Impact Of WFH On Cyber Insurance Market

We are all aware of the impact of Covid-19 on the entire world. Roads went empty, markets were closed down, offices switched to remote working from in-office operations. A drastic change was witnessed by the whole world in daily lifestyle. The biggest impact of coronavirus was witnessed in the corporate sector as people were sent to start working from home. The sudden change compelled the companies to adapt to the work from home norm but cyber-security became a huge concern for them.

Read more
marine

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 prominent insurers

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

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

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

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

Fast-track your search with instant quotes from prominent insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Get Free Access to Report: Cyber Breaches in Industry

For a corporate company, cyber-security is one of the most important things to keep their data safe from hackers and cyberbullies. Even after using expensive anti-malware and firewalls, hackers tend to break in and encrypt the company’s data. In case they succeed and got access to the company’s data, they blackmail the company for ransom.

Cyber Insurance policy plays a huge role in corporate companies. With the evolution of the Internet, every data is now online. This made the storage of data easier as well as easily accessible for everyone in the company according to the hierarchy. But since the beginning of the pandemic and WFH norm made it easier for hackers to hack into a company’s data.

As per Kaspersky, a leading anti-virus/anti-malware IT company released statistics related to the cyber-attacks witnessed in the country. The cyber-attacks in the country went from 98.1 million in 2020 to 337.5 million in February 2021.

So, what were the major reasons behind these many cyber attacks in the country? We are here to tell you that exactly.

Home Wi-Fi & Public Network To Access Internet

When you work from the office and access the internet through your office’s secure network, the chances of malware attacks decrease. It is because the IT department of the company can monitor the activities of a user and any cyber attack attempt on their cloud system. Well, this became a serious issue when employees were sent to work from home and started using home wi-fi and public network to access the internet.

As everything depends on the internet now, cyberbullies see it as an opportunity to break into the network and access employees' computers to access the official data. Once they get access to official data they encrypt it and make it inaccessible for everyone.

Vulnerable Video Conference

Since employees were working from home and delivering their work through emails, to keep a track of completing the targets that were time-bound and weekly team meetings. In the beginning when online conferences became regular and video conferencing software like hangout and skype could not manage the load of so many users at once, new software started emerging in the market with better features and an increased number of participants in one meeting. However, the cybersecurity maintained by these new online video conferencing software was not up to the mark.

These online conferences opened vulnerabilities and became risky for the company's data and information. The vulnerability became an opportunity and gave them the chance to access these meetings unanimously. They could leak the content of the conference calls to others for money. No matter how the claim of end-to-end encryption made by these software companies when they weren’t, the hackers could use phishing links to send emails to the target and execute ransomware attacks.

That’s where the multi-factor authentication came in with a trust of security. Even then numerous ways of bypassing security measures led to ransomware attacks.

So, how does remote working would impact the cyber insurance policy?

WFH & Cyber Insurance

Companies with confidential data and information are the prime target for hackers. The companies that have data stored on cloud are prone to cyberattacks and this is why they secure themselves with cyber insurance policy. No matter how secure a company’s network is or how strong a companies firewall is, hackers, find their way to hack into their data. This is where a cyber insurance policy comes in handy.

The impact of WFH on cyber insurance will depend on the policy wordings. With the rapid conversion from work from office to work from home, the insurance companies will see an increment in demand for cyber insurance. So, the insurance companies will also have to make sure that they provide coverage keeping the work-from-home trend in mind otherwise they might have to face unnecessary trouble.

Let’s take an example of Mobikwik here, as per Business Standard reports, the personal data of 3.5 million users such as their phone number, addresses, PAN number, Aadhaar card, etc. were exposed. The company has not accepted that their data was breached and it was until RBI intervened and ask Mobikwik to conduct the forensic audit immediately by CERT-IN auditors and submit the report that mentions the company works with essential authority.

Conclusion

With new variants of the coronavirus coming every other month, it seems like the work from home culture is going to go on for a long period of time. The insurance companies need to make sure that they offer cyber insurance policies to their customers that can provide coverage by keeping the work from home scenario in mind and the threats that come along with it. Corporate companies also need to make sure that they are covered with an updated insurance policy that provides them proper cover.

It is advised by the insurance industry experts to purchase an insurance policy online because it is cost-effective and you get to know about your policy thoroughly. You can also compare different plans and then purchase the one that suits your requirements.

Cyber Insurance Companies
Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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 15651 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 12722 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 7002 Views
Cyber insurance for the banking finance & insurance industry offers financial protection against potential...Read more
28 Feb 2023 by Policybazaar 2626 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 2211 Views
Cybersecurity threats are evolving rapidly, and one of the most...Read more
04 Nov 2024 by Policybazaar 35 Views
Malware, or malicious software, refers to programs intentionally...Read more
30 Oct 2024 by Policybazaar 55 Views
As cyberattacks become more frequent and sophisticated...Read more
15 Oct 2024 by Policybazaar 86 Views
Ransomware has emerged as one of the most menacing cyber threats...Read more
04 Oct 2024 by Policybazaar 98 Views
Cybercrime involves criminal activities targeting or utilizing...Read more
25 Jun 2024 by Policybazaar 588 Views
Policybazaar for Business - Cyber Insurance - Customer Reviews
View all
4.5/5
Based on 47 reviews
4.5
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.
Agra
4.3 October 06, 2022
Amit
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.
Nashik
4.5 October 04, 2022
Pinku
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.
Surat
4.5 October 03, 2022
Aashish
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.
Ahemdabad
4.5 October 02, 2022
Nishant
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.
Udaipur
4.5 October 01, 2022
Puneet
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.
Assam
4.5 September 30, 2022
Govind
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.
Jharkhand
4.8 September 29, 2022
Rinku
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
Ishan
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.
Ajmer
4.5 March 17, 2022
Anurag
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.
Delhi