Page 25 - RMAI Bulletin July - September 2021

RMAI BULLETIN JULY TO SEPTEMBER 2021

CYBER ATTACKS

HAVE INCREASED

MANIFOLD:

SITUATION TURNED

ALARMING

P andemic-enforced mindset has changed the for all sectors today to address the numerous risks

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

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