India's cheap IT labor attracting cybercriminals

India's abundant low-cost IT resources, which gave birth to its US$108 billion outsourcing industry, has attracted cybercriminals looking to target outsourced operations of foreign banks in the country.

Cybercriminals are using India's cheap labor resources to target foreign banks that have farmed out their technology infrastructure to the popular Asian outsourcing destination. 

Pune-based security vendor, Indiaforensic, released a report which revealed hackers were increasingly targeting companies with a presence in India, according to an article published Tuesday in The Hindu.

"Data theft is one of the biggest risks posed before the companies in the banking sector," the report said. "Emerging underground websites help data thieves to immediately encash the stolen data, which can be sold to multiple interested buyers in these underground black markets."

Indiaforensic said cybercriminals were targeting the outsourced operations of foreign banks, by employing low-cost IT workers such as spammers, designers, and even non-technology experts such as cashiers, droppers, and money mules.

"India's US$108 billion IT services industry is the world's favored destination for outsourcing. Over 40 percent of exports by the industry are support services for the global financial sector, ranging from investment bank backoffice functions to research, risk management, and processing of insurance claims," it said.