Page 33 - The Insurance Times August 2022

CYBER

INSURANCE

ook around today's world, and you'll see that Cyber - This one word is enough to open thousand tabs in
L daily life is more dependent on technology than your mind& none, any clear. Today we will boil it down to
ever before, benefits ranging from instant access
few.. & crystal clear. Cyber is simply things related to or
to information on the Internet to the modern
conveniences provided by smart home automation involving computer or computer networks.
technology and concepts like the Internet of Things. Cyber-attacks or Cyber Crimes are attempts by hackers to
damage or destroy a computer network or system leading
There is so much good coming from technology that it can to unauthorized accessing, changing, or destroying sensitive
be hard to believe that potential threats lurk behind every information, theft of or damage to hardware/software,
device and platform. Despite the world wide idealistic interruption of normal business processes& even extortion
perception of modern advances, cyber security threats of money.
presented by modern tech are a real danger.
Some common cyber threats are Cyber terrorism, Malware,
A steady rise in cybercrime highlights the flaws in devices Trojans, Botnets, Adware, SQL injection, Phishing, Man-in-
and services we have come to depend on. This concern the-middle attack, Denial of Service, etc.
forces us to ask what cyber security & Cyber Insurance are
& why are they essential. Thirty years of history have shown us that cyber risk is
difficult to understand, problematic to hedge, only likely to
grow, and characterized by a continually changing threat
About the author environment. Tomorrow's cyber attacks may not look much
like today's - as evidenced by 2020's spate of ransomware
Sweta Agarwal
compared to the breaches of 2015 to 2017.
Underwriter - Credit & Liability
Ideal Insurance Brokers Pvt Ltd Cyber security is the practice of defending computers,

The Insurance Times, August 2022 33