NEW DELHI: Thousands of organisations globally came under attack recently after hackers exploited undetected vulnerabilities in different versions of Microsoft’s previous mail server software. The massive cyber-attacks have been causing damages to scores of companies as well as users around the world.
Considering the progressively rampant digital world that we live in, where instances of an individual's personal data being generated, transmitted and stored on to various digital devices are growing at an exponential rate, cyber insurance is the need of the hour.
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In the aftermath of covid-19 lockdowns, there has been a rapid adoption of digital and online modes of payments, given safety protocols of social distancing amid fears of a possible transmission of the virus through physical exchange of money.
Cyber insurance offers coverage against various cyber-attacks and threats, helping customers protect their data against potential breaches, and reducing the impact of loss in case vital, financial or sensitive information is stolen or misused.
A cyber insurance policy covers financial loss resulting from a ransom-ware attack or cyber extortion, IT theft, e-mail spoofing and phishing, losses and expenses related to defense and prosecution cost related to identity theft and cyber stalking, restoration cost to retrieve or reinstall data or computer programme damaged by malware.
Currently, cyber policies are not widely available in India. Most companies that offer cyber policies are for organisations and not individuals. There are some individual policies as well, but the coverage is not wide enough. The main reason for this is that it is extremely difficult to a ..
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