Understanding Cyber Insurance in India: A Cyber Insurance Checklist to Know

Cyber insurance, also known as cyber risk insurance or cyber liability insurance, is a type of insurance that provides financial protection against loss or damage resulting from cyber-attacks and other digital threats. With the growing number of cyber-attacks taking place on a regular basis in India, it is important for companies to be protected from these cyber crimes. This includes coverage for data breaches, hacking, and other malicious activities that can compromise sensitive information and disrupt business operations.

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What does Cyber Insurance in India cover?

Cyber insurance policies in India can vary, but most provide coverage for the following types of losses:

  • Loss of income: If a cyber attack causes a business to lose revenue, cyber insurance in India can help cover that loss. This can be especially important for small businesses, as a loss of income can be devastating and may even result in the closure of the business.
  • Business interruption: If a cyber attack causes a business to shut down temporarily, cyber insurance in India can help cover the costs of that interruption. This can include the costs of restoring operations and the costs of lost business.
  • Data recovery: If a cyber attack results in the loss of important data, cyber insurance in India can help cover the costs of recovering that data. This can include the costs of hiring a professional to recover the data, as well as the costs of any necessary hardware or software.
  • Legal fees: If a business is sued as a result of a cyber attack, cyber insurance in India can help cover the costs of legal defence. This can include the costs of hiring a lawyer and the costs of any settlements or judgments.
  • Credit monitoring: If a cyber attack results in the compromise of sensitive information, cyber insurance in India can help cover the costs of credit monitoring for affected individuals. This can include the cost of credit monitoring services and any costs associated with identity theft protection.

A Cyber Insurance Checklist for India: What to Look for in a Policy

When shopping for cyber insurance in India, it's important to consider the following:

  • Coverage limits: Be sure to understand the maximum amount of coverage provided by the policy. This can include the maximum amount of coverage for each type of loss, as well as the overall maximum coverage limit.
  • Exclusions: Be aware of any exclusions in the policy, such as certain types of cyber attacks or types of data that are not covered. This can include exclusions for certain types of data or certain types of cyber attacks.
  • Third-party coverage: Be sure to understand what types of third-party liability are covered by the policy. This can include coverage for third-party data breaches or other types of cyber attacks.
  • Cybersecurity measures: Some insurance companies in India may require certain cybersecurity measures to be in place before providing coverage. This can include things like firewalls, intrusion detection systems, and other security measures.

Conclusion

Cyber insurance is an essential tool for protecting businesses against the financial fallout of cyber attacks and other digital threats. With the increasing number of cyber-attacks happening in recent years in India, it is important for companies to be protected from these cyber-crimes. By understanding what cyber insurance in India covers, and having a cyber insurance checklist of what to look for in a policy, as well as the importance of cybersecurity measures, businesses can ensure they are properly protected.

Written By: PolicyBazaar - Updated: 30 January 2023

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Cyber Fraudster Target Customer under Disguise of Insurance Officer

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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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