Page 18 - Insurance Times October 2019

Cover Story
THREE FOURTH

INDIAN

BUSINESSES

HIT BY CYBER

ATTACKS

T oday, cyber risk is a top agenda item at the be a major issue in India with 76% organizations hit by

board level. With the cyber risk landscape id
online attacks in the last year, as compared to 68% incidents
changing fast and attacks becoming more
across the globe, reveals a new global survey from security
frequent, severe and systemic, the primary
concern facing organisations is that security firm Sophos. The survey, '7 Uncomfortable Truths of
Endpoint Security', reveals that IT managers are more likely
breaches to technology and physical infrastructure could to catch cyber criminals on their organization's servers and
lead to data loss, financial losses, regulatory sanctions,
reputational damage and operational threats. The domestic networks than anywhere else. In fact, IT managers
discovered 39% of their most significant cyber attacks on
cyber insurance market is slowly gaining traction, with India
their organization's servers, and 35% on its networks.
bracketed alongside the US and China as among the world's
most cyber attack-prone countries.
Only about 8% were discovered on endpoints and about
Although the cyber insurance market is still miniscule, 19%, which is almost double the global average, were
Indian corporates have started to show interest in such found on mobile devices. In other key findings, 97% IT
products and have realised the prospective threats managers admitted that security expertise is one of the
emanating from cyber hacking. Cyber security continues to greatest issues in India, and while 92% Indian IT managers
wish they had a stronger team in place to properly detect,
About the author investigate and respond to security incidents, 89% believe
cyber security recruitment is a challenge.
Jagendra Kumar
Ex. CEO, Given India's fast-growing affinity towards technology and
Pearl Insurance Brokers its services, it is important that the country's businesses
JAIPUR
take more active steps towards cyber security.
18 The Insurance Times, October 2019