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Cyber Security: Emerging Threats and Challenges

By Finserv MARKETS - Feb 13,2019
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Cyber Security: Emerging Threats and Challenges

India is rapidly progressing towards a digital ecosystem. The number of online devices is only increasing and the internet has proliferated even in the remotest corners of the country. Nevertheless, the high incidences of cybersecurity breaches in the country verify that there are huge gaps in India’s cyber-security infrastructure. India might be ready for a digital future but in order to truly be prepared to handle such risks, Cyber Insurance or Digital Insurance is of utmost importance.

According to recent government statistics, India saw a 350 percent rise in cybercrime in the last 3 years. These cyber threats span across Phishing, Spear-Phishing, and Social Engineering etc. Such cyber threats have resulted in huge financial losses for businesses and individuals as a significantly large volume of financial transactions are performed online. Online banking, trading and e-commerce are especially at risk from cybercriminals. It has become almost impossible to conduct business or live in the world without an online presence. So, most consumers and businesses have learned to live with an uneasy awareness that it is only a matter of time before some of their private information is compromised by cybercriminals.

Role of Cyber Insurance in Overcoming Cyber Threats

Cyber Insurance protects both individuals and businesses from the inevitable financial losses that occur after a data breach or cyber attack. In recent years, there has been a constant stream of Indian companies announcing that their data has been hacked and sensitive information leaked. Cyber Insurance policies provide financial cover for a wide range of possible consequences that could affect your business or personal data after a Cyber Security Incident.

If you are new to Cyber Insurance, you will be surprised to know how deep impacting a security breach can be. In a nutshell, a Cyber Liability Insurance acts as a safety net against numerous cyber risks that can potentially lead to huge losses.

Here are some important reasons why Cyber Insurance in a must have in this day & age of emerging cyber threats: –

  • Increasing incidents of cyber thefts and malpractices
  • Data breaches resulting huge monetary losses
  • Cyber Insurance covers a wide range of security risks
  • Cyber Insurance offers a huge compensation at a meagre cost

After reading through all of the above you may be reeling with a new fear of just how much a cyber attack can cost your business. The good news is that at Finserv Markets, we have done the work of imagining almost every possible negative scenario for you. We offer a wide Cyber Insurance coverage to keep your business as well as personal finances protected from cybersecurity threats.

With a Cyber Insurance policy from Finserv Markets, you can get a financial cover to deal with the aftermath of cyber threats such as Identity Theft, Social Media Liability, Cyber Stalking, Malware, IT Theft Loss, Phishing, Email Spoofing, Cyber Extortion and various other risks. So why wait? Avail a Cyber Insurance policy with us today!

“Finserv Markets, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522