Virtual is the new way of life, as you already know. Everything has moved online, including news, entertainment, and shopping. It is almost impossible to keep your personal information, such as email address, name, and mobile number, private online.
All e-commerce companies now have your card details. What happens if the databases are compromised. Let's not forget about the data breaches that are occurring in e-commerce businesses.
Cyber-attacks, and their impact on businesses, are very much in the spotlight right now. Data breaches, however have been around for quite a while. Fraudsters can access a lot of information, including your email, mobile number, and addresses.
Let's take a look at some of these massive data breaches.
- In April 2021, Facebook data leak of 533 million users
- In April 2021, breach of 500 mn Linkedin users
- In February 2019, account details of 422 mn SBI customers compromised
The fraudster will not wait until they have all the information necessary to move forward.
Let's now talk about the after-effects.
Cyberattacks can have two consequences for a business: reputational damage and the cost of managing them.
Going back to a study done by Accenture and the Ponemon Institute in 2018, the average cost of a malware attack on a company is over $2.5 million and it takes more than 50 days to recover from the attack.
Businesses are expected to take out cyber insurance to cover their losses and help them recover. Cyber insurance companies are needed in India due to rising cyber threats.
Do you believe that an individual is as safe as a business? Are you secure?
It is now obvious that all your personal details are out there.
Are you wondering what to do/ How can you protect yourself against financial losses caused by cyber crime? We have the answers, and as we mentioned, we can help you. Cyber Insurance
Cyber insurance plans can be purchased by individuals as well as businesses. Many Indian insurance companies offer cyber insurance plans for retail customers.
This is a relatively new concept in India. You might wonder if there is a need for Cyber Insurance. Is it a western fad trying its best to blend in?
We have the answers, and we don't want you to know everything. Therefore, we will be discussing Cyber Insurance. You know what you should do.
Continue Reading!
Cyber Insurance in India – What is it?
Retail Cyber Insurance India is an insurance policy designed to protect individuals from financial frauds such as sim-jacking, malware, phishing and malware.
The protection you choose will affect the annual premium. As with life and health insurance, premiums are not affected by age.
Some plans provide legal defense cost coverage as well as financial loss coverage. These plans also protect third parties from cyber data breaches that could result in monetary losses for others.
Are you wondering how a Cyber Insurance policy can help you?
First, the policy will provide potential coverage for the attack and help you recover from it.
Cyber Insurance has many benefits, but you need to be aware of its objectives and how it protects. It is best to fully understand the coverage before you sign up for the plan.
Recent data shows that the global cyber insurance industry is growing rapidly at 21% CAGR. It will reach $13.9 billion by 2023 and $20.4 million in 2025.
This industry is growing at a faster rate than other options/products in insurance.
Let's talk about the elephant in as we mention ''cyber threats’' and 'cyberattacks''. It is important that both the business owner and the individual who is purchasing cyber insurance understand how it works.
Cyber insurance - Why do you need it?
Cyber Insurance is not a magic bullet that will solve all your cybersecurity problems. No No.
It is better to have insurance than not having it, especially when your hard-earned cash is at risk. It's like having a safety net that protects you from cyber-attacks.
There are more
Online payments have been affected by the Pandemic. Cyber threats are gaining ground as more people use digital payment methods to process payments.
There is an increase in people using social media for entertainment. This has led to an increase in cyber-attacks, spyware and phishing emails.
FIS conducted a survey in April 2021 of Indian consumers and found that 34% reported financial fraud within the past 12 months. For those aged 25-29, this number rises to 41%.
You could easily be next to fall prey to a cyber attack. You never know what you might be exposed to, so don't worry! It's better to be safe than sorry
This is cyber-insurance.
The above comparison pretty much gives you an insight on a regular cyber insurance vs Finlock.
Cyber insurance can be a great way for you to recover losses if you've been victim to fraud. Finlock has so much to offer in addition to its comprehensive protection.
FinLock detects various types of fraudulent attempts on your smartphone and alerts you in real-time, thus preventing frauds from happening.
If fraud occurs, victims receive complete post-fraud support. A victim's post-fraud experience can be very distressing. They need guidance and support. FinLock has been designed for the best customer experience.
COVID-19 Impact Analysis on Cyber Insurance Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2019-2027.
The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Cyber Insurance include American International Group, Inc., Aon plc, Allianz, American International Group, Inc, Berkshire Hathway Inc., AXA, Lloyd’s of London Ltd., Munich Re, The Chubb Corporation, Lockton Companies, Inc., and Zurich..
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Cyber Insurance Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/cyber-insurance-market/download-sampleMarket SegmentationThe broad Cyber Insurance has been sub-grouped into the Organization Size, End-User and Region.
The report studies these subsets with respect to the geographical segmentation.
Atlantic Insurance has been arranging Cyber Insurance for its clients for many years across Australia from our head office located in Melbourne, Victoria.
We have developed a unique understanding of the scope of cover and protection provided under these policies and the potential impact a cyber event can have on an organisation.
