Page 33 - Insurance Times Janaury 2021
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CYBER ATTACKS



          HAVE INCREASED



          MANIFOLD:



          SITUATION TURNED



          ALARMING
















         P         andemic-enforced mindset has changed the   to hack into organizations, exfiltrate data, cause network


                   insurance landscape. Enforced lockdowns or
                                                              disruption etc. Over 8 billion data records were compromised
                                                              in Q1 of 2020 and such incidents have only paved way for
                   restricted movements in India have pushed
                   consumers to begin looking digitally for insurance
                                                              the loss due to cyber incidents and data breaches. Over the
                   solutions that may not have been there prior to  cyber insurance amongst organizations looking to minimize
         COVID-19. Increased digital penetration, faster download  last few months, the pandemic has significantly changed the
         speeds and smarter 'phones are changing the insurance  cyber security threat landscape.
         purchasing landscape in these three countries. These digital
         platforms include e-commerce apps/websites, payment/  Amid the pandemic, there are rising incidences of cyber
         digital wallet apps, health-tracking apps and connected  attacks and a growing number of high-profile data breaches.
         commuter platforms. Amid the pandemic, there have been  It is felt that cyber security is the most important need for
         rising incidences of cyber attacks and a growing number of  all sectors today to address the numerous risks posed by
         high-profile data breaches.                          cyber-attacks. The Insurance Regulatory and Development
                                                              Authority of India (IRDAI) has set up a panel to explore
         It is felt that cyber security is the most important need for  possibility of a basic standard product structure to provide
         all sectors today to address the numerous risks posed by  insurance cover for individuals and establishments to
         cyber-attacks. Cyber criminals are exploiting this opportunity  manage their cyber risks. The general liability policies do not
                                                              cover cyber risks, and cyber insurance policies currently
                                About the author              available are highly customized for clients in a new and
                                                              quickly growing market.
                         Jagendra Kumar
                         Ex. CEO,                             Cyber security insurance safeguards online users from
                         Pearl Insurance Brokers              damage and loss which might arise due to unauthorized
                         JAIPUR                               disclosure of personal and financial data. Apart from

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