Page 22 - Risk Management Bulletin April -June 2021

RMAI BULLETIN APRIL TO JUNE 2021

C. Creation of Cyber Incident Data Register for they can have a clear understanding of the
referral purpose assessable to cyber cell and policy.
networking experts. o Buyers
D. Promoting actuarial science for better A. Regularly undergo cyber risk evaluation to
modeling of cyber risks. understand system vulnerability.
E. Creating Crisis Response Team at national and B. Creation of cyber risk committee to have a
state level by government and at corporate better understanding of cyber risk
level by private entities to meet any future Conclusion
cyber threats and instances.
Though cyber risk insurance is at a nascent stage in
o Tech Firms India, but looking at the instances of cyber frauds across
A. Setting up of sector-specific cyber risk the globe it is soon going to occupy a prominent place
assessment framework. in the insurance market and will soon be most sought
B. Offer Industry specific customized products after insurance product. Many organizations at present
and services. are not adopting it as they find it inapplicable for their
organization but it may soon become unavoidable.
o Brokers
A. Increase awareness about the product The need of the hour is to have a proper risk
assessment of the threat and mitigate the same by
amongst consumers and user of IT products.
adopting a comprehensive cyber insurance policy so
B. Clearly define the provisions of the cyber that the CIA triad can be well established and the
insurance policies to the customer so that customer DATA can be well protected. T

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