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

Please share some basic details

Step 1/2
Are you buying the policy for?
Or Contact us on: 1800-309-0988
Get Updates on WhatsApp
By clicking on "" you agree to our Privacy Policy and Terms Of Use, and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover.

Just a step away from the quotes
Step 2/2

Popular Cities

Are you buying Cyber Insurance policy for the first time?
Or Contact us on: 1800-309-0988
Get Updates on WhatsApp
By clicking on "" you agree to our Privacy Policy and Terms of Use, and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover.

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 news

Latest News
Reddit Hacked in a Targeted Phishing Attack

14 Feb 2023

On February 5, Reddit confirmed hackers tried to access their internal information and source code through a highly targeted phishing attack.
Read more
Christopher Slowe, CTO of Reddit, revealed the company was able to recognize sophisticated attacks targeting Reddit employees. He said that an unidentified attacker message sent 'plausible-sounding prompts’ that redirected the company's employees to an internet portal that impersonated to be Reddit. The hackers tried to steal employees' credentials & two-factor authentication keys. The hackers accessed some internal documents, source codes, dashboards, and business systems. However, Reddit recognized the security breach, cut off the access, and started an internal investigation. They also said there is no evidence of personal or non-public data breaches, publication, or online distribution. Furthermore, they are investigating & monitoring the situation to enhance their security system.
FM Nirmala Sitharaman announces Set up of 3 Artificial Intelligence Centres of Excellence

03 Feb 2023

Finance minister Nirmala Sitharaman presented the Union Budget FY 2023 on February 1, 2023. The Finance Minister announced the establishment of 3 artificial intelligence centres for excellence under
Read more
the initiative of “Make AI in India”. Set up of these AI centres will take place in top educational institutes. “Make AI work in India” is an initiative and a focus area of the Modi Government. Nirmala Sitharaman also said that the government will implement the national data governance policy.
Cyber Fraudster Target Customer under Disguise of Insurance Officer

09 Jan 2023

Cyber fraudsters are targeting customers under the disguise of not a bank official but an insurance company official. In one such event, a 67 year old citizen from Thottakattukara, Kochi, lost Rs 1 lakh.
Read more
He was approached by a woman name Radhika Jain who claimed to be from an insurance company. She promised the victim to make the financial settlement for the raised claim if he pays Rs 1 lakh to renew the policy. When the victim filed the complaint, Rural Cyber Police, Ernakulam, launched the investigation. The incident took place on October 29 and the fraudster claimed to be an ICICI Prudential Insurance official. The fraudster fooled the elderly person by telling them that his insurance policy has expired and the settlement cannot be made disbursement of the insurance amount. As per the Police officer, “The fraudster suggested the victim to pay Rs 1 Lakh to renew the insurance policy. If the policyholder pays the amount then he will be considered as Senior citizen and the disbursement will be done. In order to make it look genuine, the caller sent ICICI Prudential life insurance letterhead through Whatsapp.” “The fraudster promised the complainant that within 45 days the settlement of Rs 2.45 lakh will be done. The victim transferred the amount to the fraudster’s Canara bank account and once the payment was made the fraudster sent some fake documents. However, the promised settlement of Rs 2.45 lakh was not made even after 45 days.” A police officer said. After cross checking the details of transaction, the police found out that the accused was from Aligarh. Police is also probing as to how the accused got the information related to the insurance policy of the victim.
Sensitive Data of 6 Lakh Indians Stolen by Hackers and Sold at Rs. 490 each

09 Dec 2022

Out of 5 million people globally, 6 lakhs Indians have had their sensitive data stolen and sold on the bot market making India, the worst affected country.
Read more
The average cost of the digital identity of one person was Rs.490, revealed NordVPN, the world's largest VPN service provider. The stolen data include user logins, screenshots, digital fingerprints, cookies, and other sensitive information. All these data are sold in packets in the bot markets, which refer to places where hackers sell stolen data from victims' devices with bot malware. The study majorly looked into three-bot markets the Genesis market, 2Easy and the Russian Market. Out of 26.6 million stolen logins found on the bot markets, 7,20,000 were Google logins, 6,47,000 were Facebook and 6,54,000 were Microsoft logins. Moreover, 667 million cookies, 5,38,000 auto-fill forms, 81,000 digital fingerprints, multiple device screenshots, and webcam snapshots were also found by the researchers. The bot markets are distinct from other dark markets as bot markets are able to get huge amounts of information related to one person in one place. The hackers also guarantee that once the bot is sold, the data of the victim will be updated till their device is affected by that bot, stated Marijus Briedis, chief technology officer at NordVPN. Security researchers also said that not all bots come with a good purpose, many can be malicious as well. These bots operate in multiple fields like customer service, SEO and entertainment and are becoming increasingly common recently. Vidar, RedLine, Taurus, AZORult and Racoon are some of the most popular malware used to collect and steal information out of which RedLine is the most common, stated the report.
AIIMS Cyber Breach: Attackers Demand Rs 200 Crore in Crypto

06 Dec 2022

All India Institute of Medical Sciences, New Delhi, India reported a cyberattack on November 23, 2022. Later, the statement released by AIIMS said that e-hospital system
Read more
has gone down and it has affected the digital hospital services, e-billing, smart lab, appointment system and report generation. AIIMS currently manages around 2,500 beds. It is said that the data of around 2 to 3 Crore patients might have been compromised. After the incident, AIIMS shifted to manual operations to cater the patients. Also, All India Institute of Medical Sciences sought National Informatics Centre (NIC) and I-CERT to restore the digital services. The incident has been reported to Delhi Police whereas CBI and NIA have joined the investigation. AIIMS issued a new Standard operation procedure where the admission, discharge and transfer of patients will be done manually.  As per a source told Press Trust of India, “Hackers have demanded a ransom of Rs 200 Crore in crypto currency on November 28, 2022”. Later, Intelligence Fusion & Strategic Operations unit have registered the case under cyber terrorism and extortion on November 25.  Meanwhile, National Information Centre e-hospital database and application servers restored the data for e-hospital. Also, the team of NIC is cleaning and scanning infections from other e-hospital servers that are located at AIIMS hospital. These servers are required to deliver the service of the hospital. Also, four physical servers have been arranged to restore the e-hospital services and have been scanned and prepared for the applications and database. As per the source, “Sanitisation of AIIMS network is in progress. Antivirus has been installed on 1200 out of 5000 computers and 20 out of 50 servers have been scanned. This activity is going on 24*7”.

Cyber insurance articles

Recent Articles
Popular Articles
9 Ways to Protect Yourself from Cyber Crime

21 Mar 2023

As per the Indian Computer Emergency Response Team, 12.67 lakh
Read more
Cyber Insurance for Banking Finance and Insurance Industry

28 Feb 2023

Cyber insurance for the banking finance & insurance industry
Read more
Interconnected History between Cyber Insurance and Cybersecurity Policy

14 Feb 2023

Cyber insurance and cybersecurity policy are two important
Read more
The Imperative Need of Cyber Insurance for MSMEs

14 Feb 2023

In the age of digitalization, technology has become an essential
Read more
The Need for Cyber Insurance Policy in India

01 Feb 2023

Cyber attacks are becoming increasingly frequent in India and
Read more
Biggest Cyber Breaches in India
We live in the digital era. Now, almost everything is possible online as every other organization is going digital
Read more
8 Ways to Enhance Retail Store Security
Every shop owner must put in extra efforts to make their retail store as safe as possible. To create a secure
Read more
Impact of Cyber-Attacks On Insurance Industry
The cyber risks have increased after the outbreak of Covid-19. One of the main reasons behind the increment in
Read more
Role of Cybersecurity in the BFSI Sector in India
The Banking and Financial Services Industries (BFSI) sector has been one of the pioneers in adapting technological
Read more
Cyber Security for Retail: Threats & How To Avoid Them?
With the increased usage of the Internet, the number of cyberattacks has increased as well. Since retail shops
Read more