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.
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