Page 21 - Insurance Times February 2021

Cover Story

CYBER

INSURANCE - A

RISK TRANSFER

MEASURE

Abstract invested in the gadgets that are the gift of this technological
The penetration of the technology in our lives is so much advancement. Without them our life seems to be dull and
void. The penetration of the technology in our lives is so
that all our essential working is dependent on technology. much that all our essential working is dependent on
The same is true with the banking sector. The banking technology. The same is true with the banking sector.
has been made simple with the use of technology in all
domain of traditional banking With the rise of The banking has been made simple with the use of
digitization, comes the rise in threat of cyber-attacks. In technology in all domain of traditional banking. Be it
the past few years we have seen numerous cyber-attacks transaction, deposit, transfer of funds etc. all are totally
on corporate as well as individuals. So protection of data dependent on the effective use of technology. With the
is the need of the hour. This article touches on the concept advantages of being techno friendly we are also vulnerable
of protection of data and introduces Cyber Insurance as to certain data theft and be victim of Cybercrime which can
a risk transfer measure. put any organization to reputational risk.
W e are all aware of the saying necessity is the Now a days there are lot of instances of Cyber Extortion,

mother of all inventions. The saying in today's
Cyber Stalking, and Hacking due to which many advanced
context is somewhat changed. Rather putting
it in the simpler form we would rephrase it as technology is nations and Corporations are facing issues in protecting their
data intelligentsia. There have been instances of cyber-
the genesis of developmental advancement. We are now attacks on the various banks in the past where cases
dependent on technology so much that our major time is
siphoning off the money were attempted and our bank was
also one of the victims.
About the author
With the rise of digitization, comes the rise in threat of
Ashutosh Pande cyber-attacks. In the past few years we have seen numerous
Union Bank Of India cyber-attacks on corporate as well as individuals. Malwares
STC Bhubaneshwar like WannaCry, Ransomeware etc., left the American and
The Insurance Times, February 2021