Page 30 - RMAI Bulletin July - September 2021
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RMAI BULLETIN JULY TO SEPTEMBER 2021
cross-border transfer of data thereby ensuring a service providers, IT services etc must take a dedicated
holistic protection of one's personal data and cyber insurance policy. Businesses, regardless of its
information. service, chiefly depend on IT infrastructure to perform
their day to day operations and businesses. Any event
Hence, we hope that the Bill will strike a balance of compromise with IT security can bring about
between data privacy and fostering digital innovation enormous data and business loss, expensive lawsuit etc.
simultaneously. As India gears up to become a digital As a result, to safeguard business functioning and its
economy, with its thriving ICT and ecommerce sectors, operations, enterprises must decide on a
coupled with the rise in remote working and people comprehensive cyber risk insurance policy.
spending more time online, data breaches and
security threats have increased manifold. At present, References:
India does not have a comprehensive data protection 1. https://www.weforum.org/agenda/2020/10/there-s-
framework when compared to other countries. The IT not-enough-money-in-cyber-insurance/
Act and the SPDI Rules only offer minimal protection 2. https://www.spglobal.com/ratings/en/research/
with respect to personal data and sensitive personal articles/200902-cyber-risk-in-a-new-era-insurers-can-
information. be-part-of-the-solution
3. https://home.kpmg/in/en/blogs/home/posts/2020/
All of this makes it critical to implement an overarching 11/cyber-insurance-a-proactive-measure-for-
data protection framework that adequately deals with enterprises.html
data privacy and security. Businesses that bear sensitive 4. IRDAI Annual Report 2019-20
customer information, finance, banking, health care 5. Newspapers & Journals
RMAI Membership Benefits
We invite membership from Risk Management Professionals, Insurance and Finance Professionals, Insurers,
Bankers, Financial Companies, Intermediaries, Regulatory Bodies, Educational Institutes, Students and Persons
interested to learn and explore the area of Risk Management. By becoming a member you can play an active
role in promotion of Risk Management and enrich your knowledge to get optimum benefit of Risk
Management.
Y Get a Membership Certificate and ID Card.
Y Get quarterly news bulletin of RMAI.
Y Free copy of book Risk Management Principles & Practice worth 475 plus courier charges.
Y Free one year subscription of The Insurance Times magazine.
Y Get access to Online Resources on our Website – Research Reports, Articles, Videos, Case study etc.
Y Exchange news/views on Risk Management through our FORUM.
Y Contribute/share case study on Risk Management.
Y Get access to international developments on Risk Management.
Y Join our certification courses in collaboration with international institutes.
Y Discount on participation in conferences/seminars.
Y Attend online webinars.
Y Participate in research activities.
Under corporate membership your company can nominate 3 persons to access the resources of our website.
During the course of membership you can replace any person. For registering as member you can send a
brief profile of the company along with brief profile of nominated members with CV and photograph.
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