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While the rise in internet usage is good news, one cannot ignore that there is an ugly side to it as well, which is frauds and cyber crimes. According to NCRB data, in 2021, India registered 50,242 cases of cyber crimes, amounting to a loss of a whopping Rs 167.03 crore. Of the cases registered, 4,823 cases were of online banking fraud, 4,071 were identity theft cases, 2,028 OTP fraud cases and 1,176 belonged to cyber stalkings alone.
Cyber crimes have been consistently on the rise and more than doubled in the last five years.
A look at the data shows that the number of cases registered for cyber crimes have been consistently on the rise and more than doubled in the last five years. In 2017, there were just 21,796 cases registered. While guidelines are being issued from time to time by country's central bank-RBI to practice safe online activities and banking and adoption of various mea-sures like deploying password managers, deleting saved passwords on primary devices, any cyber-attack can result in a huge financial loss for companies and individuals and that is where having a cyber insurance become all the more important.
WHAT IS CYBER INSURANCE
A cyber-insurance is a kind of insurance that provides coverage against financial losses caused by many hazards of the digital age, including malware attacks, phishing, identity theft, social media breaches, email spoofing, etc. "With the widespread digitisation and internet penetration, threats of cyber-attacks are on the rise. A comprehensive cyber insurance policy can protect individuals against cyber risks," says Subramanyam Brahmajosyula, Head – Underwriting & Reinsurance, SBI General Insurance.
WHO OFFERS IT
One can take coverage against cyber at ..
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