Cyber insurance business is picking-up in India
By MYBRANDBOOK
As India ranks third among the top 20 countries that are victims of cybercrimes. With the work from the home is a new normal for most of the organisations, who made their process complete digital, there are chances of data lost, may be due to many reasons like Cyber espionage , knowing theft and many other reasons, to protect them self from the penalty of the IT team, many are going for the insurances.
Secondly, most of us are working from home and are a fully remote workforce, organizations are facing email threats, end-point security gaps, etc. Business establishments such as banks, hospitality sector, IT companies and hospitals face high risk. There is a threat to the network (software, firewalls, etc), especially on the corporates side, these may get compromised.
In the coming days, cyber insurance becomes important then the life insurance, since there is a risk involved if there any data lick or data theft. The Insurance company could save you during the economic crisis, with a small premium on the monthly basics.
Even as the cyber security threat looms large in India, cyber insurance covers have not picked up in a big way. While the non-life insurance industry received premiums of Rs 1.89 lakh crore in the last financial year, the share of cyber insurance was a paltry Rs 200-220 crore. To protect investors’ against any cyber frauds or digital risks that could result in a financial or reputational loss, ICICI Lombard General Insurance recently launched a retail cyber liability policy.
According to ICICI Lombard General Insurance, hackers based in China attempted over 40,300 cyber-attacks on India in the third week of June, mostly Covid-19 based scams. Attacks were aimed at causing issues such as denial of service, hijacking of internet protocol and phishing.
Today, corporates are facing challenges on multiple fronts. Say for example, any social media company or a financial institution or a hospital has huge volume of personal data and if fraudsters get hold of that data, it can be disastrous for those companies. Hackers can hack the data and leak in public, which will mean loss of face for those companies.
Lastly, many cyber-attacks are not publicly known as it is not mandatory in India to report such crimes, and sometimes companies are refrain from it fearing dent in image and reputation.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Autodesk continually pushing the boundaries in the Design and
Autodesk’s vision is of a better world designed and made for all. It inte
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
CENTRE FOR DEVELOPMENT OF TELEMATICS (C-DOT)
VERSA NETWORKS INDIA PVT. LTD.
ADITYA INFOTECH LTD.
VVDN TECHNOLOGIES
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : NEERAJ MITTAL
He started his career as an IAS Officer in 1992. He has held various a...
ICONS OF INDIA : SACHIN BANSAL
Sachin Bansal is an Indian entrepreneur. He is best known as the found...
SHAKTIKANTA DAS
Shaktikanta Das is serving as the current & 25th governor of the Reser...
PARTNER SPEAKERS
PSU
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
IOCL - Indian Oil Corporation Ltd.
IOCL is India’s largest oil refining and marketing company ...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Aneel Bhusri, CEO, Workday
Aneel Bhusri, Co-Founder and Executive Chair at Workday, has been a le...
Indian Tech Talent Excelling The Tech World - Lal Karsanbhai, President & CEO, Emerson
Lal Karsanbhai, President and CEO of Emerson, assumed the leadership i...
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
