajan further emphasized the need for collaborative governance by promoting partnerships between the Public Sector, Private Enterprise, and International Allies, during his inaugural address at the conference.

The 27th edition of AVAR’s summits, themed The Battle for Cyber Supremacy, is set to take place today and tomorrow with over 400 participants including CXOs, regulators, and law enforcement officials along with renowned speakers representing industry leaders such as Kaspersky, Google, and Zoho, participating in 40+ engaging sessions. These sessions will highlight breakthroughs in cyber threat analysis and explore topics such as Android malware for unauthorized ATM withdrawals, Generative AI for Revolutionizing Malware Analysis, Cyber Attacks in Asia, the Future of Cybercrime, Supply Chain Security Architecture, Cyber Defense Strategies in the Digital Era, Healthcare Cyber Attacks, and many more.

As part of his inaugural address, Thiru Dr. Palanivel Thiaga Rajan, Minister of IT and Digital Services, Government of Tamil Nadu, 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. I commend AVAR for its steadfast dedication to this mission over the past 26 years and for bringing the world’s finest minds in cyber security to Chennai this year.”

He further added, “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. According to IBM’s 2024 Cost of Data Breach Report, the global average cost of a data breach has risen to $5 million, a 10% increase from the previous year. India ranks third globally in cyber attacks, with the average breach cost exceeding $2.3 million. In Tamil Nadu, cyber financial fraud losses surpassed ₹1,100 crore between January and September 2024. These figures serve as a wake-up call. 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 $2 million; capacity-building by establishing a cyber security training center; and collaborative governance with public-private partnerships. 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.”

Highlighting the growing importance of cyber security, Mr. Kesavardhanan J, CEO of AVAR and Founder & CEO of K7 Computing, said, “This year’s theme, The Battle for Cyber Supremacy, was selected owing to the growing recognition of cyberspace as the 5th domain of warfare that has evolved to become a critical arena in global conflict, and includes national security, policy, and strategy. In our industry, we face a constant battle against highly skilled and resourceful adversaries. With technology equally accessible to both sides, the playing field is leveled and battles are intense. Conferences like AVAR 2024 serve as a platform to exchange vital research information in cyberspace, helping cyber security professionals reign supreme.”

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