The article here is speaking about cyber threats. It is speaking about issues surfacing on the cyber platform and what countries will have to do going forward.
When we look at statistics globally, nations have lost 6 trillion to cybercrimes in 2020, and such losses are estimated to exceed 10 trillion in the year 2025. In order to overcome this particular issue, what we require is a cyber security architecture. So going forward, what countries will do is they would come up with cyber security architecture so that they can protect their countrymen as well as the critical infrastructure of the country.
Added to this, the article also focuses on cryptocurrency. One of the important factors that we have to know is what is called crypto-jacking. So as you speak about cryptocurrencies, the issues with respect to cryptocurrencies, we have a threat that is emanating in the form of crypto-jacking.
What is this crypto-jacking?
Basically, this is the use of someone else’s computer for mining cryptocurrencies.
What would happen?
You would not know that there is a hacker who has installed a program in your system and he is mining the cryptocurrency from your system, so he would be taking all the advantages of mining. But since your computer is being used, it will take all the electricity, it will also ensure that this particular victim’s computer is used, and ultimately you may have to bear the losses of one because there is a virus in your system and you may have to pay the electricity bill as well. You would not know that the hacker has installed a program into the system, and this electricity price will usually be so much that the person who has to pay will also be in shock as well.
So the tokens and fees are deposited into the wallets of the hackers and the attacker, but the cost of mining that is the electricity, the wear and tears to the computers will ultimately have to be borne by this particular user. This is where we require international cooperation. Why?
Because the internet is not just restricted to one country, it flows from one country to another, and it also has an integrated approach. So some of the important conventions include the Budapest Convention on Cybercrime. The other is the Commonwealth Cyber Declaration.
What is this Budapest Convention on cybercrime?
Basically, this happens to be the first international treaty where they wanted to address internet and cyber-related crimes. So if there is a particular country that is losing on the cyber security threat in such a case, other countries will also coordinate so that the country does not have any disturbances with respect to the critical infrastructure. So investigating techniques, increasing cooperation, developing a comprehensive program so that that will also help in legislating in national legislation is what is the idea of the Budapest Convention.
So the Budapest Convention is one of the important conventions where there is an international cooperation between state parties to this particular treaty. However, India is not part of this Budapest convention. That is because India says that India did not participate in the negotiation of the convention, and hence it does not sign this particular convention and one of the articles in the Budapest Convention on Cybercrime allows for transport access to data, and this, India feels, infringes the national sovereignty, which is why India is not part of Budapest Convention. But this happens to be one of the important conventions when it comes to international cooperation.
Then what we also have is Commonwealth cyber declaration. This happens to be one of the world’s largest and most geographically diverse inter-governmental commitments, where they will discuss about security threats, where they do discuss about promoting stability in cyberspace through international cooperation, and they will also have cyber security response teams coordinating amongst each other. So this will commit all the countries part of this declaration to ensure cooperation to counter any of the security-related threats emanating on the cyberspace.