Page 29 - RMAI Bulletin July - September 2021

RMAI BULLETIN JULY TO SEPTEMBER 2021

can be prevented but with the advent of cyber While opting for a cyber-insurance cover, individuals
insurance, it acts as a helping hand to people in need need to match the policy coverage with their needs
by giving them the best line of defense if their and select the sum insured according to their
information is compromised. Here are some exposure. Many insurance companies in India offer
precautions to follow to avoid cyber threats: cyber security insurance at a reasonable premium. The
Y Lock down your login details online, especially for sum insured can range from Rs 1 lakh to Rs 1 crore.
social media networks and email, by using two- The number of cyber insurance claims has steadily
step authentication. risen over the last few years.
Y Regularly change your passwords (every 2-3
Business interruption is the main cost driver behind
months) and use a password manager to securely
cyber losses, accounting for around 60% of the value
save this information. A strong password is at least
12 characters long. of all claims analyzed, followed by costs involved with
dealing with data breaches. During 2020 Google said
Y Never save credit card information online.
it has had to block over 11,000 government-sponsored
potential cyber-attacks per quarter.
Recent years have seen critical
infrastructure, such as ports and
terminals and oil and gas
installations hit by cyber-attacks
and ransomware campaigns.

In India, very few law firms have
virtual private networks (VPN) and
cloud solutions so that basic
security is taken care of even in a
WFH environment. The draft of
National Cyber Security Strategy
Y Use safe payment options when making purchases 2020, that envisages creating a secure cyberspace in
online. Credit cards are generally the safest option India provides for a watertight mechanism to ensure
because they allow buyers to seek a credit from the protection of one's data. The rights provided under
the issuer if the product isn't delivered or isn't the Bill are on par with the rights provided under the
what was ordered. GDPR. Apart from dealing with rights concerning one's
data such as the right of access, right of erasure, right
Y Upgrade your computer and devices with the
of correction, right of data operability etc., it also has
latest updates and operating systems.
specific provisions on the transfer of data, including
Y Backup your digital information, such as photos, data localization requirements and restrictions on
music, financial and health records, and personal
contacts, by making copies of your data.

We live in a digital world where information is created
and transmitted at hyper speed, thus, making it crucial
to safeguard ourselves against the risk that digitization
brings with it i.e. cyber threats. There has been an
increase in the usage of internet on personal
computers and digital devices in the recent past and
that has seen an uptick in the lockdown. Post the
lockdown, as more and more individuals are using
digital means to process payments, this has led to
increased cyber threat exposure, especially to new
users, the elderly or less tech-savvy.

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