Cyberinsurance: An idea whose time has come

Consider the facts: Cybercrimes in India caused losses of INR 1.25T in 2019, cyberattacks on Indian entities almost trebled from 0.4M in 2019 to 1.16M in 2020. banks alone reported over 50,000 cases in FY19 with losses of ~INR 1.5B. Research indicates that over 50% of businesses in India suffered downtime due to data loss.

Covid has ushered in rapid digitization, with new processes and new working models, it seems almost inevitable that there would be some chinks and rough edges from a security perspective as we all probably packed in a decade of digitization in the last 365 days. New risks are emerging as employees log in remotely from their own devices, and as screen time and commerce and financial transactions from mobile phones are rising. However, most businesses do not have the understanding to understand the risks involved, nor the resources to implement risk mitigants.

The full article was originally published on The Economic Times - ET BFSI