The Need for Cyber Insurance Policy in India: Protecting against Cyber Attacks

Cyber attacks are becoming increasingly frequent in India and have caused major disruptions in various sectors, including healthcare. The cyber attack at the All India Institute of Medical Sciences (AIIMS) serves as a prime example of the vulnerability of sensitive information and the need for stronger measures to protect it. In this article, we will discuss the need for a dedicated safety law in India to address the issue of cyber attacks and the importance of investing in a cyber insurance policy to provide additional protection.

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The Need for a Dedicated Safety Law in India

The frequency of cyber attacks in India is on the rise, making it imperative for the country to have a robust legal framework in place to address this issue. The cyber attack at AIIMS, which affected the personal and medical information of patients, highlights the importance of having a dedicated safety law in place.

The current legal framework in India, including the Information Technology Act, 2000, has proven to be insufficient in protecting personal data and sensitive information from cyber attacks. A dedicated safety law is necessary to establish clear guidelines and regulations for the protection of such information and to hold those responsible accountable for any breaches.

Additionally, a dedicated safety law can provide a clear framework for organizations to follow in order to ensure the security of their systems and data. This can include guidelines for data storage, data access, and data disposal, as well as measures for detecting and responding to cyber attacks. By having a clear set of guidelines and regulations, organizations can take proactive measures to protect themselves and their customers from cyber attacks.

The Need for Cyber Insurance Policy

While a dedicated safety law can provide a strong framework for protection against cyber attacks, it is not enough to rely solely on legal measures for protection. Cyber attacks can result in major financial losses for individuals and organizations, including the cost of repairing systems, restoring data, and compensating victims. In some cases, the financial losses can be so severe that they can result in the closure of a business.

Investing in a cyber insurance policy can provide additional protection against these financial losses by covering the costs associated with a cyber attack. This includes costs for repairing systems, restoring data, and compensating victims. Additionally, a cyber insurance policy can provide access to experts who can assist in detecting and responding to cyber attacks, which can help mitigate the damage caused.

Conclusion

Moreover, investing in a cyber insurance policy can provide additional protection against financial losses and access to experts who can assist in detecting and responding to cyber-attacks. In a world where technology is advancing rapidly, it is important for individuals and organizations to be active in protecting themselves against cyber threats. By taking both legal measures and insurance covers, they can ensure that they are well-prepared in the event of a cyber attack and can minimize the damage caused.

Written By: PolicyBazaar - Updated: 01 February 2023

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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.
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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

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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.
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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

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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
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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”.

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