Data Security Council of India (DSCI) has floated a report on ‘’Cyber Insurance in India- Mitigating Risks amid Changing Regulations & Uncertainties’’ with the core objective of enhancing awareness, in-depth discussions and recommendations to Government Bodies, User Enterprises, Technology firms etc.
“With increasing, cybersecurity threats and challenges country currently is facing, it is important that every organisation takes a 360 Degree approach to their preparedness including cyber risk management. Financial Services sector continues to be a prime target for Cyber and Data Breaches and businesses could face enhanced cyber liabilities. While the sector has to step up its Security preparedness, Cyber Insurance can help offset financial liabilities when a breach occurs. Insurance Industry must come up with comprehensive Risk Coverage policies and tailor-made for the risk assessment of a sector and the business” said Lt Gen (Dr.) Rajesh Pant, National Cyber Security Coordinator, Government of India.
“Cyber Risk, Data Breaches and its consequent financial liabilities, looms large on the rapidly evolving Digitisation momentum of every sector and business. Cyber Insurance is proving to be a key tool in the Risk management and Cost-Offsetting arsenal of an enterprise and at the same time scaling up the prevention and protection measures,’’ said Rama Vedashree, CEO, DSCI.
As per global risks perception survey 2018-2019 by World Economic Forum, 82 per cent of the respondents expects theft of data/money via cyber attacks whereas 80 per cent have a strong expectation of disruption of operations and infrastructure via cyber attacks in 2019.
In India as per Allianz Risk Barometer 2019, businesses have mentioned ‘Cyber Incidents’ as their top risk
