Page 135 - BFSI CHRONICLE 10 th Issue (2nd Annual Issue ) .indd

BFSI Chronicle, 2 Annual Issue, 10 Edition July 2022
th
nd
Shri G. Srinivasan, Director, NIA also addressed from the data liability issues to regulatory costs
the occasion and expressed his concern including the fines and penalties, to network
saying that last two years a huge increase in security and supply chain issues. The policies
the number of cyber-attacks across the globe are designed in such a way that they pick up
and India is seen. He said so many incidents most of these losses. As the reason as to why
of malware ransomware phishing and use of organizations are reluctant to buy cyber risk
Trojan virus and data breaches have happened insurance he said that they are not able to buy
so often today and the world is hugely exposed the policy bcoz of lack of education, lack of
to cyber risks He said economic forum 2020 enthusiasm and sometimes from the insurers
rated cyber resources as the third topmost risk there is lack of ease of the process. When asked
confronted by the companies and industries. about the changes in the insurance industry
he said new policy purchased by a client or
Dr. Stewart Doss, Associate Professor, National a renewal of a client the kind of information
Insurance Academy was the moderator for the which is sought by underwriters is much more
webinar. He mentioned that the dynamics of than what they used to earlier.
cyber risks and cyber-attacks are changing.
He asked the speakers questions related to the The insurers would like to understand each and
topic. every aspect of cyber security when it comes to
underwriting the risk. Interviews are arranged
Shri Bhishma Maheshwari, discussed how
from the insurer side and they will conduct
cyber insurance can really provide the risk these interviews and understand larger issues
protection to the increasing cyber-attacks. He
and this process keeps on happening not just
said that cyber insurance is something which a yearly process and not even only happen
is like any other insurance and is part of the during the underwriting time but happen
overall risk management process, when the
during throughout the year, so that if there is
risk cannot be avoided it is tried to mitigate a new vulnerability which comes in the risk
the risk and even after doing everything
can be identified and managed. Some insurers
possible to mitigate the risk there is some have developed specific questionnaires related
residual risk which is left and that residue risk to ransomware preparedness so they want
is transferred via financial mechanism which is
to understand more about a firm and after
cyber insurance. Briefing about what a cyber- getting satisfied fully they are putting terms
insurance policy covers, he said it covers
and conditions.
everything related to any kind of a cyber-attack

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