Cybersecurity During WFH: Secure Your Business from Cybercrimes

You're probably aware of the term 'cyber crimes’. With so many cases of phishing, data breaches, computer viruses, and other malicious activities on the rise, you can no longer expect to be completely safe from these situations. While many cyberattacks may only be a nuisance, some of them are pretty serious and even life-threatening in many cases. While these attacks are often on regular people, even organizations and substantial companies are falling prey to the ever-advancing methods of these cybercriminals. Read on to know more about the rise of cybercrimes in India and ways to tackle these threats.

Read more
Get ₹5 Cr Cover starting at ₹4,60,000*

Get right expert advice

Hassle free policy

Speedy Claims

Get Free Access to Report: Cyber Breaches in Industry

Fast-track your search with instant quotes from top insurers

Don't Gamble with Cybersecurity - Insure Your Business Now!

Step 1/2

Don't Gamble with Cybersecurity - Insure Your Business Now!

secure-icon We don't spam
Are you buying the policy for?
Get Updates on WhatsApp
Check Plans for Free

Don't Gamble with Cybersecurity - Insure Your Business Now!

Step 2/2
Fast-track your search with instant quotes from top insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Get Free Access to Report: Cyber Breaches in Industry

What is Cyber Security?

To put it simply, the practice of protecting your servers, computers, mobile devices, and other professional and personal data is called cyber security. The term can be used as an umbrella term and has distinct categories:

  • Application Security: Focuses on protecting your devices' applications from threats like malware and other attacks
  • Network Security: Involves securing an entire computer network
  • Information Security: Protects your data's privacy either in transit or in storage

Other than these, there are many other categories that focus on specific cyber threats. Global cyber threats in 2019 alone amounted to a shocking 7.9 billion breaches and the numbers are only growing since the pandemic started. As per a survey conducted by Tenable, around 53% of business leaders are concerned about their organizations’ home network security and face challenges with employee security practices.

Companies related to medical services, public entities, and retailers are among the most targeted ones as they collect medical and financial data of their customers. However, there have been attacks on customer data and even corporate espionage indicating an urgent need to fight these cyber threats.

Why Cyber Security is Important for Your Business?

As a response to the COVID-19 pandemic, many businesses have shifted to remote working or hybrid models. However, deployment of work from home has also increased the level of risk of a cyber attack. In last year alone, around 88% of Indian organisations experienced cyber-attacks impacting their business. 

Your organization’s personally identifiable information (PII), personal information, intellectual property data, and even protected health information is at risk because of cybercriminals.

Because of global connectivity and cloud services, sensitive data is always an inherent risk. With the widespread increase in sophisticated cyberattacks, business heads can no longer rely only on antiviruses and firewalls.

Each day, attackers deploy new ways of attacks with the help of artificial intelligence and social engineering on people who heavily rely on computers and mobile devices but are not aware of these threats. While governments all over the world are now focusing on cyber crimes, things cannot be left as they are.

What Can You Do to Secure Your Business during the Pandemic?

Due to urgent social distancing to reduce the spread of the virus, most businesses opted for work from home to minimize their losses during these distressing times. However, 2020 only saw a higher number of cyber attacks in various forms. More than 50% of these targets were the employees working remotely who were not prepared for these tactics.

Here are some effective ways to ensure that your company and its important data is safe from cyber threats: 

  • By implementing cybersecurity awareness programs in your organization. This can be done using computer-based training and phishing simulations
  • With many employees opting for remote work, focusing on securing their work-from-home setup will considerably reduce security risks
  • Ensure proper software and operating system updates on a regular basis so that any security patches are fixed timely
  • With most businesses operating with cloud storage, opting for secure cloud computing will help eliminate the risks associated with data breaches
  • Invest in good anti-virus software that will detect and eliminate security threats like malware, viruses, MitM Attacks, Trojans, and many more
  • Upgrading IAM (Advanced Identity and Access Management) solutions of the organization will play a key role against cyber threats
  • Avoid using un-secure networks, especially in public places. This is one of the most common ways through which malware is spread
  • Consider implementing TPRM (third-party risk management) experts   as a part of your organization’s overall security risk management strategy
  • Consider buying a cyber security insurance plan to avoid any impactful damage to your organization in terms of first-person and third-person liability

While all these options are pretty solid measures to reduce the threat of cybercrimes, the last option is the only safeguard that minimizes the loss caused by these threats. The benefits of cyber insurance are briefly covered in the next section.

How Does Cyber Security Insurance Help? 

One of the best ways to minimize your company's damages caused by cyber-attacks is to buy a cyber security insurance plan. The policy covers a wide range of liabilities related to network, business, and information assets. Some of the benefits offered are briefly mentioned below:

  • Loss caused by E-theft because of fraudulent transferring of funds or assets due to a computer system or network breach
  • Any loss due to an E-threat; the expense incurred in hiring a professional negotiator or any other payment made as an extortion
  • Any additional expenses caused by E-business interruption
  • Loss due to E-vandalism
  • Expenses caused during crisis management by a public relations consultant (varying sub-limits)
  • Covers disclosure liability which includes customer claims
  • Covers any liability for claims in case of trademark, intellectual property, content, and more
  • Provides reputational liability in case of claims arising due to libel, defamation, slander, third-person organizations and more

While these are only a handful of benefits offered, make sure to go carefully through their policy schedule so that you’re aware of all the things your policy offers or does not offer. Don’t forget to compare policies provided by different insurers before selecting the best insurance plan for your organization.

Written By: PolicyBazaar - Updated: 22 October 2021
Cyber Insurance Companies

Now help your friend get Business Insurance

Your referral is greatly appreciated!

Our team will reach out to your friend soon to help with their business insurance requirements.

Cyber Insurance News

Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
Payment Gateway Company Reports Massive ₹16,180 Crore Cyber Theft
In a startling revelation, the Thane Police have exposed a massive cyber heist, with cybercriminals pilfering an astonishing ₹16,180 crore. This...Read more
Cybercriminals Target Former Union Minister Dayanidhi Maran's Savings...
Cybercriminals Target Former Union Minister Dayanidhi Maran's Savings...
In a concerning development, cybercriminals managed to siphon off ₹99,999 from the personal savings account of Dayanidhi Maran, the former Union...Read more
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
Mumbai Police Nab Four Cyber Fraudsters in Extensive 22-Day Operation
In a 22-day operation spanning four states, including Uttar Pradesh, Rajasthan, Delhi and Madhya Pradesh, a Mumbai Police task force comprising seven...Read more
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India Grapples with Mounting Cybersecurity Risks, According to Palo...
India is confronting a significant threat of cyberattacks aimed at its critical infrastructure, public sector, and essential services, as per a report...Read more
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune-Based Engineering Supplies Firm Loses Over 22 Lakh in Cyber Scam
Pune City police uncovered a suspected 'man-in-the-middle' cyber attack that cost a Pune-based engineering supplies firm more than 24,000 Euros...Read more
Cyber Insurance Articles
As per the Indian Computer Emergency Response Team, 12.67 lakh cyber-attacks were registered by November 2022...Read more
21 Mar 2023 by Policybazaar 10728 Views
We live in the digital era. Now, almost everything is possible online as every other organization is going digital...Read more
12 Apr 2022 by Policybazaar 11074 Views
Every shop owner must put in extra efforts to make their retail store as safe as possible. To create a secure...Read more
29 Apr 2022 by Policybazaar 5848 Views
The cyber risks have increased after the outbreak of Covid-19. One of the main reasons behind the increment in...Read more
31 Mar 2022 by Policybazaar 4371 Views
In this ever-evolving and the technologically-driven world, cyber-attacks have been increasingly common and a...Read more
29 Nov 2022 by Policybazaar 1370 Views
Cybersecurity vigilance is crucial to safeguard against phishing...Read more
15 Mar 2024 by Policybazaar 155 Views
In a fast-paced business environment where every minute counts...Read more
13 Mar 2024 by Policybazaar 225 Views
Ransomware risks are on the rise, posing a significant threat to...Read more
13 Mar 2024 by Policybazaar 205 Views
The rise of smart automobiles has ushered in a realm of...Read more
27 Dec 2023 by Policybazaar 393 Views
Wearable technology has revolutionized healthcare, offering a...Read more
15 Dec 2023 by Policybazaar 298 Views
Policybazaar for Business - Cyber Insurance - Customer Reviews
View all
Based on 47 reviews
out of 5
Based on 47 reviews
12 users
34 users
1 users
0 users
0 users
4.3 October 11, 2022
Aarti Singh
Knowledegable Team
The representatives at PolicyBazaar were knowledgeable, patient and genuinely committed to helping me find the best insurance policy for my requirements. They took the time to answer all my questions and provide valuable guidance, ensuring that I had a thorough understanding of the coverage details and terms. THANKS.
4.3 October 06, 2022
Quick And Hassle Free
After seeing a rise in cyber attacks in many of the companies, i decided to purchase a cyber insurance policy for my start up. I went on the Policy Bazaar website and learned about the coverage in detail and purchased it from their website only. It was quick and hassle-free purchase.
4.5 October 04, 2022
Paperless Process
We bought the contractual liability insurance from policybazaar and received the best overall package. The process was paperless as we applied for insurance online and the support was amazing.
4.5 October 03, 2022
Extensive Coverage
We thoroughly checked all the benefits and features and decided to buy a contractual liability policy from Policybazaar. It provides all the necessary features to safeguard our business against any loss.
4.5 October 02, 2022
Easy To Buy
It was easy to buy insurance from Policybazaar and customer support was also amazing to clear all the doubts. Contractual liability insurance is essential for my business and I could not get a better deal than this.
4.5 October 01, 2022
Easy Plan Comparision
An ideal Contractual Liability Insurance policy purchased to protect our business that we ecounter in our everyday operations. Policybazaar offers a platform to compare multiple plans.
4.5 September 30, 2022
No Broker And Paper Work
Great experience at Policybazaar. We did not know that buying Contractual Liability Insurance could be that easy. Also there is no broker and paperwork.
4.8 September 29, 2022
Perfect Insurance Coverage
I purchased Contractual Liability Insurance from Policybazaar and the coverage they provided is perfect to keep my hardware business safe various unforeseen instances.
New Delhi
4.5 March 18, 2022
Cloud Storage Cover
I wanted to purchase a cyber insurance policy could provide coverage for the data stored in cloud network. I went on the Policybazaar website and look up for plans that would provide me with this coverage. I compared different plans and in a matter of minutes i found the right cyber insurance plan that would fit my requirement.
4.5 March 17, 2022
Good User Interface
I was looking for a cyber insurance policy online. After looking for the insurance plan online I landed on the Policybazaar website. Trust me, the user interface of the website is so good that i was able to locate the cyber insurance plan and purchase it in not more than 10 minutes. Thanks Policybazaar.