The use of cyberspace for economic offences in the current times has reached higher levels and ransomware attacks on the financial sector are a major concern for the Delhi Police, a senior police officer said.
The fifth edition of Movement Against Smuggled and Counterfeit Trade-2018 was organised to discuss the economic consequences of mass counterfeiting, smuggling and piracy and the policies needed to deter this activity.
The conference also assessed the impact and tried to provide practical recommendations and effective strategies to mitigate the challenge.
M M Oberoi, Special Commissioner of Police (Special Cell) said, "Today the use of cyberspace for economic offences has reached higher levels and ransomware attacks on financial sector are a major concern for the Delhi Police."
Justice Arjan Kumar Sikri, during his speech, said that the laws should be deterrent enough to dissuade perpetrators from such activities.
"I am of the firm conviction that there is a great connection between economics and law. Judges have to keep in mind the economic implications while granting injunctions in respect to counterfeiting and smuggling. To combat such crimes, the judiciary must ensure speedy disposal of cases."
Director General, Directorate of Revenue Intelligence D P Dash, said as
India's ranking in World Bank's Ease of Doing Business index improves, challenges to law and enforcement agencies increases among which the biggest challenge is to protect brands in the country.
(With inputs from agencies.)